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Economy
Does positive growth in Q2 or Q3 mean the recession is over?
Not necessarily. There’s a lot more to it than just GDP. Last year at almost exactly this time, I mentioned this in my post Recession while GDP is growing? because a lot of people were getting excited about the fact that Q2 GDP was…
FASB: Mark all financial assets at fair value
This is a huge deal. FASB is considering requiring all financial assets be valued at fair values on balance sheets. Hat tip Andrew. Bloomberg reports (notice my highlighting in bold): The scope of the FASB’s initiative,…
Jobless claims rise 30,000 from artificially low number
When last week’s US jobless claims number was released, I indicated it was artificially low because of changes in the summer auto production schedules. Rather than look at the numbers as they are released from week to week, we should look…
WSJ Video: The End of Wall Street – Part One
Here’s a credit-crisis video retrospective from the Wall Street Journal. It is chapter one of a three part series. Notice the Wall Street meme that subprime borrowers caused the crisis which is patently false. It’s all about…
Germans must get their head out of sand on banks
Germany never participated in the upswing of the housing bubble. This fact has led German politicians of all stripes to mistakenly believe their banking system was somehow immune to the problems infecting bubble markets like the US or…
Roach: “Liquidity is seeking return”
Here’s a nice clip from Stephen Roach from last week asking “where’s the demand?” His thesis is pretty simple: we have an inventory-induced upturn that might actually show positive GDP growth in the U.S. for Q3, what I…
How Iceland collapsed
13-minute video from the Wall Street Journal. Related stories: Iceland warms to Europe Iceland to hand bank stakes to creditors Iceland’s rehabilitation
Bernanke outlines Fed’s easy money exit strategy
Over the past week, America’s banks have had a bumper earning season, in part courtesy of the Federal Reserve’s accommodative monetary policy. Even before this week, a number of market pundits (including me) began to wonder aloud whether…
Earnings results at Swedish banks show large writedowns in Baltics
Earnings season is upon us and the Swedish banks have begun reporting earnings. Their results have seen huge writedowns that demonstrate large and continued exposure to souring loans in the Baltics.
Handelsbanken and Nordea reported…
CIT: $3 Billion Credit Facility and Recap Plan
This just hit the wires.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it entered into a $3 billion loan facility provided by a…