Emerging Economies Risk Being Crowded Out As First World Steps Up Borrowing

There has been some discussion of the possibility of buyer revulsion eventually reaching the Treasury market as a burgeoning calendar bumps up ... rates...” Brazil, Russia, India and China face external debt payments of $205bn, $605bn, $257bn and $2,437bn respectively, but can rely on large foreign exchange reserves to help meet bills [more...]

Date: 2008-12-29 04:02:28

Blog posts (179) | Videos (73)
 

How close was the financial system to melting down?

I do not work for the Treasury, the Fed, or an investment house, so take this for what it's worth ... -term debt, which companies use to smooth out mismatches in their cash flows: Commercial paper: unsecured debt issued by corporations, with a duration of under 270 days, which avoids certain kinds [more...]

Date: 2008-09-22 20:19:24

Bank of America Seeks Second Bailout From Treasury Department

Yesterday, I speculated on the question of whether a bailout of those in credit card debt would be fair ... bailout funds to one of the nation’s largest credit card issuers. Just when I had begun to think ... of banks that would survive the banking crisis and benefit from consolidation in the industry [more...]

Date: 2009-01-14 23:32:04

PIMCO Plays Chicken with Treasury

A friend Andrew, all around big firm Analyst, writes: “Correct me if I’m wrong, ... its GMAC debt for restructuring? Didn’t that effectively force the Fed to use clause 13(3) to save GMAC? As I understand it, a debt restructuring would have smoothed GMAC’s conversion into a bank [more...]

Date: 2008-12-26 16:14:16

2009 Forecast, More Banks to Fail, Retail Disappoints, Recession Stock Picks, Huge Tax Cut and More!

by Addison Wiggin & Ian Mathias How to profit in 2009: ... knows that the real economy stinks and we have too much debt. I doubt everyone realizes just how ... to reinflate old bubbles, I’m betting they can employ cheap Treasury financing to cushion the decline [more...]

Date: 2008-12-29 18:54:22

1-15-2009 (Thu Afternoon) Fin. & Econ. Activity

General Motors Corp. cut its estimate for 2009 U.S. industrywide auto sales to 10 ... in additional capital from the Treasury Department’s Troubled Asset Relief Program, plus government ... 1970s, said Steven Meyerhardt, a spokesman at the Bureau of Public Debt in Washington. The early [more...]

Date: 2009-01-15 21:20:17

Opening Comments January 14 2008

Prices of Treasury coupon securities remain ensconced safely in their recent range and retreated modestly in overseas trading ... and Italy and German issued debt overnight and that issuance probably caused a little financial ... narrowed a basis point to 154 basis points. In Australia home loan approvals rose for the second [more...]

Date: 2009-01-14 12:36:38

Bond Expert: Wednesday Outlook

Prices of Treasury coupon securities remain ensconced safely in their recent range, and retreated modestly in overseas trading ... and Italy and Germany issued debt overnight, and that issuance probably caused a little financial [more...]

Date: 2009-01-14 14:00:49

Wall Street Breakfast: Must-Know News

IndyMac's backdating scandal. The Treasury has launched a formal probe into the Office of Thrift Supervision after discovering a senior bank ... ;P reduced GM's unsecured debt to C and forecast a 'high' likelihood of bankruptcy. In the event ... , and for jeopardizing investors’ interests while collecting 'millions of dollars in fees.' Between [more...]

Date: 2008-12-23 12:16:14

Bond Expert: Wedesday Outlook

Prices of Treasury coupon securities remain ensconced safely in their recent range, and retreated modestly in overseas trading ... and Italy and German issued debt overnight, and that issuance probably caused a little financial [more...]

Date: 2009-01-14 13:44:49

The Economy is a Lie, too

Dr. Roberts is a former assistant Secretary of the Treasury, so he knows whereof he speaks on economics issues. And, for the record, he was equally scathing of economic policy under Bush II’s regime. Flashback: US credit shrinks at Great Depression rate prompting fears of double-dip recession | Nassim Taleb on the economy: ‘We still have the same disease’ | Flaherty sees deficit, debt, and timetable to return to surplus all expanding | Investors dump money market funds | Scotiabank: [more...]

