S&P sees more than $265 bln losses for financial firms
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Standard & Poor's on Wednesday said total losses for financial institutions from the unfolding mortgage market problems will eventually reach more than $265 billion. The rating agency's comment came after it said it cut or may cut its ratings on $270 ...
“Obscene” profits by Shell biggest ever by British company
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Shell smashed all-time British company profit records today, posting 2007 earnings of $27.5billion (£13.9billion), and immediately ran into a storm with union leaders, who are demanding the Government hits the oil giant with a windfall tax. Shell's profit surge - it ...
Ron Paul won all the Debates
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Ron Paul won all the Debates.
U.S. slump spreading around the globe, IMF warns
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Financial turbulence is carrying the U.S. slump to the rest of the world, and now the global economy is in the midst of a serious slowdown, the International Monetary Fund said yesterday. "It will be very hard for even the most ...
Asia gripped by volatility after Fed rate cut
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Asian stocks ended mixed after a volatile session Thursday... as investors weighed the Federal Reserve's half-point reduction in a key interest rate overnight and the health of the U.S. economy. Japanese, South Korean and Australian shares rose after opening on a ...
Fed risks ‘blood on the floor’ on rate cuts
Thursday, January 31st, 2008 Posted in Economic News | No Comments »The Federal Open Markets Committee may want further rate cuts but inflation fears limit their options, writes David Litterick Underneath a grand chandelier and in the shadow of the Great Seal of State, the 12 members of the Federal Open ...
2008: Full global impact phase of the Very Great US Depression
Thursday, January 31st, 2008 Posted in Economic News | No Comments »One year ago, LEAP/E2020 anticipated that the year 2007 would mark the US entry into what our team then called "the Very Great US Depression." At that time, the dominant spirit was overwhelmingly euphoric. The word "subprime" was still unknown ...
Biggs’s Tips for Rich: Expect War, Study Blitz, Mind Markets
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Barton Biggs has some offbeat advice for the rich: Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with "seed, fertilizer, canned food, wine, medicine, clothes, etc.'' The "etc.'' must mean guns. "A few rounds ...
THE ROAD TO HYPERINFLATION
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Fed helpless in its own crisis After months of denial to soothe a nervous market, the Federal Reserve, the US central bank, finally started to take increasingly desperate steps to try to inject more liquidity into distressed financial institutions to revive ...
UBS Reports Record Loss After $14 Billion Writedown
Thursday, January 31st, 2008 Posted in Economic News | No Comments »UBS AG posted the biggest loss ever by a bank after raising fourth-quarter writedowns on securities infected by U.S. subprime mortgages to $14 billion. Europe's largest bank by assets said today it had a net loss of 12.5 billion Swiss francs ...
Nouriel Roubini comments on Newsweek Cover stories
Thursday, January 31st, 2008 Posted in Economic News | No Comments »Newsweek: "The Road to Recession", "The U.S. Economy Faces the Guillotine" and "Goodbye to the Bulls?" The cover page on Newsweek magazine this week is titled "The Road to Recession". The fact that this cover story title is written without even ...
S&P sees more than $265 bln losses for financial firms
Thursday, January 31st, 2008 Posted in Economic News | No Comments »NEW YORK, Jan 30 (Reuters) - Standard & Poor's on Wednesday said total losses for financial institutions from the unfolding mortgage market problems will eventually reach more than $265 billion. The rating agency's comment came after it said it cut or ...
Recession in 2008 Will Lead to Grim Economic Realities for Millions in U.S.
Thursday, January 31st, 2008 Posted in Economic News | No Comments »"What We’re In For: Projected Economic Impacts of the Next Recession," by John Schmitt and Dean Baker paints a grim economic picture in the event that the United States falls into a recession this year. Even a mild recession in 2008 ...
China to overtake U.S. as driver of world economy
Thursday, January 31st, 2008 Posted in Economic News | No Comments »China and the U.S. may slug it out for leadership as equals For more than a century we've got used to the idea of the U.S. as the leader of the global economy. But China's burgeoning reputation for technological innovation ...
Update on the global binge on American debt
Wednesday, January 23rd, 2008 Posted in Economic News | No Comments »Goldmau has published a series of articles dating back to March 2007 tracking the US debt implosion, which are available here. The story started out in early 2007 with the blowout of Novastar and New Century, the multi-billion non-bank intermediary mortgage ...
FULLBLOWN PANIC
Monday, January 21st, 2008 Posted in Economic News | No Comments »Knees knocked last week from sea to shining sea as the shape-shifting monster of economic reality cut a swathe of destruction through the markets and financial ranks. The exact nature of this giant beast still remained largely concealed in a ...
Asian Markets Extend Losses Amid Worries That US Is Headed for Recession
Monday, January 21st, 2008 Posted in Economic News | No Comments »Global stock markets extended their shakeout into a second day Tuesday, plunging amid worries that a possible U.S. recession will cause a worldwide economic slowdown. The dramatic declines were expected to spread to Wall Street, where stock index futures were ...
$500 tax rebate for everyone!
Friday, January 18th, 2008 Posted in Economic News | No Comments »I couldn't believe it. I was sitting in the airport the other day waiting on my flight and CNN mentioned that the government is seriously considering helping our economy make it through this credit crunch by giving each of ...
Good Things Come in Small Packages - By David Morgan
Sunday, January 13th, 2008 Posted in Economic News | 1 Comment »Pure and simple, many people in and outside of the precious metals area have come to the conclusion that "SILVER IS TOO BULKY." Before going off on a rant about this general (mis)perception, it becomes a challenge for this writer to ...
2008 Year of Reckoning?
Friday, January 4th, 2008 Posted in Economic News | No Comments »What lies dead ahead for our economy. The main stream press is finally waking up to the economic realities that are starting to affect us here and now. The January 7, 2008 Forbes magazine has an article by Ernest Zedillo, ...
Gold Hits Record High Above $850 Per Ounce
Wednesday, January 2nd, 2008 Posted in Economic News | No Comments »Spot gold hit a record high at $855.10 an ounce on Wednesday in buying fueled by a struggling dollar, surging oil and simmering geo-political tensions, traders said. The metal was quoted at $855.10 an ounce by 11:03 a.m. ET, compared with ...