Archive for July 14th, 2009

Calpers Sues The Rating Agencies For Bad Investment Advice

Just the first of many lawsuits of this type that will be coming down the pike but this one has some rich irony to it. Calpers, the California retirement system manager, has filed suit against Moody’s, Standard & Poors and Fitch claiming that they are responsible for over $1 billion of losses it incurred in [...]

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The Foreclosure Plan Du Jour

Just when you thought the Obama administration was out of crazy ideas to solve the housing crisis they come up with another one. This one is cleverly labeled by Clusterstock as Own-To-Rent. As Reuters reports, the idea is to let owners facing eviction stay in their homes as renters: Under one idea being discussed, delinquent [...]

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Memo To Dennis Kneale: It Doesn’t Matter If The Recession Is Over

I don’t intend to weigh back in on the Dennis Kneale contretemps with the blogging community. I had my say on that a week or so ago. I do want to ask a question of Kneale or for that matter anyone else who contends that the recession is over, ending, going to be history toute [...]

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Are California IOUs Pushing Constitutional Limits?

This recession is raising all sorts of interesting sideshows. The most recent being the California IOU issuance. There are some that see this as no less than a threat to the Union. First consider that the state is working through a bill to make the IOU’s legal tender for the payment of all fees, taxes [...]

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Inventories, Wholesale Prices, Retail Sales: Lots Of Data Little Clarity

This is the beginning of a week with lots of data. Of course, second quarter numbers are high on everyone’s list but there’s also a lot of economic data coming out. Today we have wholesale prices, inventories and retail sales. Wholesale Prices Wholesale prices jumped 1.8% in June. Excluding food and energy prices the core [...]

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