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Economy
Lieberman retains his chairmanship
The video below comes via the Daily Kos and YouTube.Sen. Evan Bayh (D-IN) has said that Sen. Joe Lieberman (I-CT) needs to publicly apologize for his actions during the recent U.S. Presidential Campaign in order to retain his seat as…
Producer price inflation down 2.8%, but core up 0.4%
The headline story is that this is the largest month-to-month fall ever since monthly statistics began for this data series in 1947. But, as you can see from the chart below, all of this decline was due to food and energy. Therefore, the…
Volcker warns how serious things have become
In a very downbeat assessment of the ability of financial and monetary stewards to deal with the most protracted financial crisis is some 75 years, Paul Volcker, the esteemed former Fed Chariman warned that the economic slump has spread in…
Retail Sales: a belated look at Friday’s ugly numbers
Because I was out of commission pretty much all day on Friday, I haven't been able to crunch the U.S. retail sales numbers until now. But, let me do a recap today and breakdown what these numbers might mean for the U.S. economy. The…
Unemployment claims over 500,000: only third time in quarter century
516,000. That's the number of people who filed for employment claims this past week. This is the highest number we have seen since September 2001, just after 9/11. The last time we saw claims over 500,000 before that was July 1992.…
Should GE be a AAA company?
The latest news in bailouts involves GE Capital. Apparently, the company has gone begging to the FDIC for a bailout. In fact, the FDIC has offered to back $139 billion in GE Capital debt. I have serious reservations about this move by…
Writedown News: 12 November 2008
The big news this week is that writedowns have moved near trillion dollar territory. As all of the banks report earnings and come clean about losses, the figures are staggering. The largest writedowns came from the GSEs with Fannie Mae…
Law firm confirms the disaster at Lehman
Many will suffer at the hands of Lehman Brothers. That is the verdict by white-shoe law firm Wachtell, Lipton, Rosen & Katz - a firm I had the pleasure of working with during my previous life in finance. They are very good.…
The recession has been confirmed – semi-officially
Robert Hall, the head of the National Bureau of Economic Research (NBER), which is the official arbiter of recession in the United States, has said the evidence is now "conclusive" that the U.S. is in recession. For me, that's pretty much…
Financial sector losses near $1 trillion
The financial sector bailout continues on track. Meanwhile, financial services sector losses have hit $919 billion. This summer, I had been of the view that we would see $1.5 trillion in losses before this was over. However, this is…