September 3  The Big Question

August 13  The Stag Party Left Gold Bulls Drunk and Naked

July 31 Of Misnomers, Fallacies, and Lies

July 23 (2:00 PM)  Company Removed From Wish List

July 7 2Q08 Wish List Review and Outlook

July 3 Grrr...

June 27  Not gentle like before

June 17  Regulators, Saddle Up!

June 11  The Fed Would Love It If It’s Bluff The Dollar Higher Plan Stays Together

June 6 Fed Tries To Fight The Flows

May 27 Greenspan’s Incessant Contradictions

May 23 Commodities Run Towards Ancient Buffalo Jump

May 15 Beware The REIT Rally

May 8  A Rally To Nowhere

May 2  Few Demanded $1,000 ounce Gold

Apr 28 Barrels of Fun as Commodities Continue Run

Apr 24 Miller’s Bull Market Brainpower

Apr 18 A Stable Leg For Unstable Times

Apr 14 He Did It His Way (Unfortunately)

Apr 7  1Q08 Wish List Review & Outlook

Mar 20 Gold: Historic Bust or Healthy Correction?

Mar 19 It Is No Longer Raining Shoes

Mar 16 Did The Fed Just Unleash Hell?

Mar 14 Lenders of The Last Resort Unite!

Mar 13 What The

Mar 12 Rogue Balance Sheets and The Fed

Mar 6  Ambac Turns Anxious

Mar 5  Bernanke’s Gold Show Must Go On?

Feb 26 Reducing Precious Metals Exposure

Feb 14 ...Shorts Quiver, But Will They Crumble?

Feb 13 False Dawns and Bear Market Rallies

Feb 8  Contemplating Commodities

Feb 8  Hold The Sardines

Feb 5  Rome Wasn’t Destroyed In A Day

Feb 4  The ‘successful’ modulation of business cycles?

Feb 1  Monoline: Of Bailouts And Downgrades

Jan 31 Poor Ben Bernanke

Jan 25 Will Kerviel Haunt Bernanke?

Jan 22 End of The Innocence (4:35 PM)

Jan 22 Will It Work? (8:50 AM)

Jan 21 Cue Bernanke

Jan 16 As Bad Times Arise, All Stocks Could Fall

Jan 15 GOLD: Read All About It

Jan 9  Would Be Bailout Master Now Focused on “Excesses”

Jan 7  2008: Is Bernanke The One?

Plunge Protection Page

Fiend’s Superbear

Financial Sense

Safe Haven

Comstock

Prudent Bear

Gold-Eagle

ITulip

Daily Reckoning

Cross Currents

Zeal

Capital Stool

Nouriel Roubini

Elliott Wave

321Gold

Le Metropole Cafe

Wall Street Follies

Circuit Breakers (NYSE)

B-Markets - 100 Years

More...

Sept 30 We All Scream For Ice Cream! The Word
Sept 26
Buffett Turns USD Absolutist The Word
Sept 24
Let Paulson and Bernanke Buy Some of This Crap The Word
Sept 19
A Week That Will Be Remembered The Word
Sept 18
Where Is The Panic? The Word
Sept 18
Why Don’t The Anti-Shorts Laugh All The Way To Bank? The Word
Sept 16
Has The Healing Process Begun? The Word
Sept 15 (5:00 AM) 
Of Failure and Opportunity The Word
Sept 10 
Do U.S. Taxpayers Want To Gamble on Lehman? The Word
Sept 8
Paulson’s Exit Strategy Word

September 2008

Dexia Will Receive $9.2 Billion Bailout From Belgium, France, Shareholders BL

Bush: “If our nation continues on this course the economic damage will be painful and lasting” MW


