Sign in
Sign in
Recover your password.
A password will be e-mailed to you.
Browsing Category
Economy
Deflation in action
Here's a good little measure to see how far we've fallen: Just more than 1 year ago Royal Bank of Scotland (RBS) paid $100bn for ABN Amro (80% cash). For this amount, RBS could buy:
U.S. loses 533,000 jobs, unemployment rate up to 6.7%
The Bureau of Labor Statistics just released this month's unemployment report and the data were grim. The unemployment rate rose to 6.7%, while the economy shed 533,000 jobs - the largest decline since 1974. The result was widely expected…
Capital One buys Chevy Chase Bank: Another bailout freebie
I wrote a few weeks back about how your bailout money was being used for mergers and acquisitions to line bankers' pockets instead of for making loans to desperate homeowners. After receiving $25 billion in bailout funds, Citigroup…
Jobless claims data tell a mixed story
U.S. Jobless claims are out again and the data are mixed. The past week saw a drop in seasonally-adjusted claims from 530,000 to 509,000. Meanwhile, continuing claims rose on a seasonally-adjusted basis from 3,962,000 to 4,087,000. While…
The U.S. has been in recession for one year
My very first post on this blog was in March and it was titled "The Economy Is Definitely In Recession." Back then, this seemed like a stretch for a lot of people, but today the National Bureau of Economic Research (NBER), which makes the…
Meredith Whitney: more bearish than ever, but…
Last night, in an e-mail Yves Smith of naked capitalism pointed out an Op-Ed piece by Meredith Whitney which ran in the Financial Times yesterday. It was a fairly somber and downbeat assessment from an analyst who has proved right on the…
ISM Manufacturing Index: Deep recession territory
The Institute for Supply Management (ISM) released its monthly report on Manufacturing, the ISM Manufacturing Report on Business®. It showed a reading of 36.2 down from 38.9. Where 50 is the demarcation line between growth and recession,…
JPMorgan Chase: Large exposure to real economy downturn
The financial services sector has been the hardest hit sector in the credit crisis so far. Banks with large exposures to mortgage-backed securities like Citigroup, UBS and Merrill Lynch have suffered the most. This is largely because the…
US jobless claims down on seasonal adjustments
Unemployment claims declined this week to 529,000 from a reading of 542,000 last week. These are very high numbers -- the highest figures in this business cycle. Despite the drop, all of the changes were related to seasonal factors as the…
Quote of the day: Willem Buiter – Tits on a bull
Willem Buiter has a very useful and provocative blog at the Financial Times website called Mavercon. The Dutch-born former Bank of England MPC member is not afraid to take policy makers to task or call a spade a spade.
In his latest post…