No Fed Rate Cut
In what may be the last great act of his presidency, George Bush is sending many Americans tax rebates. The checks began going out this week. Some households may get as much as $1,200.…
Economy
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Former World Bank chief James Wolfensohn thinks the credit crisis will take $1 trillion in losses out of the market. That is a number much higher than most estimates. It also means that the…
Sovereign Wealth Funds Bigger Than UK, German, And France GDP
Sovereign wealth funds are now so large that they have passed the annual economic output of the United Kingdom, Germany or France. According to Global Insight, the value of the funds could pass US…
Inflation Up 8.1% In China, 3.6% In Europe: Multi-Year Highes
Inflation in Europe rose 3.6% in March, the highest rate in 16 years. In China, inflation moved up 8.1%. According to The Wall Street Journal, the Communist government’s target was 4.8%. Pretty big miss.…
Economic News: Housing, Producer Prices
According to Bloomberg "U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders."…
And The Government Says Inflation Is WHAT?
Import prices surged in March and some of the price jumps are a record for modern trading history. Even the Labor Department’s reputation for under-reporting inflation statistics can’t mask the high inflation. Oil is…
US CEO’s See Business Hanging Tough.. Mostly
The report from Business Roundtable’s first quarter "2008 CEO Economic Outlook Survey" has been released today. This was completed between March 10th and March 27th by 100 of the Roundtable’s 160 member CEOs. We…
World Awash In Cash With Nowhere To Go
There is plenty of cash available to be invested in the markets and financial institutions. It is simply too frightened to come out and play. According to Reuters "A steady move into cash is…
Inflation Bites With A Vengeance
The World Bank says that food prices will stay above 2004 levels until 2015. Over the next two years they will rise from current levels. Wheat prices have almost tripled in a year. The…
George Soros’ Apocalypse Vision (C)(MER)(MS)(BX)
It is spring on Wall St. With the warmer weather comes hope that the big financial crisis which seems to have engulfed everything in the world over the last three quarters is losing its…
Mortgage Problems: A $945 Billion Loss
The International Monetary Fund came late to the mortgage crisis, but they bought the worse news. The IMF said that "Total losses, including the securities tied to commercial real estate and loans to consumers…
FOMC Admits Recession, Without Saying Recession
Today’s March 18 minutes from the FOMC meeting, which already gave us a rate cut and comments about a weak economy, included comments that fed governors were more worried than they led on. The…
Greenspan, Behind The Times, Sees 50%+ Risk Of Recession
If Alan Greenspan was a visionary at any point in his life, those days are behind him. According to Reuters, the aging former Fed chairman says there is more than a 50% chance that…
Wall St.’s New Superdelegates (GS)(MS)(JPM)(C)(MER)(AIG)
A decade ago, when there were big problems in the financial markets a very small group of people came in for the fix. E. Gerald Corrigan, a man of massive girth and intellect, ran…
Credit Trouble Bites Consumers Hard
Sometimes it takes experts a quarter or two to catch up with the real world. The American Bankers Association reports that during the fourth quarter of last year consumer credit payments fell behind more…