Date: 2009-09-22 12:19:52

Update1 Local Housing Could Get $35 Billion in Aid

There are several approaches you can take when reacting to the announcement that Washington has proposed kicking in $35 billion to support local housing. While some lawmakers — most notably Barney Frank in recent months — have advocated for additional home-ownership programs (some which cater to low-income and under-qualified borrowers), other lawmakers, like Rep. Scott Garrett (R., N.J.), feel that instead of becoming more involved in housing, the government should be withdrawing itself. [more...]

Date: 2009-09-29 18:21:33

We Expect No Recovery from the Economy

It is a gray morning here in London. We sit in the building with the golden balls, look out the window, and wonder... ..how does it all work? We're doing some serious thinking this week. What is it that actually causes a depression? A stock market collapse? Or too much debt? How come government can appear to cure the problem sometimes - 2001-2007 - but not other times? How come the Japanese were not able to increase consumer prices? Even now...Japan's inflation rate is negative. [more...]

Date: 2009-09-29 04:01:41

What Causes a Depression?

It is a gray morning here in London. We sit in the building with the golden balls, look out the window, and wonder… …how does it all work? We’re doing some serious thinking this week. What is it that actually causes a depression? A stock market collapse? Or too much debt? How come government can appear to cure the problem sometimes – 2001-2007 – but not other times? How come the Japanese were not able to increase consumer prices? Even now…Japan’s inflation rate is negative. [more...]

Date: 2009-09-28 18:49:54

Bond Expert: Wednesday Outlook

John Jansen submits: Prices of Treasury coupon securities remain ensconced safely in their recent range, ... declines is supply. Bloomberg reports that Japan and Italy and German issued debt overnight [more...]

Date: 2009-01-14 13:44:29

Public spending cuts will be very painful

The Prime Minister is, apparently, intending to introduce a “Fiscal Responsibility Act” to tackle Britain’s scandalously bad public sector finances. Well, I suppose, better late than never and I await the details with great interest. I also await the next Pre-Budget Report, which will include the Treasury’s latest economic forecasts and projections for the public finances. In particular, I shall be interested to see whether the Chancellor amends his target for “balancing the budget”. [more...]

Date: 2009-09-29 10:19:29

The Battle Continues

The rally may end any day, but it didn’t end yesterday. Stocks rose 127 points, as measured by the Dow. Oil closed at $66. Gold rose $2.50. We said we were doing some serious thinking this week. Maybe it is the season. But more and more, our thoughts become grayer. Less black. Less white. Less hard. Less soft. A few years ago, it looked to us as though the world financial system had gone to war. We cheerfully awaited the victory parade. We figured Mr. Market would whup the feds good and hard. [more...]

Date: 2009-09-29 18:37:13

US dollar set to be eclipsed, World Bank president predicts

Flashback: Bilderberg Wants Global Currency Now | Dollar to fall under scrutiny at G20 summit | IMF approves $13bn gold sale to boost lending fund | UN wants new global currency to replace dollar | G20 agrees to continue economic stimulus measures; Geithner shops international reserve accord | China Set to Buy $50 Billion in IMF Notes | Medvedev Unveils “World Currency” Coin At G8 | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister [more...]

Date: 2009-09-28 23:29:59

LaRouche hyperinflation warning: Fed money printing is criminally insane

Media Release  - Citizens Electoral Council of AustraliaHearings in the U.S. House Financial Services committee on 25th September underlined, for those who are not stupid, that the U.S. Federal Reserve, backed by the White House, totally rejects any and all disclosure of its activities to anyone.What are they hiding? The criminality and outright treason of the Federal Reserve in threatening a 1923 Germany-style hyperinflationary wipeout of the United States, with its out-of-control printing of money. [more...]

Date: 2009-09-28 23:29:55

June 20 2009: Razor Thin Air

Harris & Ewing More bricks 1939 U.S. Treasury building, Fifteenth Street, Washington, D.C Different angle from yesterday, with now Treasury building in the distance. Ilargi: You know what? No. I won’t get back into the deflation vs inflation debate. The numbers start to do the talking on issues we've for a long time said would come. Nothing special about that, it's been clear for years that the overflowing debt would grind the economy to a standstill. [more...]

Date: 2009-06-20 22:10:00

Dallas Real Estate: Coming Boom In Moderate Income Housing

The Obama administration continues to prop up housing and give the market an IV feeding, now by slating $35 big ones to provide low interest mortgages to low and middle-income families: “The effort could trigger criticism, particularly from Republicans, for aiming federal funds at low- and moderate-income homeowners instead of other troubled areas, such as small businesses or commercial real estate.The move also comes as some lawmakers are advocating less spending. [more...]

