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Jobless claims dip in most recent week
Last week, the number of people filing new unemployment claims dipped to 601,000 on a seasonally-adjusted (SA) basis. The unadjusted number (NSA) was even lower at 534,047. This most recent data should bring cheer to the markets as it…
Links: 2009-05-07
YouTube - Pig Slop Processor
A friend of mine sent me this link. It has nothing to do with finance, but it was so good I had to post it. WARNING: don't watch this while eating.
The Banks and Orwell - Yves Smith
This post…
European gold sale blunder reaches $40 billion
While the Chinese were adding to their gold stock over the last several years, Europeans were selling – with disastrous results. Back in 1999, Gold prices were depressed after an almost two-decade bear market. For some strange…
An interactive guide to subprime spending on Capitol Hill
Yesterday,I posted the post "Almost all biggest subprime lenders have received bailout money" based on the very detailed detective work by The Center for Public Integrity (please visit their article here). Since then, the FT has…
Porsche and VW merge as auto consolidation continues
Volkswagen and Porsche have finally hammered out a merger plan after some bitter infighting. My understanding is that the new company will carry the Porsche name and trade under its ticker symbol. In addition, the company plans to raise…
Pesek: Asia is de-coupling
On Monday, I mentioned that the Asian Development Bank Fund was a clear sign that Asia was cutting loose from the west and looking to take care of things domestically. WIlliam Pesek of Bloomberg News put out a piece this morning…
Bernstein: What kind of recovery are we going to get?
Richard Bernstein asks a very good question in a wide-ranging interview with Bloomberg. Now that the so-called green shoots are dominating the news coverage and the S&P 500 is up a massive 34% from its March lows, one might think we…
BofA, Citi, Wells and GMAC biggest losers in stress test leaks
If you haven’t noticed, the Treasury department seems to be leaking the results of the stress tests to reporters at the Wall Street Journal. Richard Bove, a well-known bank analyst was on Bloomberg Radio this morning talking to Tom…
Almost all biggest subprime lenders have received bailout money
This report comes via “The Center for Public Integrity”: The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or bankrolled by banks now collecting billions of dollars in bailout…
China warns that the west’s quantitative easing is inflationary
This comes via Bloomberg:
Global central banks risk inflation, currency devaluation and a “big consolidation” in bond markets by pumping cash into their economies, the People’s Bank of China said in its quarterly monetary policy report.…