SoCal home prices plumb new lows
The Mess That Greenspan Made has a blog entry with good visuals giving you a sense of how price appreciation, median prices and housing sales have changed over the past 4-5 years. I recommend it highly.
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The Road to Revulsion
This newsletter from John Mauldin arrived in my inbox this morning. If you haven't read his newsletters they are very good, including those from Guest commentators like this one from James Montier.
I will add the text in full. It is…
M&T sues Deutsche Bank over CDOs
U.S. regional bank M&T has sued Deutsche Bank because of losses M&T suffered on CDOs sold to it by the German bank, according to the German website Der Spiegel. Deutsche Bank allegedly told M&T that the CDOs were "safe" and…
UK housing starts hit a post-war low
According to the Telegraph, UK housing starts hit their lowest level in 63 years. With a lack of new business, how will Barrat's and Taylor Wimpey survive? The Telegraph suggests that investors will save them, much as they have saved the…
Chart of the day: FTSE 1800-2007
These two charts are interesting just for historical purposes. This tracks the FTSE All-share index from 1800-2007. While there were a number of peaks and valleys, the FTSE went pretty much nowhere until after World War II. At that…
The Fed will not cut
Below is the inside scoop according to famed Washington insider Robert Novak (It remains to be seen whether his sources are reliable). At the bottom is a link to an article from the Telegraph quoting Morgan Stanley's economic team…
Measuring P/E Ratios for Financials
I was reading a report by the New York Times today, which outlined that Wall Street has earned half of what it earned last year because of massive credit losses. That's a pretty spectacular fall. What it actually got me thinking about was…
Floods increase the chances of inflation
My greatest concern is deflation. Hence the title of my blog "Credit Writedowns." However, inflation is still a short-term threat to destabilizing the global economy. The recent floods in the heartland of America is not only tragic, but…
Credit deflation and the Japanese problem
The world has experienced three periods of extreme financial dislocation in the past century, 1929, 1973, and 1990. Two of these have been deflationary. While most observers have their eyes firmly peeled on 1973 and its aftermath, 1929 and…
16 Jun 2008: Latest Writedowns News
The following are the links regarding the global credit crunch that have been recently added to the Credit Crisis Timeline. The full timeline is accessible here 2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating2008 06 05…