Date: 2009-09-29 17:56:35

Pimco Warns of Deflation To Come

Though inflation fears are popping up all over the place — particularly in ads for inflation-hedging investments such as gold — Pimco’s Bill Gross still believes economic activity is weak and he is warning of deflation ahead, not inflation.  This Bloomberg pieces gives his thoughts . Be wary though of the headline because I believe it is incorrect as I point out below: Pimco’s Gross Buys Treasuries Amid Deflation Concern (Bloomberg, September 29, 2009, Thomas R. [more...]

Date: 2009-09-29 21:08:23

BRE Appoints VP, Treasurer – Analyst Blog

BRE Properties ( BRE ), a leading real estate investment trust (REIT), has recently appointed Stephanie T. Andre as Vice President, Treasurer with immediate effect. The appointment is recognition of the increasing significance of the treasury function in the company, particularly in areas such as capital financing and financial risk management. Andre would be responsible for maintaining optimal liquidity along with budgeting and long-term forecasting. [more...]

Date: 2009-09-29 14:15:06

Prieur’s readings (September 29, 2009)

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy. • Caroline Baum, Bloomberg Bond traders are boubters, lemmings or sissies , September 28, 2009. Where are those gunslingers of yesteryear, ready at a moment’s notice to assert themselves in the marketplace, challenge the Fed on its easy-money stance and punish the federal government for its profligate spending? [more...]

Date: 2009-09-29 10:24:31

Prieur’s readings (September 29, 2009)

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy. • Caroline Baum, Bloomberg Bond traders are boubters, lemmings or sissies , September 28, 2009. Where are those gunslingers of yesteryear, ready at a moment’s notice to assert themselves in the marketplace, challenge the Fed on its easy-money stance and punish the federal government for its profligate spending? [more...]

Date: 2009-09-29 10:24:31

Top 10 at 10: ‘US$’s road to Hell’s Gate’; Recessions worse after crises; Tyler Durden?; Dilbert

Here are my Top 10 links from around the Internet at 10 am. I welcome your additions and comments in the comments below or please send suggestions for Wednesday’s Top 10 at 10 to bernard.hickey@interest.co.nz Apologies for lateness. There’s been a bit on… 1.  ‘Road to Hell’s Gate’ - This piece from Karl Denninger at The Market Ticker nicely lays out the basic flaw in the US Federal Reserve’s strategy of money printing and competitive devaluation for the US dollar. [more...]

Date: 2009-09-29 00:15:38

Hockeynomics - at times an embarrassment

We expect and need to hear the truth from the Opposition. Shortly after Joe Hockey took over as the Coalition's Treasury spokesman the Comonwealth Bank inched up its standard variable mortgage rate from 5.64 per cent to 5.74 per cent, bringing it into line with NAB's. Hockey dived in : "The increase in interest rates by the Commonwealth Bank today is directly linked to Kevin Rudd’s debt." I labelled what Hockey had said " bizarre garbage ". [more...]

Date: 2009-09-28 06:57:00

Public meeting on enhanced pensions for water workers is Tuesday

The Metropolitan Water District of Southern California will hold a public workshop on proposed union contracts that would hike pay and pensions at 10 a.m. Tuesday at its  Union Station headquarters . While Met’s current pension formula is among the least-generous in the area , the proposed hike is generating outrage because it would cost some $70 million , at a time when Met’s investments in Cal-PERS are already down some $400  million - and at a time when water rates are jumping . [more...]

Date: 2009-09-28 22:47:12

How Ghana Did It - George B.N. Ayittey, Ph.D.

September 28th, 2009 PrintEmail Goto commentsLeave a comment When President Obama visited Ghana in July 2009, he said the choice was based on Ghana’s record on good governance. The irony was that the NDC government, which just took office just January 2009, obviously could lay claim to that model of distinction. More importantly, those familiar with Ghanaian history in the late 1980s and 1990s would recall that the P/NDC regime was most ferociously resistant to change. [more...]

