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Economy
Warren Buffett: we have to be sure all debt liabilities of Citigroup are met
Warren Buffett spoke with CNBC about the U.S. economy and the banking system in an interview televised this morning. His basic message was that the economy cannot function without confidence in the banking system. The FDIC can work its…
The Fed offers banks an outrageous subsidy via AIG
Don Kohn's testimony before the Senate Banking committee was so outrageous that I feel compelled to re-post the first paragraphs of this article from Willem Buiter about the moral hazard it represents. Basically, the U.S. government…
651,000 jobs lost but unemployment rate at 8.1% in U.S.
This is the most important employment number in recent memory. Consensus estimates were for 650,000 with a wide range from 500,000 to 800,000. Everyone is looking to this number to determine where we are headed.
There was a…
Canadian and British banks find access to capital markets
Since Lehman Brothers declared bankruptcy in September, the capital markets have been all but shut to large banks globally. Investors were spooked by the evisceration at Lehman, Washington Mutual and Wachovia to name but a few cases of near…
Jobless Claims: 639,000 beats the anticipated number
Initial jobless claims came in at 639,000, down significantly from 670,000 the week before. This is one positive in a sea of bad news regarding the employment market. It does not mean that tomorrow's unemployment number will be good. Expect…
David Beim: Citi is too big to nationalize
Beim was a Professor back when I was at Columbia, although I don't remember being in any of classes. Before he was a Professor, he worked as an Investment Banker at First Boston and Dillon Read, two white shoe firms that are now defunct,…
Kasriel says that Fed could get stuffed under TALF
Marshall Auerback here. I have a few words about the Term Asset-Backed Securities Loan Facility - otherwise known as the TALF. Economist Paul Kasriel of Northern Trust confirms my interpretation, namely that we get stuffed holding these…
ADP Report: 697,000 jobs gone in February
The widely followed ADP Employer Services jobs report shows that 697,000 jobs were lost last month, suggesting a very large unemployment number when the government data is released on Friday. I have indicated in the past that seasonal…
Obama’s mistake
The following is a translation of an article by Dr. Artur P. Schmidt, a well-known economist and economic journalist in Switzerland. Schmidt is also a keynote-speaker, who speaks regularly about new media, technology, future trends and…