Nuclear warning to taxpayers, investors, part 2

By Joseph Romm Part 1 presented a new study that puts the generation costs for power from new nuclear plants at from 25 to 30 cents per kilowatt-hour -- triple current U.S. electricity rates! Nuclear plants with such incredibly expensive electricity and "out of control" capital costs, as Time put it, obviously create large risks for utilities, [more...]

Date: 2009-01-10 12:44:19

Blog posts (119) | Videos (44)
 

Guest Post: Obama Plan Is Bold, but Not Bold Enough

As details emerge about the incoming Obama administration’s stimulus plans, Peter Boone and Simon Johnson argue that proposals should be even bolder. Boone is chairman of Effective Intervention, a U.K.-based charity, and a research associate at the Centre for Economic Performance, London School of Economics, [more...]

Date: 2009-01-07 09:09:48

Truthout 1/15

Justice Dept.: Missing White House Emails Found http://www.truthout.org/011509A R. Jeffrey Smith, The Washington Post: "A Justice Department lawyer told a federal judge yesterday that the Bush administration will meet its legal requirement to transfer e-mails to the National Archives after spending more than $10 million to locate 14 million [more...]

Date: 2009-01-15 14:33:03

My Predictions for 2009… and What I Got Wrong in 2008

Hi Guys, Happy New Year! It’s been a while since we last caught up. I hope you are well and that you had a wonderful holiday and a very happy New Year. I was on vacation for the holidays. We had a terrific break. We took our three boys to Disney World. What a treat! We go once a year usually around President’s Day weekend [more...]

Date: 2009-01-06 21:43:37

Deals of the Day: Jamie Dimon Predicts Two More Quarters of Recession

Deals of the Day, compiled by Stephen Grocer and Heidi N. Moore, gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity. Deal Journal’s homepage is http://blogs.wsj.com/deals. You can also see real-time updates of our posts and our favorite deal-related articles on other Web [more...]

Date: 2009-01-13 15:28:00

Portugal Sustains

“Art has a function of teaching about the human condition. We live in hope, hope is fundamental” - Manoel de Oliveira Manoel de Oliveira (photo and quote above) is a living example for the Potuguese people of how to force their way out of the low growth/low per capita income trap into which they have steadily stuck their neck [more...]

Date: 2009-01-12 14:37:23

Resolution #9: We will return the Favor to our Bank

Resolution #9: We will return the Favor to our Bank A lot of blame is being put on the financial industry for getting the country into this ... to pull out of loan agreements or persuade Company’s not to draw down on credit facilities. As the economy worsens, more Companies will be at risk for failing banking covenants, especially on debt [more...]

Date: 2009-01-15 13:30:57

Hoarders and Destroyers

Just when you thought it was all baked into the cake...whammo! Another pie to the face. Get ready for more pies. In fact, you could take your pick of pies this morning. The most painful pie was yesterday's 4.3% decline on the All Ords. It was the worst day of the year for Australian stocks. Unemployment called in at 4 [more...]

Date: 2009-01-16 03:04:54

Beneficial Finance - Mortgage Review

Beneficial Finance, does personal, auto, and mortgage lending as a retail subsidiary of mega-bank parent HSBC Group (NYSE: HBC) ... of Beneficial Finance should be avoided. They are big pushers of credit cards, home equity loans, and debt consolidation mortgages. You can’t expect much better being a subsidiary of HSBC Mortgage [more...]

Date: 2009-01-14 22:05:31

Do You Feel Stimulated?

Speaker Nancy Pelosi has released a draft of the proposed stimulus package that is now standing at around $825 billion.  It didn’t take too long to grow $50 over what Obama was asking for (read draft here).  Needless to say, that in order to get bi-partisanship off on the right foot, [more...]

Date: 2009-01-15 22:54:11

Fiscal deficits and reviving 'animal spirits'

The most important discussions, in my opinion, this year, and particularly for the next 6 months, ... deficits.As is already observable, those who most need a stimulus are already mired in debt, while those ... their wounds from debt losses, or if not, unwilling to start doing so now. This is again true [more...]

