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Geithner is the man at Treasury, Richardson and Clinton also in
So I go away for a few hours and the whole world changes? Apparently Barack Obama has made a decisive move to fill out his cabinet and we are about to witness three appointments: Tim Geithner at Treasury, Hillary Clinton at State, and…
Obama Team considering a pre-pack Auto bankruptcy
Bloomberg is reporting that Obama's transition team is exploring a pre-packaged bankruptcy filing for the US automakers as a solution to the stand-off in Washington. Apparently, Obama has some pretty savvy people in his transition team…
News round-up: 21 Nov 2008 – Countries, Citigroup, and Corporates
Today's round-up is going to principally be about the three CCC's of Countries, Citigroup and Corporates. But I also have some tidbits on other topics as well. So let's jump right in.
Yesterday sucked. Markets fell everywhere from…
Willem Buiter to become a bank
Since everyone and his sister can become a bank, why not a central banker cum professor and his wife? Willem Buiter understands the absurdity of granting any financial institution in America bank holding status. He understands this is one…
Should we let GM fail?
The issue of GM cannot be divorced from the broader issue of health care. Companies like Honda operate out of countries that made health and retirement benefits a national responsibility. And the perennially high price of gasoline, a…
U.S. stocks at lowest level since 1997
Things were actually looking fairly good during midday given how horrible the credit markets (high yield, asset-backed and corporate) have become. Sure, the bank stocks sold off, but the stock market in the U.S. was holding its own after…
Beware of deficit hawks
Recently, deficit hawks have been pushing a nefarious line of argument that I need to debunk right here and right now. The line goes as follows: we need to spend government monies now to get the economy back on its feet. In a couple of…
Paulson abandons TARP asset purchase and risky assets plummets
If you are wondering why the stock market has been declining, you only need to flip your TV to C-SPAN and see Hank Paulson explaining why he has abandoned his original plan to save America from depression. Basically, Paulson has done a…
Chart of the Day: Citigroup
Citibank has to be the worst run of the major banks. The result of ridiculous mergers of Citicorp, Travelers, Smith Barney, Salomon Brothers, this unwieldly mess was a disaster that should never have happened. Now, Citigroup has a market…
U.S. pre-market trading suggests a major selloff
Just after the unemployment claims number was released at 830AM ET in the U.S. markets took a sudden jolt down. U.S. stock futures cratered, European stock markets fell more and Dollar-Yen and U.S. bond markets rose. In fact,…