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Economy
More trouble in the Baltics as S&P downgrades
Both Latvia’s and Estonia’s debt ratings were downgraded by Standard and Poors. Estonia was cut from A to A-, while Latvia was cut to BB+ to BB - its considered high yield securities aka junk bonds. This should come as no surprise as…
US economy loses 247,000 jobs in July
The Employment Situation Summary for July was released today by the Bureau of Labor Statistics (BLS), showing a 9.4% unemployment rate and 247,000 jobs lost in July. These numbers were better than anticipated, with the unemployment rate…
Perpetuating excess consumption
This comes from David Rosenberg: Perpetuating the spending and borrowing cycle We couldn't believe this when we saw this quote from the U.S. Transportation Secretary (Ray Lahood) in yesterday's NYT (page B3) on the "Cash for…
Fannie reports $171 billion in non-performing loans
Fannie Mae has the luxury of marking its accounts more accurately because they have no fear of being nationalized or going bust since they already have hit the wall. So, when we read the latest quarterly results from Fannie Mae, we are not…
US Jobless claims decline in latest week
The US Department of Labor released the employment last data point before tomorrow’s widely anticipated unemployment number comes out. The data showed jobless claims declining to 550,000 from 588,000 on a seasonally-adjusted basis. This…
Judge stops BofA deal with the SEC
Thank goodness someone has some sense. Manhattan Federal District Court Judge Jed Rakoff refused to approve Monday’s Bank of America’s deal with the SEC be cause it may be unfair to the public to accept the settlement. Bank of America was…
Morgan Stanley’s V-shaped recovery is my W-shaped double dip
Dick Berner, Chief North American Economist at Morgan Stanley, thinks we are in for a sizable uptick in GDP for Q3. I must be honest; I am sceptical about this, but Berner is a well-regarded economist whose views can’t be…
Services ISM survey falls indicating no recovery
The July 2009 Non-Manufacturing ISM Report On Business disappointed as it dropped to 46.4 from 47.0. Expectations had been for 48.0. The new orders and jobs components both fell, suggesting that the services sector is still contracting and…
ADP report shows 371,000 jobs lost
US private employers shed 371,000 jobs according to figures released by ADP today. Expectations had been for a loss of 350,000. As this report was released two days before the employment situation summary that gives us the…
Stephen Roach sees a W-shaped recovery for China
The US is not the only place where a double dip downturn is to be feared. China has its own economic imbalances to deal with. Too much money is being thrown at the problem creating malinvestment and a bubble economy, shares…