Credit Writedowns

This is the conclusion that Wachovia Chief Economist Mark Vitner draws from the very bullish consumer confidence number we have just seen.  To fill you in on the details, the Conference Board said its Consumer Confidence Index leapt…

Obushma-Biney in the Home of the Frightened - Willem Buiter Tell us what you really think: "The spinelessness and moral cowardice of the Obama administration know no bounds." Fall in Libor May Overstate Improvement in Interbank…

I received a high-quality note from Marc Chandler, Chief Currency Strategist at Brown Brothers Harriman, which I think worthy of posting.  He makes several points which are game changers regarding fiscal and monetary policy.  They…

If you thought house prices were about to show some price gains, think again.  The Case-Shiller Home Price Index for March 2009 was released this morning and it paints a fairly grim picture.  The Composite-10 index shows an18.6% decline in…

The following Bloomberg article points out why I have repeatedly argued that banks will be earning a lot of money, Meredith Whitney’s counter-arguments notwithstanding. It also points out why the likes of John Hempton believe that the FDIC…

I want to use this holiday weekend to fill in some gaps on major issues because I think we are at a key turning point. Because the economy has left the freefall stage and I have been more positive, I have been getting the feeling that I am…

If you are in the States, have a great holiday wekend. Friday Night Videos: Inflation or Deflation; Lost Vegas - Mish Very sobering account. By the way, the part about no notice evictions is scary and must be stopped. Don't Get…

Kyle, a long-time reader, recently asked why I think mark-to-market accounting actually matters.  After alI, savvy investors know that accounting does not necessarily change cash flows.  I think his question has a lot to do with not just…

A recent post I published on both Credit Writedowns and Naked Capitalism, “Both initial claims and continuing claims now pointing to recovery,” has left the impression that I am a wild-eyed bull – for which I have been duly smacked about…

Strategic Capital and Morton Community Bank were seized by the FDIC tonight.  Below are the FDIC announcements on the matter. The FDIC estimates a cost to taxpayers of $173 million (nearly 30% of assets) for Strategic Capital and $106…