Credit Writedowns

Kevin Phillips: The New Politics of Inflation: Asian and Monetary "As of 2009, from Turkey and the Persian Gulf east to Indonesia, China and Siberia, it's Asia's turn to make the waves, rock the global financial boat and set a new…

This e-mail came to my inbox from the FDIC last night: The Federal Deposit Insurance Corporation (FDIC) announced today the approval of GMAC Financial Services to participate in the Temporary Liquidity Guarantee Program (TLGP) allowing…

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private…

Back on the 16th, I posted a link to a Wall Street Journal article by James Hagerty which detailed how the Federal Home Loan Banks were able to prevent asset writedowns because of guideline changes to mark-to-market accounting.  I…

You have probably seen stocks down today.  The dow is off nearly 200 points and the Nasda is down 50.  But, everything American is getting whacked today. The U.S. dollar, stocks, and bonds.  Look at the chart on Treasurys here - especially…

Now at his buy-side Canadian shop Gluskin Sheff, former Merrill Lynch chief North American economist David Rosenberg is sounding as bearish as ever.  He sees the recent market rally as a bear market rally and envisages a re-testing of…

I'm back after a brief hiatus.  I would like to present you with some data on jobless claims, an economic data series that will become increasingly important in the weeks and months ahead.  The data suggest that a recovery is imminent.…

I will be out for most of the day, but plan to return for osting by tomorrow.  Here are the links. The Destructive Implications of the Bailout - Understanding Equilibrium - John Hussman "One of the features that has enabled the…

Taipei Times - CLSA strategist warns of long-term asset bubble "A two-month global equity rally that has added US$8.8 trillion to stocks may continue in the short term as risk aversion declines and investors overreact to improving…

Yesterday, I mentioned an e-mail from the FDIC clarifying statements on replacing bank executives by Chairperson Sheila Bair on Bloomberg's "Political Capital with Al Hunt". Below is the video which will allow you to see exactly what…