Credit Writedowns

It’s about time.  The SEC has finally charged a high level executive in the banking industry in connection with activities that led to the largest bubble in U.S. history.  The accused, as expected, is Angelo Mozilo, otherwise known as “The…

The number of persons filing an initial claim for unemployment insurance in the week just ended May 30 declined to 621,000 from 625,000 the prior week.  In addition, the number of persons still receiving unemployment insurance dropped to…

I am on the road, so posting will be a bit light today.  Expect a post on jobless claims at a minimum. Rosenberg's VooDoo Lounge Tour Continues - Tyler Durden Very good CNBC appearance by Rosenberg. This is a 0-minute piece in 3 parts.…

As you can probably tell from previous posts, I like he Currency Strategy Team at Brown Brothers Harriman.  I do not always agree with them – I am generally dollar bearish, whereas they are not – but I do like their analysis.  Marc Chandler…

PIMCO’s founder Bill Gross is out with his latest monthly missive.  It makes for interesting reading, especiallyregarding the captains of finance and their desire to stay rich using other people’s money. I remember as a child my…

Jim Cramer is not just calling a stock market bottom, but now he’s calling a housing bottom too.  In fact, he says go buy a house.  “Buy a house and buy Bank of America too?”  Cramer says: “This is patently obvious.” Take a…

FT.com - Australia GDP rises 0.4% in first quarter "Australia has defied international trends to record a 0.4 per cent rise in gross domestic product for the first quarter compared to the same period last year, with economic growth…

Yesterday, I wrote “Some think this is a secular bull – a view I am not discussing in this post.  Others see this as a cyclical bull-market a.k.a bear market rally  I would put Jeremy Grantham in this category.  I would also…

The data for personal consumption came out yesterday.  However, I have not had a chance to look at the data and write a post until now.  What I see right now is not good for a sustainable recovery.  Let me tell you why and how this could…

Eerie Parallels Between Soviet Planned Economy and American Capitalism - Marshall Auerback Marshall writes over at the great new blog New Deal 2.0 that he does see some bad parallels between the U.S. and its capitalist system today and…