Davis Polk Releases Comprehensive Review of Financial Crisis Laws
It has been my privilege to support my partners as the editor of Davis Polk’s recently issued Financial Crisis Manual , which has been written by 21 Davis Polk partners and counsel working in a collaborative team that is the hallmark of our firm culture. The Manual is a comprehensive review of financial crisis laws as they apply to US financial institutions. [more...]
Date: 2009-09-29 13:25:46
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A Worst-Case Commodity Scenario
The task of today's Daily Reckoning is to ponder what could cause the All Ords and the ASX/200 to make a new low in the first quarter of 2009. A warning, today's issue is longer than normal. But the stakes are higher than normal too. So we hope you'll bear with us. By the way, by new low, we mean could the indices take out the March 2003 lows? [more...]
Date: 2009-01-15 02:42:34
An argument for forgiving consumer debt.
An argument for forgiving consumer debt. Looks like Bank of America needs more money to save Merril Lynch ... to debt servicing, that is the money paid in interest late fees and overlimit fees, all the things ... , that just creates a bigger hole down the road. A better sollution is to figure out a way to get people out of debt [more...]
Date: 2009-01-15 18:04:55
Is Bank of America the Next “Citi”?
Is Bank of America the Next “Citi”? This morning Bank of America hit a new 52 week low, and traded at its lowest level since 1991 ... that help illustrate why humans make predictably irrational decisions. Ariely is the author ... , and the weaknesses in the credit rating agencies’ collateralized debt obligation (CDO) assumptions [more...]
Date: 2009-01-15 15:42:49
Housing Bubble - Why Should Anyone Care?
Why should anyone care about financial bubbles in general and the housing bubble in particular? ... that it would take a lifetime to pay back the debt. In these circumstances bankruptcy is not just preferable ... to have insurmountable debt lingering for decades. The real problems for individuals and families [more...]
Date: 2009-01-15 14:40:09
by Joel S. Hirschhorn featured writerDandelion Saladwww.foavc.org January 12, 2009With the meltdown of the American economy, what better time to ask: Can libertarianism come to the rescue? Perhaps the most interesting statement in the Wikipedia discussion of libertarianism is that “There is no single theory that can be reliably identified as the [more...]
Date: 2009-01-12 17:23:43
Bad Credit Repair Tips & Advice
When it comes to trying to get a new car or a new house, there is nothing worse than having bad credit ... , there is such a thing as Bad Credit Repair. Starting Off Smart Of course, the best thing to do is to avoid getting ... is now to repair your credit profile so that when you need the help of a loan or credit card [more...]
Date: 2009-01-16 00:22:09
Credit markets update: The rally continues
By TigerHawk at 1/13/2009 07:55:00 PM This evening's email update from one of the top banks tells of still more improvement in the secondary loan ... and Leverage Loan market from early December have held so far despite the fade in the equity market ... session since December 15th, despite an equity market that remains flat to modestly down over [more...]
Date: 2009-01-14 00:55:00
The Most Important Number for Technology Policy in 2009
Is $1,200,000,000,000.00. That’s the expected 2009 Federal budget deficit. Since the current Federal debt is estimated at a “mere” $10.6 trillion, this means that we’re expected to add nearly 9% in a single year to a debt accumulated ... in history as the man who finally caused the U.S. government to default on its unmanageable debt [more...]
Date: 2009-01-08 20:59:16
Nexia Holdings, Inc. (NXHD.OB) Expresses his Insights Regarding Current Economic Environment
Today, Nexia Holdings, Inc.’s CEO Richard Surber shared his thoughts regarding current economic issues and the opportunities available to the company. Below we have copied his letter to Nexia shareholders. Dear Shareholders: Over the past few months I have been tuning into many financial news programs, [more...]
Date: 2009-01-15 20:04:14
Top Investment Strategist Predicts U.S. Depression
Back in 1997, investment strategist Albert Edwards angered Southeast Asian governments by predicting a currency meltdown that struck the following ... recession because of the excessive amount of debt it had accumulated. Saying recent data points to “ [more...]
