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Economy
Bernanke expects recovery later this year
I am watching Bernanke at the congressional hearing. You can see his prepared testimony at CR here. But, the general take on what he is saying is that the economy has reached its worst rate of decline and should improve steadily until it…
Services sector still contracting, but shows more new orders
Today, the Institute for Supply Management (ISM) released its Non-Manufacturing Survey on Business. The overall index increased to 43.7 in April from 40.8 in March. As 50 is the demarcation line for a growing economy, these numbers…
The Germans get tough with the state banks
Last week I wrote a post suggesting that the Germans were getting tired of bailing out their banks and had moved to more draconian solutions to 'fix' the banking sector. Nationalizing Hypo Real Estate this week will be the first move in…
Through a glass darkly: the economy and confirmation bias in the econoblogosphere
For most of the last few years, I have been labeled a perma-bear, that is someone who looks at the situation from a reflexively skeptical glass half-empty bias. One only need peruse our archives to get that impression. In fact, that is…
Warren Buffett: Wells passes my own stress test
Warren Buffet speaks with CNBC in the lead up to the Berkshire Hathaway Annual Meeting. He talks a bit about stress tests and Citigroup. When asked about Wells Fargo, he says he administers his own stress tests and that Wells passes "with…
Fool’s Gold: Gillian Tett lectures on shadowy world of derivatives
From the London School of Economics website:
Below is an audio recording of approximately 78 minutes where Gillian Tett takes us inside the shadowy world of complex finance and derivatives and explains how the business of slicing and…
Last bankruptcy tonight: America West Bank
This is FDIC seizure number 32 (more details here):
Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of America West Bank, Layton, Utah
America West Bank, Layton, Utah, was closed today by the Utah Department of Financial…
Citizens Community Bank goes under
This is number 31 by the FDIC this year. "The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.1 million." (See link for further details):
North Jersey Community Bank, Englewood Cliffs, New Jersey, Assumes All of the…
ISM Manufacturing Index has hit bottom
Last month I noted that the ISM Manufacturing index indicated that the manufacturing sector was still contracting, albeit at a slower pace. The latest data from the month of April show the same phenomenon. likely, the index has already…
Citigroup gets $7.8 Billion for Japanese unit
With the stress test results coming out, it is a wonderful thing for Citigroup that it has been able to sell its Japanese brokerage unit to Sumitomo Mitsui, and at a good price of $7.8 billion.
Here's an excerpt of the FT story:…