Date: 2009-01-14 22:14:00

Credit Bankruptcy - Essential Information

Someone once said that bankruptcy is essential in order for capitalism to survive ... (if not all) of the debt is forgiven. Are there any disadvantages? First of all, each future credit check ... into consideration for any person who intends to declare bankruptcy. The financial situation – being in debt – [more...]

Date: 2009-01-16 00:24:18

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

Banks should lend to government not people or businesses, claims group of eight

January 15th, 2009 ... ). In these circumstances there is a risk of a debt-deflationary spiral. If so, the right policy response ... affairs so that more bank deposits are created.” They also argue that debt management should become [more...]

Date: 2009-01-15 12:23:01

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

News and Commentary

Children Heavily Represented Among 917 Dead, Say Officialsby Michael Jansen - Irish Times / Common DreamsHealth officials in Gaza said yesterday that the Palestinian death toll since Israel began its offensive against the Strip on December 27th had reached 917 and the number of wounded 4,100 [more...]

Date: 2009-01-14 08:42:00

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

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

Get Your Tax and Financial Questions Answered for Free

We’re back! Our imaginary vacation was great. It was fun to take some time off from writing and enjoy the holidays ... Year (20 Tips Inside) New Years Resolution One: Downsizing Our Home DON’T Set Any Resolutions A Plan to Be Debt Free in 2009 This Could Be The Day 7 Tips [more...]

Date: 2009-01-07 14:57:55

Portrait of a Failed President

Many had great hopes for this man, that he was going to be a leader; make intelligent informed decisions and lead this country as it should be led ... clear to me that we are NOT heading down a different road, that we are not going to see prosperity [more...]

Date: 2009-01-14 17:30:24

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 11:35:53

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 09:22:42

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

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

(OIS) 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: 2009-01-15 06:20:04

Are we underestimating the seriousness of the economic crisis?

Before we think about future, we should know what economic experts said before Lehman bothers collapse and share market crash in 2008 ... Pickens. 8. “There is growing evidence that parts of debt markets are coming back to life” – Peter Coy [more...]

Date: 2009-01-14 16:45:00

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

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

Get Out of Debt in 2009

The new year is here and many of you have new year’s resolutions on your mind ... dedicated to helping others get ouf of debt. About No Credit Needed NCN is 33 years old ... eliminate debt. He now tracks his progress for saving for retirement and his children’s education [more...]

Date: 2009-01-06 12:55:20

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

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

Wall Street Breakfast: Must-Know News

Fake profits shake Satyam. Satyam (SAY) shares are down over 70% in Indian trading after B. Ramalinga Raju, the company's founder and chairman, resigned and admitted over $1B of Satyam's balance sheet as of Sept. 30 was inflated non-existing cash and bank balances [more...]

Date: 2009-01-07 12:15:15

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

I'm running for Congress in IL-5. (Progressive candidacy announcement for Rahm's seat.)

Tom is an exciting progressive candidate running to replace Rahm Emanuel in IL-05. You're going to be hearing a lot about Tom in the coming weeks ... for the uninsured. I've been pressing the State of Illinois to crack down on payday lenders. In my life [more...]

Date: 2009-01-06 17:40:43

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

DrumBeat: January 7, 2009

Shell seeks Colo. water for oil shale production Shell Oil has filed for the first major water right on the Yampa River in northwest Colorado for its oil shale development plans. Shell applied Dec. 30 in state Water Court to use about 8 percent of the Yampa's peak spring flow [more...]

Date: 2009-01-07 13:57:26

Bernanke drops pretense of secrecy and airs Fed's plans

McClatchy Washington Bureau With its benchmark lending rate effectively at zero, Federal Reserve Chairman Ben Bernanke on Tuesday, ... range of consumer and business lending -- to a range between zero and a quarter percent [more...]

Date: 2009-01-14 18:46:44

Paul L. Williams: Bailing Out Jihad

SupertrampCrime of the CenturyEconomic Jihad:$700 Billion Bail-Out Aids Oil Rich Arab Sheikhs By Paul L. Williams(author of The Day of Islam) ... million that has been spent under the Troubled Asset Relief Program. The megabank, thus far, has received [more...]

Date: 2009-01-14 21:04:00

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

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