Date: 2009-09-28 22:10:36

US: Inflation looms as spending increases

By Emeka Chiakwelu    stategist@afripol.org      www.afripol.org President Obama and his administration’s brilliant economic team are aware of the possibility of inflationary trends creeping into the economy as spending increases. The paramount reason President Obama was elected was to fix the economy and inject a new life into the financial markets. To say that the task of rejuvenating the economy is difficult is an understatement. Even sophomoric observers can bear testament to that. [more...]

Date: 2009-09-28 19:02:03

FDIC Seeks Prepayment from Banks – Analyst Blog

In order to replenish the declining fund of the Federal Deposit Insurance Corporation (FDIC) that insures regular deposit accounts when banks fail, the agency may ask U.S. banks to prepay fees for three years. Under the plan, banks would have to prepay their insurance premiums of $12 billion a year for 2010-2012, for a total of about $36 billion. The fees could, however, vary somewhat according to growth in total insured deposits. The FDIC board will discuss the issue today at its public meeting. [more...]

Date: 2009-09-29 14:11:26

Is this what we call change?

USA Today reports that many states despite shortfalls in revenues due to the recession and decreased property taxes are still spending like it was 1999: Last week, President-elect Barack Obama promised “immediate relief” to “help struggling ... money to go around.  While inflation is currently not a concern, it will be as American debt [more...]

Date: 2009-01-15 13:57:32

Inflation, Deflation, Peak Oil and Complex Systems

In my father’s house are many mansions. Surely one of them has a room with no elephants in it…. Not to crunch too many metaphors right here at the top, but a consensus seems to be firming up in the animate jello of the Internet that we have entered the Season of the Witch. An odor of ripeness fills the virtual air — something between dead carp and apples baking. [more...]

Date: 2009-09-29 16:44:02

Inflation, Deflation, Peak Oil and Complex Systems

In my father’s house are many mansions. Surely one of them has a room with no elephants in it…. Not to crunch too many metaphors right here at the top, but a consensus seems to be firming up in the animate jello of the Internet that we have entered the Season of the Witch. An odor of ripeness fills the virtual air — something between dead carp and apples baking. [more...]

Date: 2009-09-29 20:48:22

How Well Has The Federal Reserve Performed for America?

Washington’s Blog strives to provide real-time, well-researched and actionable information. George – the head writer at Washington’s Blog – is a busy professional and a former adjunct professor. ~~~ How well has the Federal Reserve performed for America? Mainstream pundits, of course, say that Bernanke has saved the world . . . . but they said the same thing about Greenspan . So let’s look at the actual historical record to determine how well the Fed has done. [more...]

Date: 2009-09-29 12:30:39

Inflation and the Dollar’s crash

Posted By: admin| 2009.09.29 foreign banks as financial agents of Federal Government with full law enforcement authority over the citizens in the US. Section 3 (b) allows the US Secretary of the Treasury to put any kind of debt, including credit card, home loans, personal loans, automobile loans, etc., into the TARP programme. Section 112 allows the US Secretary of the Treasury to astoundingly extend financing to foreign banks to purchase the debt of the American people. [more...]

Date: 2009-09-29 13:08:58

The Debt Bomb and You

Lots of folks these days are concerned about the ever growing national debt and our ability (or lack thereof) to pay it. For those of you out there that are actually concerned (I guess that excludes any liberals that might frequent JBM) this article ought to scare the living shit out of you.Assume you had put much of your savings into U.S. government bonds and then you learned the following. [more...]

Date: 2009-09-29 01:47:50

TARP II Demands Real, Thorough Debate

On Monday, President Bush made a request on behalf of the incoming administration to release the second half of the $700 billion that Congress ... when we are just about to begin consideration of a $1 trillion stimulus plan. The last thing we need is more debt upon debt ... the federal government should help do that. But as we consider spending another [more...]

Date: 2009-01-15 19:20:26

Congress Dismayed By The Direction Of Paulson’s ‘$700 Billion Plane’

Today, Treasury Secretary Henry Paulson appeared before the House Financial Services Committee — alongside Federal Reserve Chairman Ben Bernanke and ... up just about everything but mortgages, including credit card debt. But as Andrew Jakabovics explained, “ ... Relief Program (TARP). During the hearing, Congress voiced its displeasure with Paulson. [more...]

Date: 2008-11-19 00:00:30

Downturn Pounds Commercial Real Estate

And despite the tone of this article, some people believe it will be worse than the residential crash: Contractors, ... reeling from a historic housing depression. “This is a rolling problem that’s only going ... values. “Businesses need to be able to access the credit market when their debt comes due [more...]

