Credit Writedowns

From the Washington Post by the fabulous Tom Toles:

Although off its highs for the day, the Japanese Yen is still looking very strong against every major currency. Earlier, it pushed as high as 92 yen to the dollar. Jim Rogers was on Bloomberg saying it was headed much higher.

If you are in need a little comic relief, I have the answer: Jon Stewart. He is my distraction of the day. Stewart has a great segment from last night on election gaffes. The part where Al Gore gives Tipper a big wet kiss is a classic.…

Reflecting on the market turmoil today, Marshall Auerback had a funny if ironic thought: Our beloved Treasury Secretary promised us Financial Armageddon if we didn't pass his wretched bill a few weeks ago. I wonder how he would describe…

If you recall, I have been warning for a while now that hedge funds were going to take a beating. There are many progosticators out there including Nouriel Roubini which feel that many hedgie bankruptcies are on the way. Below is a…

PNC, down only 13% this year-to-date, very good for a bank stock, is acquiring beleaguered Ohio bank NCC for $5.5 billion. The price represents a huge discount to the prevailing market price before open today and NCC was down 34% in early…

Where can we start? There is so much news - all of it negative, I have news coming out of my ears. Let me do this news round-up a bit more like a live-blogging session then.All of this started, in my opinion, because credit markets seized…

Due to the market crash today, I will be making extra heavy posts. But, rather than over-post on the blog, I will be posting news items in the News Feed. Please check My News Feed in the sidebar.

The 30-Year U.S. Treasury began to be issued in 1977. It's yield at 3.86% is a record low as a flight to safety is underway. I have to repeat: this is a market crash.

Subscribe to my News Feed   Inequality in major U.S. cities rivals Africa: U.N. UNITED NATIONS (Reuters) - Major U.S. cities including New York, Washington, Atlanta and New Orleans have levels of economic inequality that rival…