Owner: Economic Discourse URL:http://www.economicdiscourse.com Join Date: Tue, 20 Jan 2009 17:37:47 -0600 Rating:0 Site Description: Economic Discourse offers a daily perspective on financial News, investing, and our global economy. It combines personal commentary with relevant news articles, and also highlights significant market trends. Site statistics:Click here
Obama's Inauguration Offers Hope, Financials Sell off Anyway 2009-01-20 13:03:00 Well it looks like the people got their moneys worth, the $170,000,000 inauguration was certainly a historic event not just for America, but the entire world. While Obama
's speech offered hope and promise for the future, the market (particularly financials) has been devastated. Here is a taste of what is going on today.As the Dow has struggled to keep its head above 8,000...Bank of America will re Read more:Inauguration
, Offers
, Anyway
Sovereign Debt Downgrades 2009-01-19 19:01:00 A cascade of Sovereign debt downgrades (and defaults) could be on the horizon. The deteriorating economic climate of Greece has received little media attention, as it represents just a small blip in the eurozone. S & P's recent downgrade of Greece will intensify pressures in the region as economic instability fosters political instability. "The ongoing global financial and economic crisis has,
Links 1/19/2009 2009-01-19 15:03:00 RBS Bank Shares Fall 70% on Bailout citi in the near future? From Bloomberg, Bair (FDIC) Would Be Surprised by U.S. Bank NationalizationRegulators and officials have been "surprised" by pretty much everything that has happened during this crisis. But of course Bair will tread very carefully on the subject of the "N" word.Prominent Investor in HSBC wants to burn unsecured bond holde
U.K. Prepares a New Bailout Plan 2009-01-18 22:27:00 From FTBy Peter Thal Larsen, Jim Pickard and Jane CroftPublished: January 18 2009 13:24Britain’s beleaguered banks were on Sunday night preparing to accept a new bail-out as government officials put the finishing touches to a plan designed to end uncertainty about future losses and stimulate the flow of credit to consumers and companies.Alistair Darling, chancellor of the exchequer, spoke to sen
Links 1/18/2009 2009-01-18 14:06:00 U.K. takes new steps to promote lending.A couple more interesting cases of financial fraudNot that I agree, but there is an overwhelming consensus in the economic and banking scene that this is a confidence crisis. The fall of Lehman, couple with the Madoff scandal have encouraged many investors to get out of mutual funds. In order to meet the demands of these investors, they have to sell their ho
Article Questioning British Bank's Solvency is Removed 2009-01-17 18:10:00 The article was previously located here, now it seems to have disappeared. Luckily it was not difficult to find the contents of this article on the web. I am truly surprised to discover this article was removed this news website, apparently some one high up wasn't to happy with it..."Technically Insolvent" Britain's biggest banks are “technically insolvent”, Royal Bank of Scotland said yesterd Read more:Article
, British
FDIC Friday 2009-01-16 20:18:00 Earlier I mentioned that the FDIC fund could be faced with an onslaught of bank failures that could potentially lead to substantial payouts on insured deposits. It certainly did not take long for 2009 to take its first victim. This one cost the fund a cool $100 million.FDIC announces 1st bank failure of the yearThe National Bank of Commerce in Berkeley, Ill. was shuttered Friday
by federal regulat
The Government Owns our Banks 2009-01-16 17:33:00 We seem to be on the verge of nationalization. Many economists and bankers I spoke to over the weekend at the GBF conference agreed that slowly but surely, we are on this path. The government has injected hundreds of billions into our banks and now own a large portion of the U.S. banking systems equity. In addition, many of these banks already have negative equity, and are being propped up to beco Read more:Government
Daily Update 2009-01-16 17:00:00 I just wrapped up another excellent day at the University of Miami Global Business Forum. I had the opportunity today to hear from many prominent CEO's who manage global companies, including Jack Welch. The GBF update will come later this weekend so stay tuned!In an ominous sign of things to come, Circuit City was unable to obtain the necessary financing to continue their operations, and are now f Read more:Daily
, Update
Global Business Forum 2009-01-15 18:09:00 Recently I was awarded an opportunity to attend the University of Miami GlobalBusinessForum
, a unique symposium bringing together business leaders and economists from all over the world. The event ends tomorrow and I will begin to compile my notes and provide a two part update of my experience at the forum. It has been a very busy day, I will keep tonight's update brief.Bank of America has moved
Updates - 1/14/2009 Links 2009-01-14 17:34:00 It seems like the market has drifted ever so closer to retesting the prior lows. Did we finally wake up from our very lightly traded holiday rally, and remember that our banks might be on the verge of failing? Gold and oil continue to plummet, Citi finally seems to be fulfilling its destiny of being dismantled, and the Bank of America/Merill Lynch deal has hit some major snags (B of A shares also