Date: 2009-01-16 03:59:35
Hunt & Hoisington: Buy Treasuries despite low rates
Yes, Lacy Hunt and Van Hoisington are talking their book. They have had clients in long-term Treasuries for years ... returned 37.7%. Credit problems affected returns elsewhere in debt markets, limiting returns ... : In the world’s three most recent debt deflations – the U.S. from the 1870s to the 1890s [more...]
Date: 2009-01-15 13:44:58
Credit Crisis Watch: Gaining Positive Traction
In order to gauge the progress being made to unclog credit markets and restore confidence in the world’s financial system, I monitor a range of financial spreads and other measures. By perusing these, as summarized in this “Credit Crisis Watch” review, [more...]
Date: 2009-01-14 13:30:49
Bond Recovery in Bankruptcies Likely to Be Far Lower Than in Past Downturns
Junk bond yields were recently as high as 20% (they've improved a bit recently). Some commentators considered the record spreads to be overdone ... predecessors, and the usual bottom fishers (private equity funds, wealthy families, "raiders" like Ron [more...]
Date: 2009-01-12 03:41:20
Downturn hits rates of debt recovery
Investors face the prospect of much steeper losses on the debts of distressed companies in the credit crunch than in previous downturns. The combination of the severity of the downturn and the complex structure of corporate debts in the credit boom is reducing rates of recovery of funds invested in companies that default.... [more...]
Date: 2009-01-12 05:39:42
The Kool Aid They’re Drinking In Florida
The Charlotte Sun reports from Florida. “The annual Fishkind Report released Tuesday by Attorneys’ Title Insurance Fund projects Florida’s economy to rally last among all states, and possibly not until 2011. All Florida housing markets will be down through 2009, according to the report [more...]
Date: 2009-01-08 17:20:54
Dandelion SaladBy Mike Whitney January 16, 2009 “Information Clearinghouse“There’s no guarantee that Obama’s stimulus package will work, but there is growing consensus that something has to be done…and fast! The economy is contracting faster than anytime since the 1930s [more...]
Date: 2009-01-16 02:25:29
Stupidest Party AliveTM
People who have endorsed the Republican House caucus's objections to the stimulus package: Donald Luskin, Chief Investment Officer, Trend Macrolytics LLC, Stupidest Man Alive EmeritusTM: "Government spending does not create incentives for labor, innovation and investment [more...]
Date: 2009-01-11 04:57:25
Mortgage Pariahs
Mortgage Pariahs Remember the controversial story a few months ago, ... more and more debt that they never pay off. A recent article in the NYT highlighted how this once ... to pay less than the interest due on their loan each month, resulting in their never actually paying [more...]
Date: 2009-01-09 01:04:12
Sensex sheds 3.45% as US bank crisis deepens
Weak global equities and a deepening banking crisis in the United States pulled the domestic bourses lower in choppy trade. Nevertheless, the market cut sharp intraday losses as index heavyweight Reliance Industries (RIL) and IT pivotals recovered from lower level. The BSE 30-share Sensex lost 323.75 points, or 3.45%, off 100 [more...]
Date: 2009-01-15 14:32:00
Video-O-Rama: Figuring out the lie of the financial land
Video-o-rama: Figuring out the lie of the financial land In addition to more “Outlook for 2009″ videos (dealt with in last week’s Video-o-rama), the past week saw material covering a hodgepodge of topics. Although the topics were varied, good viewing material was produced, with the likes of Marc Faber, Peter Schiff, Martin Feldstein, [more...]
Date: 2009-01-08 06:26:08
Stimulus: Something for Everyone
Stimulus: Something for Everyone by Howard Gleckman on Thu 15 Jan 2009 06:46 PM EST The stimulus plan unveiled by House Democrats today includes a little something for everyone. With an eye-popping price tag of $825 billion, I suppose it should. The plan, written in close consultation with the incoming Obama Administration, [more...]
Date: 2009-01-15 23:46:35
President-elect Obama’s Economic Speech
President-elect Obama’s Economic Speech Here’s highlights from the speech (full video here): Full text of the speech below: ↓ Show full post ↓ Remarks of President-Elect Barack Obama As Prepared for Delivery American Recovery and Reinvestment Thursday, January 8, 2009 Throughout America's history, [more...]
