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    Veteran Member person's Avatar
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    Search In the news

    Do people want me to keep doing this when I'm able?

    Zimbabwe abandons its currency
    Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country's runaway inflation.
    http://news.bbc.co.uk/2/hi/africa/7859033.stm

    Huge Protests starting in FRANCE over Economic Collapse! GREECE TOO!
    http://thecomingdepression.blogspot....ance-over.html

    In the latest proposal to revive the economy, Reserve Bank board member and Australian National University economist Warwick McKibbin has suggested slashing the GST from 10 to 5 per cent until February next year.
    http://economics.com.au/?p=2312

    As a college junior I'm lucky that I have another year to prepare, another year to hope that things will get better. My kick-in-the-ass moment came during at what should have been a pub happy hour. The conversation turned toward graduation, and our table went silent. I was sitting across from the nephew of one of America's most powerful CEOs and he couldn't find a job anywhere.
    http://splicetoday.com/on-campus/the-doomed-generation

    Exxon Mobil sets record with $45.2 billion profit
    http://news.yahoo.com/s/ap/20090130/...ns_exxon_mobil

    Global Crisis Destroys 40% of World Wealth; Bailout to Hit $4 Trillion
    http://globaleconomicanalysis.blogsp...-of-world.html

    China fears riots will spread as boom goes sour
    Today millions will leave the cities to return to their rural family homes for the new year celebrations. But this year Beijing hopes the newly jobless revellers will stay there - to prevent a fresh wave of unrest in the cities
    http://www.guardian.co.uk/world/2009...-globaleconomy

    Paris: The number of containerships laid up is growing very fast. According to French maritime consultant AXS-Alphaliner, 255 ships, equivalent to 675,000 teu in capacity (5.5% of the global containership fleet), were laid up as of January 19 this year.
    http://www.seatradeasia-online.com/News/3626.html

    Russian prime minister Vladimir Putin has called for concerted action to break the stranglehold of the US dollar and create a new global structure of regional powers.
    http://www.telegraph.co.uk/finance/f...anglehold.html
    Last edited by person; 02-07-2009 at 06:52 PM.
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    God/dess Deogol's Avatar
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    Default Re: In the news

    Yea sure.

    The conversation definitely has changed from IS shit going to hit the fan.

    Perhaps it should be something along the lines of what can we do about it to protect ourselves, etc.

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    Default Re: In the news

    ^^^ yes, please do. As you already know, I now have far less time available to devote to 'trolling for tidbits' myself.

    I would also add that your last news item ... i.e. the growing battle by many of the world's gov'ts that have POSITIVE balance sheets to try and permanently derail the US dollar as the world's 'reserve currency' ... is probably the most significant news development of the week - or year - or decade !!!

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    Default Re: In the news

    Quote Originally Posted by Melonie View Post
    I would also add that your last news item ... i.e. the growing battle by many of the world's gov'ts that have POSITIVE balance sheets to try and permanently derail the US dollar as the world's 'reserve currency' ... is probably the most significant news development of the week - or year - or decade !!!
    You heard it here first, folks

    Actually, Iran was calling for Oil to be pegged to something other than the USD months ago, if I recall correctly. That was a significant precursor, IMHO.
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
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    Default Re: In the news

    Probably the Euro. They already only accept payment in it.

    As for the dollar and wanting it knocked off its pedestal, this is nothing new, welcome to how continental Europe sees us. Even nations that aren't joining the Eu are joining/ agreeing on the Euro.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
    The note that began all can also destroy

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    Currency intervention never works, yet that does not stop countries from trying. And in a strange twist of fate, the Central Bank of Russia has been providing loans to banks to shore up the Ruble, instead they are shorting it.
    http://globaleconomicanalysis.blogsp...n-madness.html

    The man who outfoxed the market
    While the rest of the industry swooned, Porsche CEO Wiedeking outsmarted the hedge funds and bought VW.
    http://money.cnn.com/2009/01/26/news...tune/index.htm

    Wall Street finds ways around executive pay caps
    http://www.latimes.com/news/nationwo...tory?track=rss

    HONG KONG (MarketWatch) -- The Reserve Bank of Australia said Friday that monetary and fiscal conditions "are providing substantial stimulus" to the economy, signaling the cycle of interest rate cuts which began in September is drawing to a close.
    http://www.marketwatch.com/news/stor...35}&siteid=rss

    Proposed stimulus amendment eliminates $1.4 billion in NSF funding
    http://terrytao.wordpress.com/2009/0...n-nsf-funding/