Date: 2009-01-12 15:04:37

Paulson's $6 Billion Foot In The Door Play

The US Treasury continues to throw $billions around like peanut shells. Bloomberg is reporting Treasury to Buy $5 Billion GMAC Stake, Expand GM Loan ... in an e-mail.GMAC joins more than 190 regional banks, commercial lenders, insurers and credit-card issuers ... it has accepted all bonds tendered in a debt swap designed to reduce its debt load.“Once the [more...]

Date: 2008-12-30 05:04:00

Flotsam and Jetsam

Flotsam and Jetsam Jennifer Rubin - 01.14.2009 - 7:45 AM Uh-oh — I think this is going to be great TV and horrid testimony for Eric Holder: ... . Now Rick Wagoner is the one hinting at bankruptcy. Hmm, it seems a lot of folks were explaining that without a bankruptcy proceeding there would be no mechanism to restructure GM’s labor obligations [more...]

Date: 2009-01-14 12:44:15

Economic Activity Picks Up.

By Christian Amstadter Here is some good information on the G-20 summit as well as some economic news that would affect the Mortgage Industry Copyright (c) 2009 Christian Amstadter This week in Pennsylvania, the G-20 summit began with a 2 day meeting. The economy is still vwery fragile and that is almost identical from what the Fed’s have said in the recent past. [more...]

Date: 2009-09-29 06:01:24

Put an experienced VC in charge of the TARP funds

News Report: BofA to access more TARP funds Not that it should come as a complete surprise, but Bank of America (BAC:NYSE) ... is close to getting billions of dollars more in federal support from taxpayers. As Congress debated ... -elect is being sworn in? In the venture capital world at least, VCs and venture debt lenders alike [more...]

Date: 2009-01-15 15:37:09

Permanent Link to Mattresses and pillows, a diversified portfolio

Mattresses and pillows, a diversified portfolio Post a comment Posted by: Tiffany Wu Tags: Mediafile, Havas, Live Nation, major league baseball, ... be in the most conservative mechanisms I could -- treasury bills, whatever, absolutely. The old trite ... Baseball Commissioner Bud Selig "I'd put 40 percent of it into exceedingly high-yielding senior debt [more...]

Date: 2008-12-05 17:54:59

Bush Fiscal Promises vs Bush Fiscal Legacy

I’ve been looking back to the Bush Administration’s first budget (for fiscal year 2002) and sighing (heavily) ... time. It achieves the maximum amount of debt reduction possible without payment of wasteful premiums ... is compassionate… This new approach is also responsible: It will retire nearly $1 trillion in debt over [more...]

Date: 2009-01-15 20:25:01

With Alltel Deal Closing, TPG Puts Much-Needed Win in the Books

Limited partners of Goldman Sachs Group and TPG Capital received a welcome New Year’s present when the $28.1 billion sale of Alltel Corp ... through the sale of debt. Seven months later, they flipped it, selling it to Verizon Wireless, a joint ... and Washington State Investment Board. –With Lauren Pollock Shasha [more...]

Date: 2009-01-12 18:08:00

Uncle Sam’s 16% Return: How Treasury’s Bank Investments Are Making Money

Treasury Secretary Hank Paulson is getting a better return than most fund managers this year. ... yesterday that the Treasury’s Troubled Asset Relief Program has had a gain of about $8 billion ... . With this type of stimulus, there will be little, if any, long-term increase in the debt.” TARP [more...]

Date: 2009-01-06 12:37:00

Hamilton’s Counterfeit Capitalism

Daily Article by George F. Smith | As we await Bush’s replacement to straighten our wayward lives, it’s crucial to understand how we got here and why policy makers are so determined to do the wrong thing. Austrian economics explains why their policies are flawed, but no one with a voice seems to care [more...]

Date: 2009-01-15 21:36:00

Kashkari Now Packing 4.5 Revolver: Cenbanks Edge Away from Treasury Target Practice

"Oh my … " - blogger Calculated Risk (Dec 3, 2008) Careful where you’re pointing that thing, Neel! OK, so the gang that couldn’t ( ... to 4.5. Meanwhile, back at the Agency Debt Ranch, I see our old friends the bond-holding foreign central ... mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae [more...]

Date: 2008-12-05 07:02:07

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