July 2008

Lean Times in a Town of Billionaires - Deal BookUK economic growth slows sharply - BBC NewsOttawa rejects Air Canada layoff waiver request - National PostEurozone mortgage lending at record low - FTJapan inflation accelerates - FTInvestors…

1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California were taken over by the FDIC on Friday. They always wait until Friday night to do their business. This marks the first FDIC closure action…

I received a note from U.S. Airways in my inbox today asking me to contact my Congressman to stop those evil speculators from causing oil prices to rise. Last time I checked, U.S. Airways is an airline, not a consumer advocacy group.Dear…

Ron Paul sounds off on the housing bill that was just passed. This bill has more problems associated with it than any bill we have seen enacted to counteract the economic downturn. The moral hazard, the lack of congressional oversight, and…

Housing: US, UK and SpainBright spots in the housing nightmare - MSNU.S. Mortgage Rates Soar on Inflation Fears - Housing WireU.S. Existing Home Sales Continue Freefall - Housing WireOversupply killing U.S. lender giants and house prices -…

The lawsuits are piling up. America is a very litigious country and when things go wrong people sue. That's one reason one should realistically expect the courts to be clogged with all manner of suits on bond insurance, auction rate…

The day is almost over for the market (thank goodness) and it seems that financal service investors are in panic mode again. The market is down over 250 points and some shares in financial services are down over 15%. What gives?As we may…

The U.S. House of Representatives has passed the housing bailout bill helping troubled mortgage borrowers, but also giving the U.S. Treasury Department a blank check to support Fannie Mae and Freddie Mac. The New York Times describes it…

The headline says it all. The U.K. has fallen into its economic downturn with much greater speed than the U.S. Retail sales were down in June3.9% after a rise of 3.6% in May.U.K. retail sales dropped in June by the most since at least 1986…

U.S. jobless claims were 406,000 on a seasonally adjusted basis, up 34,000 on the week prior and surpassing 400,000 for only the 3rd time this business cycle. While the numbers were large, they are very distorted by seasonal adjustment…