    WASHINGTON (MarketWatch) -- Senators reached a tentative deal on a $780 billion economic stimulus plan late Friday, reports said, potentially clearing the way for a vote later Friday night on the huge package of spending and tax cuts.
    http://www.marketwatch.com/news/stor...%7D&siteid=rss

    For Brit:
    Very rare black swan chart pattern developing
    http://www.elitetrader.com/vb/showth...6&pagenumber=1

    AIG is just one piece of the derivatives mess. Nonetheless AIG alone is so complex no one can figure it out. In response, the Fed Calls Emergency Consultants To Untangle AIG.
    http://globaleconomicanalysis.blogsp...emergency.html

    Surviving the economic collapse in Argentina
    http://ferfal.blogspot.com/2008/10/t...ival-2005.html

    Drought threatens Chinese wheat crop
    Low rainfall in the north has put nearly half of the country's harvest at risk
    http://www.guardian.co.uk/world/2009...ght-wheat-crop

    Feb. 7 (Bloomberg) -- Advanced economies are already in a "depression" and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said.
    http://www.bloomberg.com/apps/news?p...8yU&refer=home

    SAN FRANCISO (MarketWatch) -- Germany Economy Minister Michael Glos offered to step down Saturday, an offer that was promptly rejected by party leaders.
    http://www.marketwatch.com/news/stor...%7D&siteid=rss

    What else have you heard?
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    Default Re: In the news

    LOL @ rare black swan formation, with rare vampire tooth in place.

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    Default Re: In the news

    probably the most significant tidbit of this week's news links is the de-facto IMF disclosure that 'the whole world is bankrupt' ... something that cannot be discussed in US mainstream media.

    However, the UK media has no such limitation ...



    (snip)Bond market calls Fed's bluff as global economy falls apart
    Global bond markets are calling the bluff of the US Federal Reserve.

    By Ambrose Evans-Pritchard
    Last Updated: 7:22PM GMT 08 Feb 2009

    Comments 32 | Comment on this article

    The yield on 10-year US Treasury bonds – the world's benchmark cost of capital – has jumped from 2pc to 3pc since Christmas despite efforts to talk the rate down.

    This level will asphyxiate the US economy if allowed to persist, as Fed chair Ben Bernanke must know. The US is already in deflation. Core prices – stripping out energy – fell at an annual rate of 2pc in the fourth quarter. Wages are following. IBM, Chrysler, General Motors, and YRC, have all begun to cut pay.

    The "real" cost of capital is rising as the slump deepens. This is textbook debt deflation. It was not supposed to happen. The Bernanke doctrine assumes that the Fed can bring down the whole structure of interest costs, first by slashing the Fed Funds rate to zero, and then by making a "credible threat" to buy Treasuries outright with printed money.

    Mr Bernanke has been repeating this threat since early December. But talk is cheap. As the Fed hesitates, real yields climb ever higher. Plainly, the markets do not regard Fed rhetoric as "credible" at all.

    Who can blame bond vigilantes for going on strike? Nobody wants to be left holding the bag if and when the global monetary blitz succeeds in stoking inflation. Governments are borrowing frantically to fund their bail-outs and cover a collapse in tax revenue. The US Treasury alone needs to raise $2 trillion in 2009.

    Where is the money to come from? China, the Pacific tigers and the commodity powers are no longer amassing foreign reserves ($7.6 trillion). Their exports have collapsed. Instead of buying a trillion dollars of extra bonds each year, they have become net sellers. In aggregate, they dumped $190bn over the last fifteen weeks.

    The Fed has stepped into the breach, up to a point. It has bought $350bn of commercial paper, and begun to buy $600bn of mortgage bonds. That helps. But still it recoils from buying Treasuries, perhaps fearing that any move to "monetise" Washington's deficit starts a slippery slope towards an Argentine fate. Or perhaps Bernanke doesn't believe his own assurances that the Fed can extract itself easily from emergency policies when the cycle turns.

    As they dither, the world is falling apart. Events in Japan have turned deeply alarming. Exports fell 35pc in December. Industrial output fell 9.6pc. The economy is contracting at an annual rate of 12pc. "Falling exports are triggering a downward spiral of production, incomes and spending. It is important to prepare for swift policy steps, including those usually regarded as unusual," said the Bank of Japan's Atsushi Mizuno.