Links 1/13/2009 2009-01-13 19:25:00 Earlier we mentioned Bank of America sold part of their large stake in China Bank, RBS is now making a similar move in another Chinese Bank.RBS may raise up to $2.4 billion from Bank of China saleIn China, Half of Toy Exporters Forced to Shut DownCorporate Bond Sales Soar to Busiest Week in 8 MonthsWar Boom, Part II? Clinton Will Engage Iran and Syria SoonFrom the FTFund to repay investors in secu
Links 1/12/2009 2009-01-12 15:52:00 Bush to Press Congress on Tarp Funds (Some of the most intelligent stuff we have ever heard from Bush)"The move came as the outgoing president warned against a revival of protectionism and expressed renewed concerns about North Korea in his final press conference before leaving office. Dana Perino, White House press secretary, said President Bush had agreed to the request from Mr Obama to ask for
Disturbing news in the banking sector 2009-01-11 21:04:00 FT reports: Probe widened on US banking
violationA US investigation into potential sanctions violations has expanded to involve nine European banks.Authorities suspect that some of the money transferred through the American banking system might have been used to finance Iran’s nuclear and missile programmes.Investigators have found an e-mail indicating that Iranian interests were trying to buy t Read more:sector
Eight years of Madoffs 2009-01-11 13:37:00 NYT Op-Ed ColumnistEight
Years of MadoffsBy FRANK RICHPublished: January 10, 2009THREE days after the world learned that $50 billion may have disappeared in Bernie Madoff’s Ponzi scheme, The Times led its front page of Dec. 14 with the revelation of another $50 billion rip-off. This time the vanished loot belonged to American taxpayers. That was our collective contribution to the $117 billion sp
UBS is forced to close 19,000 offshore bank accounts 2009-01-10 16:49:00 In a stunning blow to the offshore Swiss banking sector, UBS has given in to U.S. Government demands to shut down these accounts.UBS closing U.S. clients' offshore accountsZURICH, Jan 9 (Reuters) - Under pressure from the U.S. tax authorities, Swiss wealth management giant UBS is closing all the offshore accounts of its rich U.S. clients, the New York Times said on Friday.UBS, which the U.S. autho Read more:forced
From the bottom up 2009-01-09 15:39:00 I had initially wanted to start this piece as a deep criticism of the investment bank's business model, however I will save that for later next week, and offer something a bit more promising going into the weekend.Many do not remember, or pay much attention to the fact that the last real market bottom occurred in March 2003. See the chart below:For the moment, it appears as though the market's dow
Big news in the banking sector 2009-01-09 15:33:00 From BloombergBy Joshua FinemanJan. 9 (Bloomberg) -- Robert Rubin, the former Treasury Secretary who advised Citigroup Inc. as it lost $20 billion in the subprime mortgage crisis, resigned his position as senior counselor and won’t stand for re-election to the board.Rubin, 70, intends to “deepen his involvement in outside activities and organizations to which he has been strongly committed,” Read more:banking
, sector
Daily Links 2009-01-08 15:45:00 Good but long read about ChinaIt is important to note the importance of China and its influence on the global economy. Recent sources have reported the beginnings of capital flight out of China. Conditions in China have continued to deteriorate over the last few months, see Shangai's Office Space Rental for an example. Many people expected China to let their currency to continue to appreciate, how Read more:Daily
Chart Watch 1/08/09 Gold 2009-01-08 15:16:00 Take a look at a two year gold chart for a beautiful pattern forming that I have highlighted below. Be patient as we move between the green and red trend lines, a breakout from either could be a good place to initiate a position.www.EconomicDiscourse.com Read more:Chart
Do you know where your money is? 2009-01-08 09:54:00 SEC Charges Philadelphia-Area Fund Manger For Multi-Million Dollar Ponzi SchemeAccounting scandal at Satyam could be India's Enronwww.EconomicDiscourse.com
Link of the day 1/7/2009 2009-01-07 22:51:00 Why you should care where your gift came fromHandbags, drugs and slave labor www.EconomicDiscourse.com
Obama and the FDIC 2009-01-07 10:43:00 On Dec. 4th 2008, Reuters reported that many senior Democrats want to keep Sheila Bair as chairman of the FDIC 1. Now with the Bill Richardson blowup under his belt, was Obama
concerned a new appointment might share a similar fate? Or was their nobody competent enough to be brought in to fill her position in the struggling government agency? It was reported in early September 2008 that the fund wa
Bank of America in China 2009-01-07 10:39:00 Either they are incredibly desperate for cash, or the future of Chinese banks could be more unstable than we realize.Bank of America
sells China
bank stakewww.EconomicDiscourse.com
More on the unemployment front 2009-01-06 16:00:00 Alcoa announces massive layoff'sA bit old but still worth looking at...Wisconsin unemployment hit its highest November rate in 21 yearswww.EconomicDiscourse.com
Recommend Site To A Friend
