Rejoice! The government has figured out a way to help you recapitalize those 401K’s and IRA’s. That retirement may be closer than you think. Plans are afoot for all of the great unwashed to participate in PPIT. Yes, you can cash in along with the heavy hitters. They’re going to put together a mutual fund […]
Archive for April 8th, 2009
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In Brazil They Know How To Deal With Bankers
Posted by Tom Lindmark on April 8th, 2009
Barney Frank eat your heart out. From the WSJ: Brazilian President Luiz Inácio Lula da Silva removed the chief executive of Brazil’s largest public-sector bank hours after commenting on his frustration over high interest rates charged to consumers. The replacement Wednesday of Banco do Brasil President Antônio Francisco Lima Neto by order of the nation’s president has […]
States Line Up To Issue Debt With Federal Support
Posted by Tom Lindmark on April 8th, 2009
One piece of the fiscal stimulus bill signed in February appears to be taking off quickly. It’s the Build America program. What’s that you ask, as did I? Build America is a subsidy program for state and municipal borrowers. It allows them to issue taxable bonds, something they could always do if they so chose, […]
Ireland Going The Way Of Iceland?
Posted by Tom Lindmark on April 8th, 2009
Is Ireland the next Iceland? That question might have seemed preposterous six months ago. Today it’s hard not to answer it in the affirmative. The country’s banks are teetering on the edge of nationalization as they continue to hoard rather than lend money the government has injected into them. Unemployment is forecast to rise as […]
FOMC Minutes Describe A Bad Economic Situation
Posted by Tom Lindmark on April 8th, 2009
The FOMC minutes of the March meeting were released. The commentary was mostly downbeat. The Fed foresees slower growth — probably nothing appreciable until 2010– deteriorating current economic conditions, increasing unemployment throughout the year and some stabilizing of consumer expenditures. It also sees no imminent threat of inflation and opted for increased asset purchases to […]
Bank Bloviation
Posted by Tom Lindmark on April 8th, 2009
If you read this blog much at all, you know that I could hardly be defined as a defender of the banking industry. I think it’s badly in need of radical reform and is probably looking at some pretty heavy losses before things get back to whatever the new normal may be. Having said that, […]
Wholesale Inventories Fall
Posted by Tom Lindmark on April 8th, 2009
Another little bit of good news. Sales at wholesalers rose 0.6% in February while inventories declined 1.5%. From Jake at EconomPicData.com here is a graph of the component changes. A couple points worth making. One, the 1.5% change in inventories is the biggest decline since 1992, when records started being compiled. Two, durable goods inventories […]