    The bank is already targeting equities on the Tokyo bourse. That is not enough for restive politicians. One bloc led by Senator Koutaro Tamura wants to create $330bn in scrip currency for an industrial blitz. "We are facing hyper-deflation, so we need a policy to create hyper-inflation," he said.

    This has echoes of 1932, when the US Congress took charge of monetary policy. (snip)

    ~
    Last edited by Melonie; 02-08-2009 at 11:05 PM.

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    Default Re: In the news

    Fucking nine trillion dollars of bail out so far.

    Unbelievable.

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    Default Re: In the news

    Will be very interesting to "see where it all goes",I'm confident that "website where American's can go to see how every cent is being spent" will be hard to find???
    It's a damned lot of money...and all this became necessary in such a short period of time...

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    Default Re: In the news

    Indeed it is a damned lot of money. Heritage calculated that, with existing tax brackets, paying for just the recently passed $800 billion stimulus bill will require an additional $14,000 in income taxes from Americans earning $75k per year and an additional $92k in income taxes from those earning $250k per year ... not counting interest - which could double those amounts if financed by new Treasury bonds with 20-30 year terms.

    And of course this latest cost doesn't include the cost of TARP losses, Fannie / Freddie losses, auto industry bailout losses, insurance industry bailout losses etc. which have already become the responsibility of the US taxpayer. Nor does it include the cost of Tim Geithner's proposed 'bad bank' losses, or the cost of other future programs.

    And despite the 'calm' of the public announcement, it is clear that China is beginning to get extremely nervous about the soon to occur issuance of mountains of new US Treasury bonds to pay for these programs ...



    The Chinese are pretty blatantly stating that they know the only way that the USA can continue to service existing bond debts plus issue new bond debts is by running the US dollar printing presses on overtime. This in turn will devalue the exchange rate of the US dollar (thus devalue the trillion dollars worth of US Treasury bonds the Chinese already own). However, for people who must pay their bills in US dollars as opposed to Chinese Yuan, this will also mean much higher prices for oil, food, and everything else imported.

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    Default Re: In the news

    At his press conference on Monday, President Barack Obama had to remind Mara Liasson of Fox News and NPR that it was the Republicans who doubled the national debt over the past eight years and it’s a little strange to be hearing lectures from them now about how to be fiscally responsible.
    http://www.laprogressive.com/2009/02...esponsibility/

    As some economists now fear the U.S. economy could be teetering on the brink of a deflationary spiral, Americans can look to Japan's experience for some idea of what could lie ahead.
    http://www.marketwatch.com/news/stor...E6}&siteid=rss

    Banks Plan To Dump $50 Billion In Troubled Mortgages On Taxpayers
    http://globaleconomicanalysis.blogsp...illion-in.html

    Public debt and our children
    http://economics.com.au/?p=2584

    The U.S. House of Representative passed President Obama's $787 billion stimulus bill today, designed to boost the American economy and save 3.5 million jobs.
    http://www.mortgagenewsdaily.com/021...mulus_bill.asp

    (CNSNews.com) – Sen. Frank Lautenberg (D-N.J.) predicted on Thursday that none of his Senate colleagues would "have the chance" to read the entire final version of the $790-billion stimulus bill before the bill comes up for a final vote in Congress.
    http://cnsnews.com/public/content/ar...x?RsrcID=43478

    "We Hate You Guys" - Reuters Caught Doctoring China Official's Remarks On US Treasury Peril!
    http://implode-explode.com/viewnews/...sOnUSTrea.html


    LONDON - The International Monetary Fund said it does not intend to alter plans to sell just over 400 tonnes of gold to fund changes to its financing base, an IMF spokeswoman said on Wednesday.
    http://www.midasletter.com/news/0902...es-of-gold.php

    Feb. 14 (Bloomberg) -- Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as bondholders weighed forcing the casino company he founded into involuntary bankruptcy next week.
    http://www.bloomberg.com/apps/news?p...BnE&refer=home

    Asia's Export Economies In Free Fall; Protectionism On The Rise
    http://globaleconomicanalysis.blogsp...free-fall.html
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    Default Re: In the news

    Nice cross section, 'person' ! Thank You.

    From your tidbits, the following stand out as the most disturbing ...

    - Obama / Geithner / Democrats in congress appear to be far more efficient at spending money than previously thought. Between Obama's stimulus package and Geithner's soon to be unveiled 'TARP 2' they will manage to do what took the previous administration 8 years to accomplish (i.e. doubling the US 'current year' budget deficit) in a mere 8 WEEKS !



