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Alt-A and Option ARMs set for big losses
Consumer credit quality is weakening across the US, especially in the former housing boom states. While over $450 billion in credit writedowns have already been taken by the global financial sector, most of these losses ave been…
Have commodity prices peaked?
I certainly believe they have. Price action speaks to this. The Wall Street Journal's Market Beat had this quote about the price action in commodities:The price of many commodities and commodities stocks — from gasoline to coal to…
Security concerns create EU-US diplomatic row
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
Security concerns boomerang on the US
America's security concerns due to terrorism are having unwanted side effects in relations with the EU. Handelsblatt, the German newspaper is reporting that visa requirements for some EU citizens is causing the EU to retaliate with visa…
Costco getting hit by energy costs
Costco is getting hammered today because it warned earnings will fall short due to higher inflation.Costco Wholesale Corp., which had been one of the few bright spots in retailing, said today that its earnings will miss Wall Street…
George W. Bush: “There is no question about it. Wall Street got drunk”
Talking about the financial markets and the housing mess, George W. Bush offered up these pearls of wisdom:"There is no question about it. Wall Street got drunk.... That’s one reason I asked you to turn off your TV cameras.... got drunk and…
Tapping the 401K and unrealized gains
I just picked up on a MarketWatch article about 401(k) debit cards through Tim Iacono's blog. It marks a pretty astounding trend in financial innovation.Debit cards are straightforward. You use them for purchases and money is deducted from…
UBS: New York Attorney General to file suit
As the downturn gathers steam, lawsuits against financial firms are going to rise. Below is the latest in lawsuits. The associated WSJ article is available only to subscribers.New York state Attorney General Andrew Cuomo is preparing to…
News Round-Up: 23 Jul 2008
While I don't agree with all the opinions expressed in the articles below, they are all still very good reads. Today, there is a lot more on politics. Warning: some articles may be controversial.
Politics
Why Jesse Jackson…
Oil to sink to $100
Oil at $100? That's certainly my call and I'll stick to it. So far my call of oil peaking at $150 is holding.( We'll see for how long). On July 9th, after oil's first pullback to $138 I said:Yesterday, oil fell the most in one day since…