Monthly Archives: November 2008

Credit Card Crunch Casualty: Small Businesses

Readers no doubt recall that the Fed announced the creation of the Term Asset-Backed Securities Loan Facility, which will lend as much as $200 billion against new or recent vintage asset backed securities collateralized by “student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.” One wonders if the order […]

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Has OPEC Lost its Mojo?

OPEC’s meeting over the weekend, which held off from making further cuts despite oil prices hovering in the low $50s per barrel, a level that is causing distress among the cartels’ members. What was eyecatching, however, was not the failure to act per se but the byplay. As we noted earlier, OPEC members tend to […]

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Links 11/30/08

Sorry for the short list tonight, but I need to get on a more normal schedule. Protection boost for rare gorilla BBC Obama Team Seeks Possible Change to Aries, Orion Space News Another View: How to Save the U.S. Auto Industry J. Ronald Trost (who negotiated the Chrysler rescue), DealBook (hat tip Credit Slips). The […]

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The Reserve Bank of Zimbabwe Commends US and UK Authorities for Following Its Lead

You simply cannot make this up. I found a section of this priceless commentary from the Reserve Bank of Zimbabwe via Marc Faber’s latest newsletter (hat tip reader Dean), and had to verify it. The original provides an even richer mine of material. From the Reserve Bank of Zimbabwe (boldface theirs): As Monetary Authorities, we […]

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Mirabile Dictu! Rubin Takedown by the Wall Street Journal!

This ought to be a celebratory event, the scrutiny of a powerful player in the financial system who heretofore seemed immune to criticism. And what is interesting about the spotlight on Citigroup consigliere and board member Robert Rubin is that, unlike Greenspan, the reassessment is starting while he would still appear to have his hands […]

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Some Anomalies

I am puzzled by some recent market anomalies, which are breakdowns of established patterns: 1. Long dated Treasuries rising (a deflation signal) as stocks stage a dramatic rally 2. Dollar weakening while long dated Treasuries rise (the dollar and bonds usually go together) 3. Oil stocks rallying more than the S&P (28% versus 18%) when […]

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Links 11/29/08

Wild Boar Storms Frankfurt Church Der Spiegel Potentially Universal Mechanism Of Aging Identified Science Daily Wall Street drowns its sorrows Financial Times Farm subsidies – a necessary evil? BBC KPMG In The News – Not The Good Kind Re: The Auditors Business leaders warn of Christmas sales meltdown The Independent Pharmaceutical companies “delaying cheaper drugs” […]

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Links and Quick Takes 11/28/08

Rocketman Crosses Colorado Gorge InfoPackets Can the US Do An IMF On Itself? Sudden Debt (hat tip reader Scott) Rescue Plan Strained by Lack of Staff Wall Street Journal GM asks government to block public tracking of jet Reuters Fall in house prices may be slowing, say analysts Independent. However, the source is the Nationwide […]

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Links 11/27/08

Survival of the firmest Vancouver Sun Why dogs have have wet noses Telegraph Atlas Shrugged Updated for the Current Financial Crisis (hat tip reader Scott) Jeremiah Tucker The Obama Letdown Michael Hudson (hat tip Crocodile Chuck). Note Obama also got questioned in his press conference about having so many Clinton operatives on his team when […]

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AIG Plans to Pay Retention Bonuses to Executives

How can you give cash compensation to an executive, yet claim it is not a salary or bonus? You call it a “retention bonus,” No, I am not making this up. Note that AIG chose to make this disclosure the day before Thanksgiving, clearly choosing a time when it would attract the least notice. Not […]

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China’s Economic Slowdown Accelerated in November

Even though the markets took cheer from China’s rate cut today, the move appears to be in response to an intensification of its economic woes. From Bloomberg: Some economic indicators in China showed a “faster decline” in November, the nation’s top economic planner said, underlining the urgency of government measures to support growth and employment. […]

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