A politician…one that would circumvent God. Shakespeare, “Hamlet”
Archive for February 6th, 2009
Evidently the Senate has reached a compromise on the fiscal stimulus bill. I won’t go into the details since realistically it all meaningless until the House-Senate conference hammers out the particulars. Watch out for that one by the way. I do want to highlight the hypocrisy of all of this. Here is really all you [...]
Three more banks bit the dust this evening. Two in California and one in Georgia. Here is a summary and you can get all the details throught the link at the bottom of the page to the FDIC website. County Bank, Merced, CA County Bank, Merced, California, was closed today by the California Department of [...]
It looks like Washington is going to be forced to add to its automobile portfolio. The industry’s suppliers have approached authorities trying to arrange some sort of emergency bailout. The immediate problem is a liquidity crunch. The suppliers are caught between a contraction of available bank credit and drastically reduced payments from the auto companies. [...]
From Tech Ticker, Peter Schiff tells us why the fiscal stimulus plan is the wrong solution. This is the ultimate doom and gloom but he deserves to be heard. After all, he has called things right so far.
If this one doesn’t send shivers down your spine then you have truly become immune to crises. Moody’s announced yesterday that they intend to commence a sweeping review of commercial mortgage backed securities. In case you’ve surpressed the memories, this is how the downward spiral with residential mortgages started. Moody’s said they will review $302.6 [...]
The employment news for January was as bad as expected. Here is the summation from the BLS. Nonfarm payroll employment fell sharply in January (-598,000) and the unem- ployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment has declined by 3.6 million [...]