2009

Marc Faber thinks it would better to nationalize the banks rather than bail them out. In his view, we are seeing special interests feeding at the trough.

The FDIC has closed another bank. This time it is FirstBank of Georgia. The bank only had $285 million in deposits, so this was no titan. Regional powerhouse Regions Financial has assumed the deposits, which is positive because last week…

While job losses of 598,000 in today's report for January 2009 were more than the 525,000 expected, it was within the expected range. Evidence of this comes from the increase in long-term treasury yields and stock futures prices immediately…

U.S. initial jobless claims soared to yet another 26-year high, registering 626,000 for the week ending January 31st. The continuing claims number was equally dreadful, hitting an all-time high of 4.79 million.

We are barely two weeks into Barack Obama's tenure and reports are surfacing everywhere that his "team of rivals" is at each other's throat. President Obama had said just after the election that he was looking to pull together the best and…

Bloomberg set to cut foreign-language channels - Telegraph Paterson Leaks Intended to Smear Kennedy -- Political Wire Russia's debt rating downgraded by Fitch - National Post Martin Wolf - Why Davos Man is waiting for Obama to save him -…

I do not think General Electric is AAA company -- far from it. Their finance arm GE Capital is at the center of the private equity and asset-backed security time bombs that have yet to explode. And this makes the cash flow expected from…

Harry Markopolos is a fraud examiner who once worked as a fund manager. He knows fraud when he sees it and he saw it as plain as day with Bernard Madoff, who ran the largest Ponzi scheme in history. In fact, he tipped off the regulators at…

The "Buy American" clause stuck onto the stimulus bill wending its way through Congress is a pernicious piece of legislation because it has engendered a ferocious response from trading partners, not the least of which is Canada. Below is a…

There is a lot of anecdotal fodder in support of my last post tagging deregulation as a root cause for the build up of excesses in the financial services industry. Let me give you one example from 1998.