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Everyone wants in on the bailout gravy train, cities too
Hank Paulson may have created a monster. He has recently said that he does not want to use the TARP (Troubled Asset Relief Program) to buy dodgy assets as he originally billed the U.S. bailout measure. Instead, he wants to inject cash…
Chart of the day: Fed Balance Sheet
This chart and the commentary both come from FT Alphaville:
A look at the Fed's balance sheet currently will tell you it's very much in the business of supporting liquidity/prices in assets other than Treasuries. The graph below is a…
Peter Schiff: they laughed at him, now he’s laughing back
I have been tied up with other activities all day today. But, I just had to send this post on Peter Schiff. My brother-in-law sent me this video a second ago of Schiff predicting doom and gloom on YouTube. And it's actually kind of funny to…
G-20 Summit:A look back to Bretton Woods
Here in Washington, DC, we are preparing for the G-20 summit, the largest gathering of foreign leaders in this own since the 50th anniversary of NATO in 1999. The event has been billed as a latter-day Bretton Woods, a forum to reform the…
Unemployment claims over 500,000: only third time in quarter century
516,000. That's the number of people who filed for employment claims this past week. This is the highest number we have seen since September 2001, just after 9/11. The last time we saw claims over 500,000 before that was July 1992.…
Paulson is handing out free money like candy to a baby
Hank Paulson knows he has two months left until he leaves Washington. Therefore, he must feel he needs to pass out as much free cash to his friends in banking and finance before he leaves town. Or, at least so it seems.
The latest story I…
News round-up: 13 Nov 2008
I have been doing these round-ups rather sporadically now, but the news flow is still considerable. In fact, the news flow is so much that I have off-loaded my links onto a feed which you can access here.The main story I am following is the…
Should GE be a AAA company?
The latest news in bailouts involves GE Capital. Apparently, the company has gone begging to the FDIC for a bailout. In fact, the FDIC has offered to back $139 billion in GE Capital debt. I have serious reservations about this move by…
Writedown News: 12 November 2008
The big news this week is that writedowns have moved near trillion dollar territory. As all of the banks report earnings and come clean about losses, the figures are staggering. The largest writedowns came from the GSEs with Fannie Mae…
Dean Baker: The High Priests of the Bubble Economy
Deregulation and laissez-faire orthodoxy bears much of the blame for the current economic mess we are experiencing. Dean Baker notes with chagrin that Barack Obama, who will take office as U.S. President shortly, has put some of the…