Economy

Apparently, John McCain did even worse than I thought in last night's debate. He and Barack Obama both failed to present a step-by-step plan as to what they were going to do about America's banking crisis. They both merely rehashed old…

Every U.S. Presidential election has a defining moment in the Presidential debates. I think we saw this election's moment last night. Throughout last night's debate, it was obvious that John McCain had a sense of disdain for Obama he…

Check out Jon Stewart's take on this.

Last night Barack Obama and John McCain had at it in their second Presidential debate in the U.S. John McCain has been slipping in the polls and needed a game-changer to break Obama's momentum. He didn't get it. Pundits and polls agree…

If you haven't noticed, credit is hard to come by these days. And the data are finally showing this state of affairs. The latest data from August show that consumer credit plunged by $7.9 billion, the most since record keeping…

As I do every week, I am updating you with links to important news in the credit crisis. These links are compiled in my credit crisis timeline, which is the most comprehensive list credit crisis links on the Internet.However, one big hole…

In a move widely anticipated for months by many analysts, Meredith Whitney amongst others, Bank of America has finally cut its dividend. Releasing its earning report two weeks early, BofA said it would cut the dividend 50%. I view the…

In the Vice-Presidential debate, Sarah Palin, in one of her few unscripted moments, gave wholehearted support for Dick Cheney's dangerous expansion of Vice Presidential power. Joe Biden vigourosly disagreed, calling Cheney "the most…

Marshall Auerback sent me this picture from some treacherous highway. Kind of fitting.

Fortis, the nationalised Belgo-Dutch bank and largest private employer in Belgium. This is a good thing as I have a distinct preference for mergers over bankruptcy or long-term nationalisation as a way to hep consolidate and rationalize…