Date: 2009-01-08 02:14:29
For victims of the Cedar Rapids flood, the budget crisis is hitting home
Flood map courtesy City of Cedar Rapids. Click for larger PDF version. Few in the crowd of 70 people sat peacefully on the padded folding chairs in the basement of Trinity United Methodist Church in downtown Cedar Rapids Monday afternoon, as two dozen state legislators, [more...]
Date: 2009-01-08 16:17:50
Still Crazy After All Last Year
Rob Curran reports: This year may not be as rough a year on the stock market as 2008, but traders on the options market are steeling themselves for something about as half as bad ... Jones Industrial Average is off by 6% for 2009, about as bad a start to the year as 2008. Equity [more...]
Date: 2009-01-15 11:15:00
Economic Jihad: $700 Billion Bail-Out Aids Oil Rich Arab Sheikhs
ByPaul L. Williams(author of The Day of Islam) Oh, you Muslims everywhere, sever the ties of their nation, tear them apart, ruin their economy, ... that has been spent under the Troubled Asset Relief Program. The megabank, thus far, has received [more...]
Date: 2009-01-14 02:37:00
AMD expected to report large fourth-quarter loss
AMD expected to report large fourth-quarter loss Posted on Friday, January 16 2009 @ 00:05: ... Co. Analysts say the plan could help ease AMD's financial burdens. "The asset-light restructuring can't come soon enough to improve the balance sheet (debt reduction, cash infusion), reduce [more...]
Date: 2009-01-15 23:23:00
A lesson from Japan
In March of 2001, to jumpstart a stagnant economy, the Bank of Japan became the first central bank to attempt “quantitative easing.” Japan, of course, suffered from the collapse of its own real estate bubble in 1990. Did it work? Did it revive the economy? [more...]
Date: 2009-01-15 15:11:54
Debunking the Velocity of Money Myth
The markets got off to a bad start Wednesday following the news that some members of the Federal Open Market Committee slipped the word "deflation" ... Wednesday, while the gold stocks were among the worst performing sectors on the board. Recovery sentiment [more...]
Date: 2009-01-15 03:45:27
Spot On: Old solutions for a new economy
Interesting article on the economy, “Old solutions for a new economy,” by the Spot On blog: The economy’s two largest enemies today are the lack of liquidity in the markets and the lack of consumer credit - both created by debt. Even though equities are cheap, people have no money [more...]
Date: 2009-01-15 19:53:52
BT sends in the debt collectors
BT sends in the debt collectors January 16th, 2009 Today, which is, unless I am going gaga, is 15 January, ... me that I would receive a call from her manager within 24 hours. I never did. I rang the debt collection ... I received a letter from a debt recovery service telling me that unless I paid them £327.58 [more...]
Date: 2009-01-15 23:21:56
Rio Tinto Reported Iron Ore Production 4Q Tumbled 18 Percent
Global mining giant Rio Tinto said Thursday iron ore production tumbled 18 percent in the fourth quarter as steel and other manufacturers curtailed ... demand for metals used in everything from housing to electronics. Credit Suisse analyst Jeremy Gray [more...]
Date: 2009-01-15 18:48:59
The Congressional Agenda
If you’re wondering what’s up for Congress, this list of the first 10 Senate bills might give you a preview: * S ... affordable health care, provide tax relief, and protect those in greatest need, and for other purposes [more...]
Date: 2009-01-11 10:30:11
CitiGroup Agrees To Mortgage Cramdowns
This is a pretty big reversal, but I can understand why the big banks are starting to figure out that helping people adjust their debt is ... estate starting to default, this legislation needs to pass immediately. [more...]
Date: 2009-01-09 02:06:02
Banks’ Loan Losses Could Reach $2 Trillion
It is little wonder financial markets are taking a beating ... look at losses on U.S. loans, not the bad mortgages and debt sitting in places like Europe ... debt and business debt and Goldman’s loan loss estimate hit $2.1 trillion. Many of those losses [more...]
Date: 2009-01-15 18:04:50
Banks? Loan Losses Could Reach $2 Trillion
It is little wonder financial markets are taking a beating ... look at losses on U.S. loans, not the bad mortgages and debt sitting in places like Europe ... debt and business debt and Goldman’s loan loss estimate hit $2.1 trillion. Many of those losses [more...]
