The news round for today includes only links from some of my favorite blogs. There is news on Lehman, Fannie and from around the shop. All the stories are interesting and show top-notch analysis.
Enjoy!
WaMu: $4.5 Billion in Loan Loss Provisions, Fitch Downgrades – Calculated Risk (WaMu is in for more pain)
Cash Crunch Looming? – Financial Armageddon (Companies are paying bills as late as possible)
European high-yield bonds: The ’storm is gathering’ – FT Alphaville (The HY market is looking horrendous. Martin Fridson has been warning for some time that defaults would rise)
The ‘Japanification’ of Wall Street – FT Alphaville (Some old Tokyo hands have that creeping feeling of déjà vu when they look across the Pacific at events in the US.)
Banks: Where The Money’s Not– bankimplode.com (Fractional reserve banking and bank balance sheets are not commonly understood)
Michigan (And Maybe Ohio): Lose Your Home, Lose Your Vote – naked capitalism (There is a move to keep people who have been foreclosed from voting ostensibly because they can’t use their home address. And I thought we lived in a democracy)
FannieMae & FreddieMac Seized: Bail-Out of the Mortgage Industry – RGE Monitor (Yes, this is a bailout of the whole industry.)
Hennecke: “We expect a depression in the United States” – The Big Picture (where’s that bottle of Vodka? I need a stiff drink after hearing this.)
1.7 million More UK Homeowners Facing Negative Equity – Research Recap (The meltdown in the UK is hotting up)
Welcome to Nirvana – UK Bubble (Does Jim Cramer know what he’s talking about? hmm…)
Clash of the Titans: The Dollar and Yen – Market Beat (The Dollar is up against all currencies except the Yen)
Fed, Treasury Working With Lehman – Real-Time Economics (Don’t be surprised to hear Lehman got bought out)
Der aussenpolitische Kampfhund von John McCain – Zeitenwende (John McCain ist George Bush nummer drei)
That “Celebrity” Thing – Swampland