    - while your link to the Aussies bemoaning the gov't debt being passed to their children, in truth the US debt now being passed to US children makes the Aussie debt look like pocket change. US Federal obligations now stand at $65 trillion dollars (without counting the additional costs of Obama's stimulus package or Geithner's TARP 2) - which is an unfathomable amount of money that actually exceeds the annual GDP of the entire world !!



    If you grasp at the number of meaningful US taxpayers being in the 130 million ballpark, this represents an already committed future tax debt obligation of $500,000 per US taxpayer. IMHO the only way that this tax burden can be managed without an outright US gov't bankruptcy is to massively devalue the currency such that in the future US$500,000 represents the price of a new car and the future US minimum wage becomes $100 an hour.

    - lastly, protectionism is one of those topics that sounds good in theory but which can wreak havoc in the 'real world' economy. This will particularly be the case when the US no longer has the production capacity to even begin meeting it's own domestic needs for such basic things as oil, food, consumer staples etc. Yes this capacity could be 'resurrected', but the resulting pricing levels would be far above the 'world market' prices which currently allow the US standard of living to be as high as it is. This would also vastly increase US gov't spending requirements for welfare, food stamps etc. as well as vastly increasing the household budget burden for every American family.

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    Default Re: In the news

    Quote Originally Posted by Melonie View Post
    Nice cross section, 'person' ! Thank You.
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    Quote Originally Posted by Melonie View Post
    - Obama / Geithner / Democrats in congress appear to be far more efficient at spending money than previously thought.
    I'm not sure whose numbers to believe. As indicated above, I'm not sure anyone's fully read the proposed legislation, and people seem to be pulling big numbers out of nowhere. Which is pretty scary.

    Quote Originally Posted by Melonie View Post
    - while your link to the Aussies bemoaning the gov't debt being passed to their children, in truth the US debt now being passed to US children makes the Aussie debt look like pocket change.
    One of the few economics books I've read points out that national debt is fine as long as it's being used to fund future growth for the country (kinda like borrowing venture captial I guess). It's a cheap political trick to wave the "we're in debt" bogeyman at the public whenever the opposition has a budget "in deficit". Of course, it's entirely possible to be in debt and wasting money too, but the distinction is not usually spelled out

    Quote Originally Posted by Melonie View Post
    - lastly, protectionism is one of those topics that sounds good in theory but which can wreak havoc in the 'real world' economy.
    We had years of protectionism in Australia to buffer the transition from a manufacturing economy into a service based economy, but it's a delicate thing. It's effectively the government knowingly taking a loss on the open market for a certain period of time, so needs to be done really carefully and not as an indefinite head-in-the-sand measure.
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    Default Re: In the news

    Didn't see much interesting this weekend...

    LONDON (MarketWatch) -- London shares fell heavily Friday with the top index closing well below the key 4,000 level. Banks and miners led the way lower amid a global equity sell-off.
    http://www.marketwatch.com/news/stor...43}&siteid=rss

    http://dshort.com/charts/bears/four-...nded-large.gif

    NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
    http://www.reuters.com/article/busin...rpc=23&sp=true

    For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller. The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials.
    http://www.nytimes.com/2009/02/20/us...er=rss&emc=rss
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    Default Re: In the news

    actually, I found some highly interesting (and potentially important) news items this weekend ...



    (snip)"The SVP said gold stored by the Swiss National Bank in the United States should be repatriated and Switzerland should ban the sale of U.S. funds in the country to protect Swiss investors after the failure of U.S. regulators."(snip)



    (snip)"Farmers in the nation's No. 1 agriculture state predicted it would cause consumers to pay more for their fruits and vegetables, which would have to be grown using expensive well water.

    "Water is our life - it's our jobs and it's our food," said Ryan Jacobsen, executive director of the farm bureau in Fresno County. "Without a reliable water supply, Fresno County's No. 1 employer - agriculture - is at great risk."

    The drought would cause an estimated $1.15 billion dollar loss in agriculture-related wages and eliminate as many as 40,000 jobs in farm-related industries in the San Joaquin Valley alone, where most of the nation's produce and nut crops are grown, said Lester Snow, director of the Department of Water Resources."(snip)



    (snip)What's important, is where Liquidity is now, and what direction it is going in. (The chart below is as of 2 PM on Friday afternoon.)

    What is the chart saying? First, it is saying that Liquidity has been in contraction territory since June 9th of last year ... and the stock market has fallen that entire period of time.

