MySpace cuts ‘bloated’ staff FT. We’re talking 30% here. Think of MySpace as the Yahoo to Facebook’s Google.
The recession tracks the Great Depression Martin Wolf, FT
High Housing Starts Do not Reflect Reality CNBC. We saw a lot of spec building that doesn’t necessarily translate into sales. But, homebuilders are up anyway.
Blame the B-Schools? CNBC Video. One guy says blame the B-Schools. The other says don’t. Who is more convincing?
Recycling, Larry Summers-Style WSJ. A must-read. Summers is using Paulson metaphors to describe policy agenda. What does that tell you about the likely reform agenda to be presented by Obama?
Caja Madrid y Santander financian los fichajes galácticos de Florentino Finanzas (Spanish). Apparently Caja Madrid and Banco Santander are the banks financing the enormous spending spree by Real Madrid who have recently purchased Ronaldo from Man U and Kaka from Milan. This Spanish-language article gives the details.
Inventories ahead – Alphaville. Cushing, OK is the actual hub for which the WTI oil contract is traded. Population: 9,000. This post shows what the inventories are by company and what the tanks actually look like.
Transparency: The Largest Bankruptcies in History Here is a good visual on the largest bankruptcies ever. (hat tip, Michael)
Nach Insolvenz: Arcandor zieht Sparten in den Strudel – Unternehmen FT Deutschland. For those of you who cannot read German, this is a Financial Times Germany article highlighting Arcandor, a major German retailer. They have gone bust as the government refused aid saying their problems pre-dated the downturn and are company-specific. This bankruptcy is now having knock-on effects for suppliers. Germany’s economy is in very bad shape.
Spanish house sales suffer record fall FT. The percentage drop was 47.6 percent! That is massive and a testament to why I have put Spain in the same class with Ireland, the U.S. and the U.K. as the bubble markets.
Antidote du Jour (hat tip Paul):