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Browsing Category
Economy
Spanish local governments struggling with bust
On Friday, the Spanish newspaper ABC reported that Spanish municipalities are being hit hard due to the tax revenue shortfalls emanating from the effects of the Spanish property market crash. The two local governments most affected have…
Chart of the day: current account deficit
The U.S. has been spending more than it earns for years. This deficit spending is measured as the current account deficit. The graph here is a depiction of where we were and what we have come to. We had a slight surplus in after the last…
US Recession Signals
The U.S. has been flashing red regarding recession for some time despite the naysayers.First, let me define recession because you usually hear that it's two consecutive quarters of a decline in real GDP. Not exactly. The National Bureau…
The UK Economy
Recent news out of the UK has been very negative. There is so much data piling up suggesting that the UK is quickly moving toward a US-style housing collapse that I am going to use this blog entry to post recent news stories without…
British banks are underestimating losses
As the epicenter of the credit crisis has clearly moved to Europe, British Banks are at the center of new developments. However, doubts still exist about how they are valuing their assets and accounting for loan losses. Yester day the…
Credit Crisis Timeline
The list below is the largest collection of links related to the present credit crisis on the web. I have been amending this list since May 2008. But, as the list is pretty large now, I have taken care to break it up into different…
Inflation is here to stay
The inflation genie may be out of the bottle for a while. The headlines are being made by food and energy prices spiking higher. The Fed and many economists ignore food and energy when looking to underlying inflationary trends, relying…
Question: How is Fannie Mae a AAA company?
Today, Fannie released horrible quarterly financial results. The company lost $2.2 billion and is now looking to shore up its capital base.
Fannie said an estimate of its fair value of net assets was $12.2bn at the end of the first…
Last week’s employment numbers
As with the GDP numbers last week, the employment numbers were very dubious indeed. The headline number was still a loss of 20,000 jobs. However, the detail point to likely revisions much beyond that number when more exact data have been…
Last week’s GDP numbers
This weekend I received a disturbing newsletter from John Mauldin, provacatively entitled " Lies and Other Statistics," that dissected the GDP numbers where the headline number was +0.6%. Digging into the detail reveals a completely…