News round-up: 16 Oct 2008 – Blog edition

I want to spread the love today, so I am highlighting some of the posts of my fellow bloggers out on the Internet. Most of us have noted that the economic data coming out recently really confirms the fact that we’re in recession. What that means for equity markets is unclear. But, certainly, if this a long recession as it is likely to be, it cannot bode well for the general indices. It is a stock picker’s market.

I also should note that emerging markets are getting crushed now. Oil just fell below $70 a barrel. Gold is down $30 today. And other commodity prices are through the floor. As a result, it is expected Korea’s banks will struggle to re-finance and emerging markets generally are going to need to recapitalize their banks as well. Note, the Mexican Peso is cliff diving below 13 to the dollar right now. This would be a good time to go on a Mexican vacation as that’s down 30%.

I am off to Palm Beach tomorrow, so blogging will be light through the weekend. Good luck and have a great weekend.

Industrial Production: Cliff Diving – Calculated Risk

Bank Earnings Are Fugly ! – Big Picture

Money Market Rates Again Show Only Slight Improvement – Naked Capitalism

Implied Inflation Below 1% over the Next Two Years – EconomPic Data

Stiglitz: The U.S. Taxpayer Got a Raw Deal” – Mark Thoma

Nouriel Roubini on Charlie Rose – Big Picture

Gordon Brown Takes the Lead on Reforming Capitalism – Paul Kedrosky

Want A Reason Why Income was fairly flat for the Recovery – Angry Bear

Nikkei Falls Nearly 10%, Asian Markets Tank on Opening – Naked Capitalism

CNN: Culprits of the Collapse – Calculated Risk

The Unreassurable Markets – Market Movers

S&P may downgrade $280 billion of Alt-A – Calculated Risk

Dow Falls 730 on Deteriorating Fundamentals, Evidence Rescue Efforts Not Taking Hold – Naked Capitalism

Bush’s approval ratings through the years – The Mess That Greenspan Made

Jamie Dimon: “If you are not fearful, you’re crazy” – Calculated Risk

KBC “Total Mark-Downs On The CDO Portfolio In The Third Quarter Will Come To € 1.6 billion” – Immobilienblasen

Review of Palin and tax return issue – Angry Bear

Charlie Munger: Leash and Collar Wall Street – Naked Capitalism