Date: 2009-01-15 17:06:33
How to Talk to Your Kids About the Economy
The bad news is inescapable and much as you’d like to there’s no use hiding under a rock ... but they won’t know what that means,” says Fisher. “Explain to them how a mortgage works and what banks [more...]
Date: 2009-01-14 01:11:51
RSSIC Economic Outlook January 2009
The stock market again proved to be an accurate barometer of the economy forecasting the recession that began last year. The decline in the S&P500 beginning in the 4th quarter of 2007 foreshadowed the negative GDP performance for the U.S. economy in the 3rd and 4th quarters of 2008 [more...]
Date: 2009-01-16 00:41:35
Voinovich Announces Retirement, GOP Problems Mount
Voinovich Announces Retirement, GOP Problems MountOhio Sen. George Voinovich is retiring in 2010, the fourth Republican to announce he is stepping aside at the end of his term.Voinovich announced his retirement this morning after a weekend filled with speculation that he was planning to step aside [more...]
Date: 2009-01-12 16:00:06
Dear Eldest
Back in the days when you were little and you got hurt because of a bad choice you made, I would pick you up, dust you off, ... . When you tried rebuilding by signing on with the company from hell and landed in a pile of debt [more...]
Date: 2009-01-15 02:27:41
Economic Potpourri January 11, 2009
The barrage of noteworthy economic news continues into the second week of the new year. Here are a few headline news reports of interest from the past couple days.Banks may need to raise fresh capital in '09: WhitneyU.S. banks will have to raise fresh capital in 2009, [more...]
Date: 2009-01-11 10:59:00
Obamanomics
Over the weekend, two of the top economists in the President-elect's administration published " ... in food stamps and expansions of unemployment insurance. - State fiscal relief designed to alleviate [more...]
Date: 2009-01-15 03:52:03
Fiscal Situation of 50 States: Combined Budget Gaps Estimated at $350 Billon for 2010 and 2011.
It is simply stunning that 44 states are facing shortfalls either for this fiscal year, or will come up short in 2010 or 2011 ... package there is a large portion dedicated to state relief. Looking at the data, it looks like many [more...]
Date: 2009-01-15 07:09:06
Willem Buiter Argues Against Eurozone Breakup Worries
Predicting the demise, or at least the marginalization of the euro is a popular pastime for some writers ( ... national government.... The relevant passages from Authers’ The Short View follow in full: Greece [more...]
Date: 2009-01-15 06:58:57
Starving the Unemployed
During the Bush administration, the federal debt " nearly doubled," going from $5.7 trillion to $10.6 trillion ... of us were so worried about has now come to pass. Because of the high levels of government debt [more...]
Date: 2009-01-09 00:23:00
Economic Jihad: $700 Billion Bail-Out Aids Oil Rich Arab Sheikhs
Posted by request: Economic Jihad: $700 Billion Bail-Out Aids Oil Rich Arab Sheikhs By Paul L. Williams (author of The Day of Islam) ... the principal beneficiary of the $350 million that has been spent under the Troubled Asset Relief Program [more...]
Date: 2009-01-14 14:02:13
Paul Krugman: The Obama Gap
Is the incoming administration's proposed economic recovery plan large enough to get the job done? ... , the Congressional Budget Office came out with its latest analysis of the budget and economic outlook [more...]
Date: 2009-01-09 08:33:00
Sanjay Dutt’s ‘EMI’ role inspired by real loan recovery agent
Sanjay Dutt plays 'Sattarbhai', a bully who collects loan instalments from bank debtors, in his forthcoming film "EMI" ... film's plot about all these debt collectors who have the thankless job of getting bank loans back [more...]
Date: 2008-09-28 05:24:51
Panicking Leadership
A new start in American politics next week, yes, but the environment is not helping ... , so the problem isn’t a lack of liquidity. The problem is that too few people want to use [more...]
Date: 2009-01-15 23:49:24
Alan Schram: The Story of 2008: What Went Wrong?
The past year has been financially chaotic on a level almost no one alive has ever seen ... has $1 billion of capital. They buy $30 billion worth of triple-A mortgage-related debt using $29 billion [more...]
Date: 2009-01-12 05:06:35
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