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Economy
Cash for Clunkers will put GDP over the top in Q3
You may have heard the reports that US auto dealers were swamped on Monday night as the car scrappage scheme dubbed “Cash for Clunkers” expired. American taxpayers were eligible for a tax rebate of up to $4500 for trading in an older gas…
Case-Shiller: House prices up for second month
The data from the S&P/Case-Shiller Home Price Indices for June 2009 were released at 9AM ET, showing that house prices in the US increased for the second consecutive month. Last month marked the first month since July 2006 that…
Guaranty is bankrupt: BBVA gets its FDIC-seized assets
It’s official: Guaranty Bank is the second-largest bank seized by the FDIC in 2009. BBVA, through its American subsidiary Compass, is increasing its profile in the US. And now it can do so, not only through merger, but through FDIC asset…
Many more FDIC Friday night specials tonight
I count three already. Here they are: ebank, Atlanta, GA Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of ebank Atlanta, Georgia CapitalSouth Bank, Birmingham, Alabama IBERIABANK,…
Morgan Stanley: Bullish, but not revising estimates for Euroland
Elga Bartsch writes that Morgan Stanley looks at the recent data coming out of Eurloand as distinctly bullish. As a result, they are revising up their GDP estimates. A number of countries, notably the euro area's two largest economies -…
2010 elections: “Completely out of control” for Democrats
The bailouts, deficit spending, and debate over health care are having a very nasty negative effect on the electoral fortunes of the Democratic party. Charlie Cook, a well-known and respected election pundit, writes (emphasis added):…
Philly Fed survey points to manufacturing rebound
The Federal Reserve Bank of Philadelphia released its monthly Business Outlook Survey for August 2009. The numbers showed that the manufacturing sector in the region is in recovery mode right now, with the survey recording its highest level…
Spain: consumption drop four times as much as in ‘93
According to the results of a study by the Spanish savings bank Caixa Catalunya, consumption will fall 4.1% this year, making the reaction to this downturn four times as severe as during the last big downturn in 1993. Back then…
Average unemployment claims up slightly
The data from the most recent Unemployment Insurance Weekly Claims Report are not particularly bullish. Claims are up for the second week in a row, dragging the 4-week average up with them. Year over-year comparisons continue to drop, but…
Spain: savings banks suffer while BBVA and Santander expand
Spain has been a laggard in the search for improving economic fundamentals. The news coming out of Spain has been dreadful from employment to house prices to mortgages and banking. But the first ray of hope appeared yesterday when it…