October 2008 - Around The Web

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Economic Report: Biggest drop in consumer spending in 4 years in Sept.

Published Fri, Oct 31 2008 11:16 AM by www.marketwatch.com

WASHINGTON (MarketWatch) -- Reluctance on the part of consumers to shop for big-ticket items like cars led U.S. consumer spending to its biggest drop in over four years, the Commerce Department reported Friday.
Some Banks May Tell U.S. to Keep Bailout Cash

Published Fri, Oct 31 2008 11:02 AM by CNBC
Economic Report: Consumer sentiment drops in October

Published Fri, Oct 31 2008 11:01 AM by www.marketwatch.com

As the financial crisis takes its toll, U.S. consumer sentiment drops in October from the prior month, reaching a record monthly decline, according to the University of Michigan/Reuters index released Friday.
Consumer Spending Falls 0.3 Percent in September

Published Fri, Oct 31 2008 11:01 AM by feeds.washingtonpost.com

Consumers shied away from big-ticket items in September, as wages remained basically stagnant and people began to tuck more money into savings -- further evidence of a pullback by American households.
Money Markets

Published Fri, Oct 31 2008 11:01 AM by acrossthecurve.com

My money market correspondent reports that the short term money markets are awash in a mountainous sea of liquidity. The target funds rate seems “symbolic” as the central banks push to flood the system with dollar liquidity has forced the funds rate down...
AIG Arbitrages the Fed Via Its New Commercial Paper Program

Published Fri, Oct 31 2008 10:41 AM by feedproxy.google.com

Let's see, AIG had to ask to be included in the Fed's new commercial paper program. AIG was reported to have said it needed a wee bit more money, but no more than $10 billion. No reasons were given in any news stories. Now we find out the intended...
Public Pensions Place Undue Burden on Staggering Economy

Published Fri, Oct 31 2008 10:40 AM by www.minyanville.com

The ticking time bomb of overpromised underfunded public pension plans has finally exploded. Here are a few articles to consider: Pension fund of San Diego may have lost as much as $1 billion of its $5 billion in assets Through mid-October Colorado’s...
Levitt: Derivatives Necessary, Should Be Regulated

Published Fri, Oct 31 2008 10:39 AM by feedproxy.google.com

Former U.S. Securities and Exchange Commission Chairman Arthur Levitt talks about the importance of credit derivatives to the financial markets and the need for regulation and transparency, and the outlook for executive compensation at financial firms...
Could Junk Bond Defaults Reach 20%?

Published Fri, Oct 31 2008 10:38 AM by feedproxy.google.com

As the economy weakens, a predictable result is an increase in corporate defaults. In the early 1990s, the default rate on high-yield bonds peaked at 12+% (note some define the universe differently and come up with somewhat lower figures) The most recent...
New Mortgage Recue Proposal to Kick Can Down the Road a Few Years

Published Fri, Oct 31 2008 10:37 AM by feedproxy.google.com

Before we debate the merits (more accurately, the lack thereof) of the latest trial balloon of a plan being floated to rescue overextended mortgage borrowers, we need to consider a few not sufficiently discussed facts: 1. The problem is that banks are...
Some Additional Observations on the 2008Q3 Advance GDP Release

Published Fri, Oct 31 2008 10:37 AM by www.econbrowser.com

If you went no further than noticing that the q/q annualized growth rate of -0.3% was faster than the -0.5 in the Bloomberg consensus, you might have taken this as good news. I'm not going to say it wasn't good news (relatively speaking), although...
Trump - a (late-20th century) American icon

Published Fri, Oct 31 2008 10:37 AM by themessthatgreenspanmade.blogspot.com

Donald Trump will go kicking and screaming into the new American "culture of austerity" that was thrust upon us all last month. Throughout the two-decade long credit bubble, the New York real estate developer has been a symbol of American success...
Here Comes Da Zirp!

Published Thu, Oct 30 2008 9:26 AM by feedproxy.google.com

How likely are we to see a zero percent interest policy? Pretty likely: "Federal Reserve Chairman Ben S. Bernanke signaled he's ready to cut interest rates to the lowest level on record should the central bank's actions fail to stem the deepening...
Fed Expands Swap-O-Rama to Brazil, Mexico, South Korea, Singapore

Published Thu, Oct 30 2008 9:25 AM by feeds.feedburner.com

In an effort to unfreeze money markets the . The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore, expanding its effort to unfreeze money markets to emerging nations for the first time...
I think this is the bottom

Published Thu, Oct 30 2008 9:24 AM by themessthatgreenspanmade.blogspot.com

From Tom Toles at the :
Cuomo Prepares to Embarrass Banks Over Top Level Pay

Published Thu, Oct 30 2008 9:23 AM by feedproxy.google.com

Banks have proven to be remarkably immune to condemnation over senior level pay. CEOs and top level producers seem to have an undimmed sense of entitlement, even though the nine banks receiving the first Treasury handouts equity purchases earned a collective...
"Fears mount in Japan over complex yen products"

Published Thu, Oct 30 2008 9:22 AM by feedproxy.google.com

This Times Online story is frustratingly vague about the exact nature of these complicated and risky foreign exchange products sold to Japanese retail investors. While the size of the problem ($90 billion) may seem not all that bad in comparison, say...
JP Morgan Under Criminal Investigation for Jefferson County, Other Swaps

Published Thu, Oct 30 2008 9:21 AM by feedproxy.google.com

The agonies of Jefferson County, Alabama, which got itself into a too-clever-by-half funding arrangement that put the county on the verge of bankruptcy, have faded from the public eye. However, the type of transaction that caused so much woe, a swaption...
House Oversight Committee Requests Bonus Info of Major Banks

Published Thu, Oct 30 2008 9:20 AM by feeds.feedburner.com

Henry A. Waxman, Committee Chairman on Oversight and Government Reform, . In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008. List of Banks...
My house has still got to be worth...

Published Thu, Oct 30 2008 9:20 AM by themessthatgreenspanmade.blogspot.com

There's a new up at the Zillow blog where homeowners all across the U.S. were asked what they think happened to the value of their home over the last year and what the year ahead might bring. As expected, many homeowners remain blissfully unaware...

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October 2008 - Around The Web

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