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Recession nears in New Zealand
I am here on my computer in anticipation of the morning market sessions in Asian trading. Certainly, this will set the tone for an important week. While I was looking for more news on the GSEs, I was reminded of the slowing economies…
Iran finds huge billion barrel oil field
This report comes from Fin24 in South Africa.Iran on Sunday said it has discovered a new oil field in the hydrocarbon-rich province of Khuzestan with more than one billion barrels of crude in place. Oil Minister Gholam Hossein Nozari said…
Paulson Sunday Statement on Fannie and Freddie
From Bloomberg:Paulson Statement on Freddie Mac, Fannie Mae: Full Text July 13 (Bloomberg) -- Following is the text of a statement issued today by Treasury Secretary Henry Paulson:…
Irish banks have unreported bad debt
According to the Irish Independent, the recent fall in Irish bank shares is due to a loss of faith in their bad debt provisions. On Tuesday, Bank of Ireland fell 14%, the largest amount in 20 years.After last week's dive in their share…
Quote of the day: Cans of food, piles of gold krugerrands and a gun
Back in 1973 when the market was going to hell in a hand basket, one London market guru offered this cheery advice:"You will need to invest in three things to survive next year's economy: Cans of food, piles of gold krugerrands and a…
Japan circa 1996 – forgotten already?
For those of us who remember the Japanese rise and subsequent meltdown in the 1980s and 1990s, what is going on now is like deja-vu all over again. Except this time it is on a bigger scale. Remember Yamaichi, Nikko, Nomura and Daiwa? These…
Fannie, Freddie to get $15 Billion from U.S. government
The Times of London is reporting that Treasury Secretary Paulson is looking to infuse Fannie and Freddie with $15 billion to help alleviate market turmoil. However they cite no sources in doing so.Moreover, the $75 billion offered by…
Writedown News: 12 Jul 2008
For a complete list of prior news on writedowns see my Credit Crisis Timeline. Also look at the new list of Bankrupt Global Financial Institutions for information on large global financial institutions that have gone to the wall.2008 06 30…
Jeremy Grantham: “Many shares priced for… economic collapse”
Super-bear Jeremy Grantham had something positive to say for once. Well actually it's only a friend of Jeremy Grantham, oh well. But it IS positive -- sort of.
"The good news, provided you are by now heavily liquid, is that there are…
Weekend reading: 12 Jul 2008
After a brutal week in the market, my goal is to find enough positive stories to compliment the negativity that is the global markets. These round-ups mirror what is in the business press and economic blogs of importance and most of it…