    Second, it is saying that Liquidity is in still contraction territory, AND it is still below its resistance line,

    Third, Liquidity has been outflowing in the past few days, and was still dropping this morning.

    The DOW tested its November low today, and was 1.91% below that low at 2:12 PM today."(snip)

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    Default Re: In the news

    and of course the 800 pound gorilla ...



    skipping to the summary ... (snip)"The West's economy really is at the edge of a leveraged disaster. The politicians know only one answer: deficit spending. The central bankers have only one significant tool: monetary inflation. The speed of events is increasing.

    The markets don't reflect this yet. This gives time to a few people to get out. But the vast majority cannot get out. There are too few escape hatches open. "(snip)

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    Default Re: In the news

    ^^^ Interesting to see that the Swiss want their gold back. I probably would too. It does seem a little 'pot calling the kettle black' though. The big Swiss boys of investment banking have hardly come out of this unscathed so far.

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    Default Re: In the news

    DUBLIN (AFP) — Up to 120,000 protesters brought Dublin city centre to a standstill on Saturday over government austerity measures aimed at stabilising the once high-flying economy now wracked by recession.
    http://www.google.com/hostednews/afp...NnMxYl0ZbagLrw

    Beijing's Olympic building boom becomes a bust
    http://www.latimes.com/news/nationwo...,5564951.story

    I AM KING ABDULA FROM NIGERIA. I HAVE HEARD OF YOUR ECONOMIC HARDSHIPS AND WOULD LIKE TO HELP YOU WITH A GENEROUS ECONOMIC STIMULUS PACKAGE IN THE SUM OF $50,000,000,000 (FIFTY BILLION US DOLLARS). PLEASE SEND ME $27,000,000 UPFRONT, SO THAT I KNOW YOU ARE SERIOUS BUSINESSMEN THAT I CAN TRUST. YOU CAN CONTACT ME AT [email protected] YOUR MAJESTY, KING ABDULA
    http://www.nytimes.com/2009/02/21/nyregion/21scam.html

    Mugabe 'blow quadrillions of Zimbabwe dollars' on his 85th birthday with a sumptuous banquet; demands cattle and money from his starving people to pay for the surreal party. Meanwhile thousands die from cholera, students are not attending schools and teachers are not paid.
    http://www.guardian.co.uk/world/2009...rthday-banquet
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    Default Re: In the news

    US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.
    http://www.infowars.com/clinton-urge...uying-us-debt/

    The folks over at the iShares Silver Trust (NYSE:SLV) were quite busy last week, adding a total of 420 tonnes of silver to their stash, pushing the inventory at the world's most popular silver ETF above the 8,000 tonne level for the first time ever.
    http://themessthatgreenspanmade.blog...nd-tonnes.html

    Gambling Also Rising Due to Economy
    http://www.marketwatch.com/news/stor...4B}&dist=msr_1

    The Ten Buyer Behaviour Trends in a Recession
    http://www.dpdialogue.com.au/zakazuk...n-a-recession/

    (Not strictly financial news, but I found these great to watch)
    93 year old cook and great grandmother, Clara, recounts her childhood during the Great Depression as she prepares meals from the era. Learn how to make simple yet delicious dishes while listening to stories from the Great Depression.
    http://www.greatdepressioncooking.co.../Episodes.html
    http://www.youtube.com/user/DepressionCooking

    BOSTON (Reuters) - Microsoft Corp outlined plans to offset revenue declines as the PC market shifts to low-cost netbooks, but it failed to announce more cost cuts, sending its shares to an 11-year low.
    http://www.reuters.com/article/techn...technologyNews

    Citi is crumbling tonight. The cracks that started the steadily falling debris since the credit bubble burst in July 2007 are giving way to an all-out avalanche leading to implosion from the organization’s corrupt corrosive core. But there on the verge of destruction is where it’s at its most dangerous, with the high explosives selectively placed so that detonation will bring the entire weight crashing onto the citizens’ heads:
    http://bankimplode.com/blog/2009/02/24/citi-crumbles/

    Escaped The Largest Credit Card Data Breach Ever? Well, Here's Another One...
    http://techdirt.com/articles/20090224/0112283879.shtml
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    Default Re: In the news

    Yesterday saw Sol Trujillo the CEO of Telstra resign to go and join his former exec mates (Greg Winn and Phil Burgess) back in the US of A. So come June 30, all of the 3 amigos will have left the country and resigned from their positions.
    http://matt.bottrell.com.au/archives...-riddance.html

