From FoxBusiness, here are the headline numbers on China’s GDP for the second quarter: China’s gross domestic product expanded by 7.9% in the three months ended June 30 from the year-ago period, driven by domestic consumption and a strong increase in industrial activity, Chinese government data showed Thursday. The growth rate was higher than the […]
Archive for July 15th, 2009
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No Rescue For CIT
Posted by Tom Lindmark on July 15th, 2009
The WSJ reports that CIT and the government have broken off talks about a rescue package for the lender: Small-business lender CIT Group Inc. said “there is no appreciable likelihood” that it will receive fresh government support, suggesting the struggling company might instead seek to file for bankruptcy protection. In a written statement issued after the market […]
The Fight For Fed Independence
Posted by Tom Lindmark on July 15th, 2009
You may have heard of a petition that is making the rounds of economists calling on Congress and the Executive Branch to do certain things to ensure the independence of the Fed. Here is a link to the WSJ Real Time Economics Blog that has the wording of the petition and the signatories so far. […]
The Journal Beats Down Goldman
Posted by Tom Lindmark on July 15th, 2009
When one of your ardent supporters likens your business model to that of Fannie and Freddie you have problems. That is how the Wall Street Journal on its editorial pages described the Goldman Sachs that has emerged from the financial crisis. From the Journal: Of course, if the feds do let CIT fail, this will […]
The Day’s Economic Data
Posted by Tom Lindmark on July 15th, 2009
There was some modestly good news on CPI, industrial production, and the Empire State business conditions index. I don’t know if that’s what is moving the stock market today — I hope not for all the data is pretty tenuous. All of the following is from Reuters: CPI Consumer prices rose 0.7 percent in June, […]
More On Own-To-Rent
Posted by Tom Lindmark on July 15th, 2009
Felix Salmon takes issue with one of my criticisms of the Obama Own-To-Rent program. In my post I suggested that investors might just want to foreclose and sell the property to salvage whatever they could from a bad deal. Felix retorts: Let’s nip this one in the bud: there is nothing in this proposal which says […]
