Youtube: I’m The New London Mayor Boris outlines some of his policies and views through the medium of rhyme. It’s not often you’ll hear Gordon Brown and loose monetary policy in a rap, but here it is.
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Original post by frizzers
Reuters: Banks face higher loan losses Interestingly, the conclusion that banks will need more taxpayers’ money comes after extensive analysis from … Deutche Bank.
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Original post by paul
Bloomberg.com: Engines of Recovery Flame Out as Economy Seeks Obama-Fed Rescue “The U.S. is in the midst of a long, deep and severe downturn,” Sinai says. “When we do recover, the engine will be government spending, not home building or the consumer.”
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Original post by v stor
freshbusinessthinking: We Cannot Be Held To Ransom By Senior Bank Managers Interest rate cuts alone won’t be enough to provide a New Year’s tonic; Commenting on the choices facing the MPC at its January 2009 meeting next Thursday, David Kern, Chief Economist at the BCC, said: “The rapid worsening in the economic situation and growing fears over rising unemployment reinforce the need for the MPC to continue with aggressive interest rate cuts. To alleviate the most devastating consequences of the serious recession, we urge the MPC to cut rates by a full one per cent on Thursday, to one per cent. A prolonged depression can still be averted if the authorities adopt forceful measures. But interest rate cuts, though important, are no longer adequate on their own. …”
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Original post by fahrenheit451
Guardian: With all these trillions, how can we keep hold of the meaning of money? My wife asked last week: “Is £35bn a lot of money?” This was not intended to be a facetious question, and was certainly not a foolish one. It was prompted by news that £35bn is the latest unofficial estimate for the cost of the Beijing Olympics and its associated infrastructure projects.
Last summer, international opinion held that China’s spend on its prestige games was grotesquely large. It was alleged such a huge sum could only be squandered by a newly rich dictatorship unaccountable to an electorate. In September 2007, the British government’s bail-out of Northern Rock was said to have reached “an eye-watering £7.75bn”. A few months ago, we were told that the Ministry of Defence faced a financial crisis because there is a £2bn “black hole” in its annual budget
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Original post by flintster1994
"We believe that in 2009 we will need to see Canadian banks stem loan and asset growth, to control their balance sheets better." [1]
If I recall correctly, a Fleet Street publisher was once asked to describe the most boring imaginable newspaper story. He replied it would be coverage of The Bank Act, or anything about Canada. Well, we’re combining both this morning. Not long ago our Finance Minster was positively gloating [2] about the dullness of our financial services industry. However behind closed doors the grownups were quietly freaking, even while Canadians continued to live in a Fool’s Paradise.[3]
Although Doomers were expected to forget by now, Flaherty sneaked down the chimney on Xmas eve with a C$1.3 billion down payment on a complete bailout of the Montreal Accord on ABCP, and in the process knocked his Nov 13th braggadocio into a cocked hat. Our country’s […]
Original post by John M.
It is hard to believe that we have learned so little from previous asset bubbles. Many of our policymakers have turned a blind eye to the Great Depression, euphorically thinking that somehow all variables of risk had been eliminated from the system. It would be one thing to acknowledge our current predicament and at least try something different from the past to combat the current financial demons we are facing. Instead, we are using policy moves from the past that had little impact in resolving financial problems.
This is primarily occurring with massive focus on lending institutions and banks. The Federal Reserve with the leadership of Alan Greenspan and Ben Bernanke have focused tremendous energy on this sector while ignoring virtually all historical examples where this failed. Primarily, with the asset bubble of Japan that occurred from 1987 to 1990 and created nearly two lost decades of economic productivity. In today’s […]
Original post by drhousingbubble
Sydney Morning Herald: Sydney Property Prices Prices in Mosman, one of the most affluent suburbs in Sydney, dropped from a median of A$1.2 million in December 2007 to A$865,000 in December 2008, a fall of 27.9 per cent.
Original post by jeremy
Here’s one homeowner that should have sent a thank you card to the lender that foreclosed: [Thanks "Vegas RE" and Rob for the links!]
AVONDALE, Ariz. — The little blue house rests on a few pieces of wood and concrete block. The exterior walls, ravaged by dry rot, bend to the touch. At some point, someone jabbed a kitchen knife into the siding. The condemnation notice stapled to the wall says: "Unfit for human occupancy."
The story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year’s financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression.
Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a […]
Original post by twist
On Friday, Bloomberg news said that they believed that in 2009 the economy would be slightly better:
What say you Doomers? Better, or worse?
Original post by twist
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