- BBC NEWS – Detroit’s long road to ruinThis is a fairly good look at what Detroit faces for itself, its schools and its citizens. Very sobering.
- Jesse’s Café Américain: Break The Big Banks Up, and Let the Insolvent Parts FailThis will only happen in another period of acute crisis.
- Zero Hedge: Open Letter To The SEC Regarding Wall Street’s REIT Bait-And-SwitchWhy are banks allowed to place equity with equity investors to pay off their own debtors?
- FT.com – Sweden cuts rates to record low of 0.5%no need yet for quantitative easing measures
- IMF: Banks Need $875 Billion in Equity – WSJ.comthis is at odds with what Geithner and Summers are saying
- Steinbrueck May Offer $1.1 Trillion Toxic-Asset Plan (Update2) – Bloomberg.comGerman Finance Minister Peer Steinbrueck may today unveil a plan to clear as much as 853 billion euros ($1.1 trillion) in toxic assets from German banks to help revive lending, Frankfurter Allgemeine Zeitung said.
- IMF Says Global Losses From Credit Crisis May Hit $4.1 Trillion – Bloomberg.comthis estimate beats out Roubini who is at 3.6 trillion. It now includes expected loan losses in addition to securities.
- Canada Cuts Rate to 0.25%, May Keep It There for Year – Bloomberg.comI wonder if the Canadians are doing or headed for quantitative easing
- Self-Regulation Doesn’t Work – Mark Thomathis post title says it all. Self-regulation is to regulation what self-importance is to importance. So says Willem Buiter.
- Erin Go Broke – Paul Krugman, NYTimes.comI have been saying for some time at Ireland is in big trouble. Now Paul Krugman is drawing parallels to the U.S.
- Will Demographic Trends Impede Recovery? – Yves Smith
- This is getting tiresome, so please let’s declare the crisis over – Michael Pettis
- UBS sells Brazil arm for $2.5bn- BBC News
- Opel ‘talks to private investors’- BBC News