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Browsing Category
Economy
Freddie and Fannie are getting nationalized
A prediction I first broached here in May in my post Question: How is Fannie Mae a AAA company? is finally coming to pass: Freddie Mac and Fannie Mae are getting nationalized.
UPDATE: The U.S. Government takeover is now a done deal. See…
Silver State Bankruptcy: Another FDIC Friday Night Special
This time it is Silver State Bank of Henderson, NV to go bankrupt. Read the press release below. This one is pretty large with assets of $2 billion and it has ties to Republican Presidential nominee McCain.See my list of Bankrupt global…
Chart of the day: change in unemployment
For every business cycle since 1929, when U.S. unemployment data was first calculated, when the unemployment rate has gone up more than 1% in one year's time, this has spelled recession. Moreover, the unemployment rate has never risen 1.0%…
US unemployment hits 5-year high of 6.1%
The unemployment rate in the U.S. jumped 0.4% to top 6.1% for the first time in five years. This rise was much, much larger than expected and makes it almost certain that the United States is in recession. Updates to follow as I crunch the…
Natixis offers rights issue at 61% discount
The troubled French bank Natixis is asking its shareholders to pony up billions in additional funds -- but at a huge 61% discount. This is a bank that is in deep trouble. Every country has one bank on the brink from Bradford & Bingley…
Palin: a tidbit I received from a friend by a Wasilla resident (update)
I received this e-mail from a friend that was originally penned by a resident of Wasilla, Alaska where Sarah Palin was mayor before becoming Governor of Alaska. It gives a fairly intimate look at Palin and how she got to where she is.…
A note on small towns and national politics
Mark Thoma has a thoughtful post on the news swirling around the Sarah Palin pick as VP candidate for the GOP. His point is that the Dems risk looking condescending and elitist toward small town America in their attacks on Palin and had…
Are US jobless claims telling us something?
For the past several weeks, jobless claims have arguably been distorted by seasonality and the extension of unemployment benefits from six to nine months. However, the numbers have risen well above the critical 400,000 mark. Are these…
Cartoon: Glass ceiling
This comes from Larry Wright of the Detroit News via the Moderate Voice
Quote of the day: 3 Sep 2008 – Joe Lieberman
Obama mentor Joe Lieberman is going all out for Obama's opponent in order to defeat Obama. Why, you ask, when he made quotes like this one in 2006 (via Political Wire):"The gifts that God has given to Barack Obama are as enormous as his…