Credit Writedowns

Stories of commercial real estate distress in the U.S. are mounting. As the residential real estate fallout takes form, commercial real estate has come under pressure as well. The Wall Street Journal has a front-page story out today that…

Now that we are practically guaranteed to add the Fannie and Freddie debt to the already robust debt levels of the US Government, its a good time to look at what the Government's accountant (GAO) says about its fiscal position going…

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in June, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The June level of 218.815 (1982-84=100) was…

Last month, in a post called 'Chart of the day: real hourly earnings' I said that U.S. real wage rates were lower today than they were a generation ago on the eve of the first oil hock. hat's pretty poor. Today 'UK Bubble' highlights the…

We bailed out Bear Stearns. We have effectively said we are bailing out Fannie and Freddie. Who's next? All of this is only going to increase U.S. Government debt. Is this where we're headed? Note the last part in red: From 2002:…

As you would expect, the market sees the U.S. Government as much less creditworthy. Note the rise in credit default swaps on U.S. Treasuries. The question is: when will its foreign government supporters abandon a sinking ship. This is…

In his prepared remarks at the Senate Banking Committee, Jim Bunning had a classic line.When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turns out socialism is alive and well in America.-Bunning Senate…

When people start losing their jobs, spending goes down. Nothing ties this credit crisis to the real economy like unemployment. And in the UK, it's rising fast.The Office for National Statistics said the amount of people claiming…

The USSA is now taking form. As the housing debacle turns nasty, politicians and regulators are looking to turn away from the free markets toward I don't know what. And that ain't good.First, there is the Dodd bailout bill that passed the…

For the first time in 9 years, year-on-year prices in Canada are down. With the largest province, Ottawa Ontario, in a recession, it is no wonder that house prices have followed suit. Canadian home prices have started falling, marking the…