March 7, 2009

AIG: The Fed Won’t Name Names, But The Wall Street Journal Will

This past week, members of the Senate Banking Committee continued trying to break the Fed’s stonewalling on I.D.-ing who’s been getting all the bank bailout bucks…besides the names we DO know. So far the Fed has absolutely refused to cooperate, saying that to do so would do irreparable harm to those institutions. The committee has […]

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February 24, 2009

AIG To Announce $60 Billion Quarterly Loss, Market Was Looking For $6 Billion

Look out below! Double-bailout recipient AIG is due to report earnings Monday, and according to Reuters, it ain’t gonna be pretty. When the market is expecting a loss, and you then post a loss that is $59 billion dollars greater…well, you know what they say about markets and surprises. Reuters just broke this news, and […]

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February 1, 2009

What A Real Financial Collapse Looks Like

Hat Tip to FerFAL whose blog is a fascinating, informative look at life after an economic disaster.

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January 23, 2009

Iceland: Banks Collapsed, Government Collapsing, Riots Growing

Four months after the collapse of Iceland’s entire financial system, no one has accepted any responsibility. Their currency has lost more than half its value, rampant inflation has already eaten up most people’s savings, property values have dropped by more than a third and unemployment is reaching levels never seen before in the history of […]

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January 14, 2009

Shipping Rates Fall To Zero As Global Trade Collapses

How bad is the global recession? Charles de Trenck, a freight broker at Transport Trackers in Hong Kong says that container shipping rates in many cases have fallen to ZERO. “We have seen trade activity fall off a cliff. Asia-Europe is an unmit­igated disaster.” Shipping journal Lloyd’s List reports that freight brokers in Singapore are […]

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January 2, 2009

US Manufacturing Orders Hit 60-Year Low

The decline in U.S. manufacturing accelerated in December as demand for cars, appliances, furniture and other goods that we still actually MAKE reached the lowest level since at least 1948. This virtually ensures there will be more cutbacks in factory jobs and production for 2009. The Institute for Supply Management’s factory index fell to 32.4, […]

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