    SAN FRANCISCO (MarketWatch) -- Fannie Mae said late Thursday that it lost more than $25 billion in the fourth quarter, as the mortgage giant continued to be pummeled by slumping house prices and surging defaults.
    http://www.marketwatch.com/news/story/story.aspx?guid={517080E1-ECF3-4051-B0F8-9EDDADA201AF}&siteid=rss

    HONG KONG (MarketWatch) -- Australian private sector credit rose in January, indicating the aggressive moves by the government and the central bank to reboot lending growth are gaining traction.
    http://www.marketwatch.com/news/story/story.aspx?guid={57E94C56-6199-4E0E-829B-537D57EA1875}&siteid=rss

    NEW YORK (MarketWatch) -- The World Bank and two other multinational institutions issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) to support the banking sector in Eastern Europe and fund lending to businesses.
    http://www.marketwatch.com/news/story/story.aspx?guid={26BC2C81-E5F6-4F8D-A373-975EFF76E9A1}&siteid=rss

    NEW YORK (MarketWatch) -- The federal government tightened its grip Friday on a battered Citigroup Inc., agreeing to convert its preferred shares into common stock and boosting its direct ownership in the nation's once-largest bank to 36%.
    http://www.marketwatch.com/news/story/story.aspx?guid={325D60CB-F602-40B4-A746-FBDA4917EB50}&siteid=rss

    Bank of America Loans Valued at $44 Billion Less Than Books Say
    http://www.bloomberg.com/apps/news?p...biE&refer=home

    Britain's HSBC (HSBA.L) is set to announce a share sale of up to $18 billion, two sources familiar with the situation said on Saturday, in what could become the country's biggest-ever rights issue
    http://news.yahoo.com/s/nm/20090228/bs_nm/us_hsbc

    Citigroup plunged 39% on Friday to $1.50, a price last seen in 1992.
    The plunge was in response to a Citigroup U.S. Accord on a Third Bailout that will convert the government's preferred shares to common, thereby diluting existing common shareholders and exposing US taxpayers to more losses.
    http://globaleconomicanalysis.blogsp...n-mistake.html
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
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    Default Re: In the news

    ^^^ Taking a 'global' view, Australians are already beginning to pay a heavy price for those aggressive central bank moves ... i.e. a 25% devaluation of the Australian Dollar



    The same result is highly likely to occur re the US dollar later this year.


    The serious point embedded in many of your other posts is that, even after nearly a year's worth of writedowns and bailouts, Fannie / Freddie, Citigroup, and a host of other financial institutions have STILL not come clean in regard to the true amount of 'losses' they are sitting on. At the same time, the US gov't has not come clean in regard to the true amount of 'potential losses' that the US taxpayer has been placed on the hook for !!!

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    Default Re: In the news

    Quote Originally Posted by Melonie View Post
    ^^^ Taking a 'global' view, Australians are already beginning to pay a heavy price for those aggressive central bank moves ... i.e. a 25% devaluation of the Australian Dollar
    Although we like to think we deserved it, people who understand currency trading better than me were saying that the levels we reached last year weren't in line with the fundamentals so we were due to come down anyway. We're sorta used to being at around 65 US cents anyway

    Quote Originally Posted by Melonie View Post
    The serious point embedded in many of your other posts is that, even after nearly a year's worth of writedowns and bailouts, Fannie / Freddie, Citigroup, and a host of other financial institutions have STILL not come clean in regard to the true amount of 'losses' they are sitting on.
    And when am I not serious?
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
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    Default Re: In the news

    Haven't spotted too much over the weekend. DOW's heading to 6000 pretty quickly, but that's not on the back of any news, is it?

    How to safely store cash under the mattress
    http://globaleconomicanalysis.blogsp...ash-stash.html

    Merrill Lynch probes $400m trader loss
    http://www.ft.com/cms/s/0/7b1077ac-0...nclick_check=1

    Is This a New Depression? The Lessons of the 1930s
    http://seekingalpha.com/article/1219...s-of-the-1930s

    Inquiring minds are investigating the 10 point CNBC Slideshow On Famous Last Words of 2008 boneheaded comments. Here are some of my favorites.
    http://globaleconomicanalysis.blogsp...ast-words.html

    Run on UK' sees foreign investors pull $1 trillion out of the City
    http://www.independent.co.uk/news/bu...y-1639413.html
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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