Monthly Archives: June 2009

Credit Card Chargeoffs Rise to Over 10%

Wow, the credit loss numbers keep getting worse and worse. And although a lot of observers like to attribute banks slashing credit lines and jacking up rates to pending pro-consumer rule changes, the more obvious culprit is their hemorrhaging portfolios. Banks tend to close the credit gate after the horse is in the next county, […]

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"Low Appraisals" Blamed for Keeping Housing Prices Down

Just as one man’s terrorist is another’s freedom fighter, so to is a return to prudent lending practices now leading to “unintended consequences”, namely fewer loans being extended. The post-bubble spin-mongering continues. New lending standards now mandated by Freddie and Fannie as a result of a settlement between New York State and the mortgage giants […]

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Links 6/24/09

‘Synthetic tree’ claims to catch carbon in the air CNN Arrested for asking a policeman for his badge number Guardian. Reader Michael T remembers when Great Britian’s police were the envy of the world. Insurers face $6bn bill for board protection Financial Times Citigroup Is Said to Be Raising Pay Eric Dash, New York Times […]

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Guest Post: Decades of Social Crisis?

Submitted by Leo Kolivakis, publisher of Pension Pulse. The FT reports that the OECD warns on pension crisis: Strains in pensions systems, in both private and public provision, threaten to turn the financial crisis of the past two years into a social crisis lasting for decades, the Organisation for Economic Co-operation and Development warned on […]

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Links 6/23/09

Dear patient readers, More jet lagged than I thought I’d be, plus a lot of odd and ends to attend to today. Apologies for the brevity. Megafauna demise blamed on humans BBC Mortgage Bankers Assocation expects mortgage activity to slow Business Week (hat tip Bubble Meter) On the coming neo-feudalism Bemign Brodwicz Angelo’s Ashes Connie […]

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Guest Post: The Summer Pullback?

Submitted by Leo Kolivakis, publisher of Pension Pulse. A surprisingly bleak forecast for the world economy pushed stocks to their biggest loss in two months. Major stock indexes tumbled by more than 2 percent Monday, sending the Dow Jones industrial average down 201 points, after the World Bank estimated the global economy will shrink 2.9 […]

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World Bank Cuts Growth Forecast Mid-June; Bloomberg Claims Markets Take Notice Today

What is going on? We noted on June 12 that the World Bank has lowered its growth forecast for 2009 from a negative 1.7% to close to negative 3%. World Bank Group President announced this prior to the G8 meeting and stressed the global contraction would have particularly grim consequences for poor countries. Today we […]

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Guest Post: The Meaning of Enough?

Submitted by Leo Kolivakis, publisher of Pension Pulse. I was going to write about the markets, but it’s Father’s Day so I want to share something with you my dad gave me, a Newsweek article by Peter Peterson, Why I’m Giving Away $1 Billion: In 2007 the company I cofounded, the Blackstone Group, held a […]

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Some Musings on Frank Partnoy’s "Fiasco" and Customers as Chumps

There are times I think I am hopelessly naive. For three years in the early 1990s, I had a cutting-edge Chicago-based derivatives firm, O’Connor & Associates, as a client. They had 750 employees and no customers, at least initially, which gives you an idea of the scale of their business. O’Connor did statistical arbitrage, which […]

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Reader Notice Plus Antidote du Jour

Dear readers, I am traveling from Budapest to NYC today, which meant by the time I am operational I will probably be sufficiently travel-addled so as not to be much use on the blogging front. Barring mishap, I expect to be back to a semblance of normalcy Monday. Thanks for your patience.

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