Posts filed under “Financial Press”

Morning Reading

Some days, there’s not much to read in the papers

Today is not one of those days:

Bailouts/Financial Crisis

Bankers Told by Paulson to Accept U.S. Aid or Be ‘Vulnerable’ (Bloomberg)

U.S. Moves to Regulate Derivatives Trade (WSJ) Also, U.S. Regulators Seek Trace-like Reporting for OTC Derivatives (Bloomberg)

S&P: U.S. banking crisis may last until 2013 (Reuters)

Inside Citi’s Stress Test: More like an F than a B+ (Time)

US ‘sham’ bank bail-outs enrich speculators (Telegraph)

Is it time to stress-test the Federal Reserve? (Marketwatch)

A.I.G. Says It Needs 3 to 5 Years to Overhaul Itself (NYT)

Real Estate/Mortgages

U.S. Foreclosure Filings Hit Record for Second Straight Month (Bloomberg)

Slow Start to Federal Plan for Modifying Mortgages (NYT)

Zillow: Most U.S. homeowners think a bottom has been reached (Reuters)

Another View: A Market-Based Fix for Mortgages (Dealbook)

Rents Crashing in London to 1991 Prices (Bloomberg)

U.S. to Use Bailout Repayments to Aid Small Banks (NYT)

Economy/Markets

Signs of Consumer Strain Hit Stocks (WSJ)

Recession Drains Social Security and Medicare (NYT)

State Taxes Take a Nose Dive (Economix)

•  The Almighty Renminbi? (NYT)

•  Jobless Claims in U.S. Increase More Than Forecast (Bloomberg)

Cargo Ships Treading Water Off Singapore, Waiting for Work (NYT)

Bank of England Warns of ‘Slow and Protracted’ Recovery (NYT)

GM Now Sees Bankruptcy as ‘Probable,’ CEO Says (Bloomberg)

Media

Power Problem: The business press did everything but take on the institutions that brought down the financial system (Columbia Journalism Review)

Category: Financial Press, Real Estate

Embracing Risk, or Expensive Stocks?

Two articles in today’s WSJ seem to be battling each other: By Most Measures, Stocks No Longer Look Cheap: While the rebound was a relief for battered stock investors, it complicated matters for those still trying to decide whether to get in or add new holdings. Higher prices have made stocks less of a screaming…Read More

Category: Financial Press, Markets, Psychology

Dylan Ratigan to MSNBC

Its official:  Dylan Ratigan, formerly of Bloomberg and CNBC fame — as well as the Big Picture Conference –  is going to MSNBC.  Ratigan will launch a new program weekdays from 9am to 11 a.m., starting June 29. Variety reported that: Ratigan will host his own untitled show at 9 a.m. (ET) weekdays beginning June…Read More

Category: Financial Press, Markets

Tuesday Night Open Thread

Quite a few of you have asked for a forum that is not limited to whatever is floating my boat at the moment — so on the occasional weeknight, we will be running these open threads so you can range explore whatever subjects you wish (just keep it clean). I’ve given the editors the night…Read More

Category: Financial Press, Weblogs

Cinco De Mayo Afternoon Reading

Here’s what caught my eye today: • Chairman Bernanke JEC: The economic outlook (Federal Reserve) • The bear is dead, long live the bear (Marketwatch) • Dick Bove: The Bureaucrat & The Academic (Rochdale Securities) • Inflation Nation (Allan Meltzer, NYT Op/Ed) • The Goldman Conspiracy (Marketwatch) • Chrysler’s bondholders are whining about Obama’s deal….Read More

Category: Credit, Financial Press, Markets

Afternoon Reading

Here’s what caught my eye today: • New York Fed Chairman’s Ties to Goldman Raise Questions (WSJ) • How banks got TBTF: Monsters, Inc. (The New Yorker) •  U.S. Stocks Gain as S&P 500 Almost Erases Year-to-Date Decline (Bloomberg) • What Banks Are Still Missing: Trust (Time) •  Sharpest U.S. Recession Since 1938: -1.9 Percent…Read More

Category: Financial Press, Markets

On Lehman’s Real Estate and Obamanomics

There are two excellent, long pieces in the Sunday Times: • How Lehman Brothers Got Its Real Estate Fix:  Many factors, of course, contributed to Lehman’s demise last fall. Near the end, it carried $25 billion in toxic residential mortgages. It was wildly overleveraged. And the federal government made the fateful decision not to rescue…Read More

Category: Economy, Financial Press

Afternoon Reading

Today’s readings: INVESTING & TRADING • Estimates of economic costs of a flu pandemic (Telegraph) The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion (£2 trillion) and result in a nearly 5pc drop in world gross domestic product. The World Bank has estimated that more than 70m people could die…Read More

Category: Credit, Financial Press, Markets

I am a “prophet of doom”

heh heh:

Meet the Cassandras, 14 economists, bloggers, politicians and businesspeople of all political stripes who have become the most strident critics of President Obama’s stewardship of the economy . . . [I guess this means I am a bi-partisan critic]

Hard answers are in short supply. But here’s a guide to the prophets of doom. We’ve identified them, attempted to ascertain the moment when they first turned against the White House, and summarized the basic points of their critique. We’ve included economists, members of the business community, bloggers and, just for fun, two of the most anti-Obama Republicans we could dig up.

Yes, I am one of the 14:

BARRY RITHOLTZ: Author of financial blog the Big Picture; regular commentator on CNBC, Bloomberg, Fox and PBS; CEO and director of Equity Research at Fusion IQ, an online quantitative research firm. Barry Ritholtz has ridden his blog’s huge popularity to a bookstore near you. Keep your eye out for “Bailout Nation.”

Earliest critique: Jan. 29, 2009

Stimulus: Too small.

Banking plan: Will not work. Nationalization in the form of “prepackaged Chapter 11 bankruptcy reorganization is the fastest way to fix the banking system.”

Most hurtful quote: In response to Geithner’s statement that “We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system,” Ritholtz exploded: “No! Defending these idiots was your old gig. In the new job, you no longer work for the cretins responsible for bringing down the global economy. Please stop rationalizing their behavior, and preserving the status quo!”

My big criticism of Obama is not his policies, but his appointments of Larry Summers and Tim Geithner. These two may end up being the Dick Cheney and Donald Rumsfeld of the Obama administration.

Nice company to be in, too. Here’s the rest of the 14:

Read More

Category: Credit, Financial Press, Markets, Media, Politics

Dow Jones Market Talk is Now a Blog!

Finally! I have, over the years, exhorted Dow Jones to make the very best feature of the ILX service — the Dow Jones Market Talk feed — a blog. They have done so, and now (huzzah!) its officially launched: > > I am drunk with power! I demand something, and a mere a decade later,…Read More

Category: Financial Press, Weblogs