Credit Writedowns

The Economist released its remarkably telling Big Mac Index this past weekend.  The index looks at the relative cost of Big Mac in various countries to gauge how over- or undervalued the currencies in those locales are.  Judging…

Ex-Lehman traders to get huge bonuses - Observer Barclays is paying a lot for ex-Lehman staff bonuses Swiss call for tax watchdog - Observer Sink or swim in modern China - BBC News "China's economic roller-coaster divides a…

For quite some time now I have been of the view that there are a number of striking similarities between the goings on in Ireland and those in California, none of them good.  Both locations have seen extraordinary rises in home prices turn…

Peter Brimelow: Wall Street-Washington collusion? - MarketWatch Just my kind of article. Hat tip Marshall Auerback. Yao Ming likely out next season - NBA - Yahoo! Sports No Tracy McGrady or Ron Artest either Dismantling the…

These two seizures are going to be costly. The first one here, Vineyard Bank in California  is going to cost the taxpayer an estimated $579 million.  The second, Temecula Valley Bank in North Carolina, is estimated to cost $391…

The first bank failure is in Georgia, a state where many FDIC seizures have taken place. On Friday, July 17, 2009, First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit…

While Tim Geithner is out in the Middle East making the obligatory rounds, professing support for a strong U.S. dollar, investment strategists are wondering aloud whether a weak U.S. dollar is really what the U.S. government wants. …

Marc Faber was quoted in June as saying he expects a major move in financial markets, but is unclear which directions markets will turn.  His statements suggest to me he could be advising clients to go long volatility in anticipation…

I supported a proposal to help foreclosed homeowners by Dean Baker and Andrew Samwick back in June (see “Why not protect the homeowner?”).  Apparently, the Obama Administration likes this proposal and is floating a trial balloon via…

Don't let government misdirect anger to Wall Street so that government gets a free ride. Government is responsible for the lack of criminal prosecutions, the coziness with big business and the dominance of special interests. We need to…