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Is Ireland the next Iceland?
Just a few moments ago I caught a very interesting post on Alice Cook's site UK Bubble. The gist of the post was that things are falling apart in Ireland very quickly. Given what we saw with Iceland, I have to ask: is Ireland next?
I…
Lieberman retains his chairmanship
The video below comes via the Daily Kos and YouTube.Sen. Evan Bayh (D-IN) has said that Sen. Joe Lieberman (I-CT) needs to publicly apologize for his actions during the recent U.S. Presidential Campaign in order to retain his seat as…
Barney Frank rips Hank Paulson’s bait and switch
I am listening to the Congressional hearings with Sheila Bair, Hank Paulson and Ben Bernanke recounting what they have done to restore the economy with the $700 billion that Congress gave the Bush Administration. The hearing is pretty…
Producer price inflation down 2.8%, but core up 0.4%
The headline story is that this is the largest month-to-month fall ever since monthly statistics began for this data series in 1947. But, as you can see from the chart below, all of this decline was due to food and energy. Therefore, the…
News round-up: 18 Nov 2008
Greetings and happy Tuesday. While I hope it is a happy Tuesday, it doesn't look as cheery in the markets today (see pre-market chart below). I am getting the sense that we are going to retest 2008 and 2002 lows. The 2008 low on the…
Volcker warns how serious things have become
In a very downbeat assessment of the ability of financial and monetary stewards to deal with the most protracted financial crisis is some 75 years, Paul Volcker, the esteemed former Fed Chariman warned that the economic slump has spread in…
The Top 25 Finance and Economics Blogs
Brian Gongol comes out with a list of the most-trafficked business and economic blogs every month. This month, we made it onto the list at number 25. I want to thank everyone for reading this blog and helping it get into the top 25 so…
GE Capital is a bank, but Genworth will be too
A reader has recently corrected a claim I made on a recent blog entry regarding GE Capital. I would like to bring this error to your attention and make a few comments. The first statement is actually not correct. Looking at the FDIC…
Bush Administration turns the TARP over to Obama
In a surprising move, the Bush Administration has decided not to seek the $350 billion still to be used under the TARP (Troubled Asset Relief Program). Instead, they will allow Barack Obama's Administration to distribute the monies as they…
Retail Sales: a belated look at Friday’s ugly numbers
Because I was out of commission pretty much all day on Friday, I haven't been able to crunch the U.S. retail sales numbers until now. But, let me do a recap today and breakdown what these numbers might mean for the U.S. economy. The…