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Marc Faber says rate cuts won’t work
Artificially low interest rates are what got us into this mess. Why should we think that they will help us get out? That's the question I ask myself and Marc Faber, otherwise known as Dr. Doom, answers that they won't.They certainly…
Obama wins debate
Last night Barack Obama and John McCain had at it in their second Presidential debate in the U.S. John McCain has been slipping in the polls and needed a game-changer to break Obama's momentum. He didn't get it. Pundits and polls agree…
Another look at my 2008 predictions
In July, I made my ten predictions for the markets and global economy for the rest of the year. Some of my predictions were pretty pedestrians, and some were fairly bold. Let's take a look and see how I'm doing.Here's what I originally…
The Fed leads a global rate cut by central banks
The Federal Reserve, the Bank of England and the European Central Bank led a coordinated rate cut effort as the official response to the biggest financial crisis since the Great Depression gathers steam. The official response in Europe and…
Dow down 500 points
So it does seem like we are experiencing a crash. While today's loss was less than the Dow's 777 point debacle 8 days ago, the breadth of decline was stunning. Every component of the Dow was down on the day.
In the S&P500, only 18 of…
Credit in the US is collapsing
If you haven't noticed, credit is hard to come by these days. And the data are finally showing this state of affairs. The latest data from August show that consumer credit plunged by $7.9 billion, the most since record keeping…
Recapitalising Britain
Prime Minister Gordon Brown has finally pulled the trigger. In the most momentous move yet in the credit crisis, the UK government is effectively partially nationalising the UK banking system. For months, I have maintained that the…
Writedown news: 7 Oct 2008
As I do every week, I am updating you with links to important news in the credit crisis. These links are compiled in my credit crisis timeline, which is the most comprehensive list credit crisis links on the Internet.However, one big hole…
Bloomberg’s Financial Glossary
For those of you who think that finance is mumbo jumbo and can't make heads or tails of what anyone is talking about this time, I have a solution:Bloomberg's Financial GlossaryThis is a great resource with over 8,000 entries and 18,000…
News round-up: 7 Oct 2008
The Credit Crisis has clearly moved on to Europe, as events there are showing the kind of crisis we have been seeing here.The UK Treasury has broached the possibility that it would buy equity in major British banks. Iceland is on the verge…