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Economy
FRONTLINE: Inside the Meltdown of Sept. 18, 2008
Below is a very good video called "Inside The Meltdown" about the credit crisis which appeared on PBS FRONTLINE last night. This is must viewing for everyone.
The clip runs just under one hour.
No one gets a bonus at Commerzbank and no dividend either
This morning, Commerzbank, based in Frankfurt, Germany, released earnings, showing a loss of 809 million euros, which was better than expected. Shares are rallying in European trading as a result. However, the big news was the draconian…
Chris Whalen critiques Obama stimulus speech
Chris Whalen is a well-respected banking sector analyst who often appears on CNBC and Bloomberg. Below he gives his view on Barack Obama's stimulus package speech and the need for banking sector restructuring. Below that is a video of…
We are in depression
The results of my poll are back and according to readers we are clearly in Depression. A plurality of you voted for depression with a small 'd,' edging out those who see Depression with a Big 'D.'
I agree with this assessment as I…
Bloomberg talks about the meltdown in Eastern Europe
The video below gives an excellent view into the issues affecting European banking. Tom Keene, who is Bloomberg Radio's editor-at-large, sees the International Monetary Fund (IMF) as the ultimate solution to the problems in Eastern Europe.…
Kansas and California and the race to U.S. state insolvency
California's problems are well-known. They have been in the making for sometime. When I predicted a U.S. state would go bust this year, California was very much on my mind. But, frankly, Kansas was nowhere on my radar screen. Now…
Does Japan’s economic implosion mean anything?
Overnight, the Japanese government released figures for Q4 2008 GDP that pointed to a depression-like fall in the Japanese economy. GDP contracted 3.3% from Q3, or 12.7% using the U.S. convention of annualizing those numbers. This is the…
IMF Head Dominique Strauss-Kahn on Charlie Rose
The man who recently uttered the D-word about the global economy tells all to Charlie Rose. The video is from this past Friday.
UBS is sitting on billions in bad student loans
Below is my translation from an excerpt in the Swiss newspaper NZZ:
In 2008, the lucrative business with loans to U.S. students came to an abrupt end. Today, UBS sits on paper that could still be worth $8.4 billion - or less. The collapse…
Roland Burris: more political tomfoolery in the U.S.
A recent note from Time Magazine's blog, Swampland:
This looks real bad, both for Roland Burris and his country.
First a quick recap: Burris gets appointed to the Senate by Rod Blagojevich, a self-made cartoon of political ineptness and…