Consumer Confidence Edges Up Slightly, Reports The Conference Board CB
Home Prices in 20 U.S. Cities Fall 16.3% in Sign Market Hasn't Hit Bottom BL PDF
Fed May Need to Dip Into Toolbox Further as Congress Scrambles
Money market freeze stirs rate cut speculation
“The case for large synchronized global rate cuts is stronger than ever before”
U.S. Heading for Deeper Economic Slump, With or Without Bailout
Congress Vows New Effort To Approve Bailout Plan
Congressional staffers said that there wouldn't be any votes on a new bailout proposal until Thursday at the earliest
Senate Will Try to Revive Bank-Rescue Plan With a Vote as Soon as Tomorrow
Trying to Avoid Economic Calamity, Lawmakers Grope for Resolution
Why the bailout bombed
Rosner, Poole Say Bailout Plan Had `Fundamental Flaws'
They Just Don't Get It
Banking crisis: the bailout will still go ahead one way or another
Those whom the gods would destroy, they first make mad FT
Haste Makes Waste
Rogers Says U.S. Should Let Banks Fail, Clean Out System BL Video
Sarah Palin Talks Bailout Proposal YouTube
Hunker down: It's going to get uglier FP
“You couldn't make this stuff up if you tried. They forgot the first rule of policy making in a crisis: above all do no harm."
Crash Opportunities, Part 2 Lamont
Bailout Vote Leaves Big Wall Street Names Hanging
Loose Money And the Roots Of the Crisis
Housing Bailout Bill Failure: Examining the Boondoggle Legislation and Populist Uprising against Wall Street Dr. HB
The Depression of 2008? Don't count on It WSJ
How much worse might things get? Is there any way to prevent Wall Street's death from taking you out too?
Fed's Hoenig: keeping dollar value key despite crisis
All is well, remain calm
Things have stabilized save for banks, stocks and the economy
Black Monday?
Too much complacency
Commentary: Contrarians still can't declare a bottom to be at hand
Libor Surges Most on Record After U.S. Congress Rejects Bailout
Canadians brace for 'bloodbath' as credit tightens, money dries up
Credit cards to ‘implode': analyst
If history is any indicator, there should be an equivalent surge in credit-card charge-offs very soon”
Wall Street Braces For Hedge Fund Deadline
Market Drop Pressures Hedge Fund Managers
“There's going to be a death spiral for a number of these funds, and I don't think we've even begun to see the unwinding”
Will hedge fund investors use a chance to cash in today?
Billion-dollar clients fleeing to peripheral institutions
Mark Standish, co-chief executive of RBC Capital Markets, confirms the bank has benefited from a sudden in flow of hedge fund clients in the last two weeks.
Absolute Capital sees redemptions, swings to loss
U.S. hedge fund Paulson bets big against UK banks
The Reserve liquidates Primary Fund
A fund that just over two weeks ago had more than $60 billion in assets.
Citigroup Gains Scale, Confidence After Getting Wachovia's 3,300 Outlets
What Goes Before a Fall? On Wall Street, Reassurance
What was Mr. Steel thinking? Did he think he could “spin” his way to survival?
Main Street Pans Bailout, Says Wall Streeters Will `Get What They Deserve'
Lehman's `100% Principal Protection' Means Pennies for Notes
Microsoft, Schering-Plough See `Entire Economy' at Risk as Bailout Fails
MidAmerican says Constellation buy on track
Sources close to Constellation also said a report claiming the company was considering filing for bankruptcy is "absolutely false."
Perverse' reporting rules hobbling financial industry
Fannie, Freddie disclose subpoenas, investigations
Suspend Mark-To-Market Now!
Wal-Mart's Japan unit to cut workers, stores
Gold set to cement safe haven status
Private banks rethinking gold, seen next big buyers
Gold appeals after bailout blow but for how long?
Scotiabank forecasts irregular, but limited, base metals price decline

Banking crash hits Europe as ECB loses traction
The global credit crisis has slammed into Europe with stunning violence over the last two days, triggering five major bank rescues and a near total shut-down of the region's credit markets.
Russian Stocks Halted After Falling for Second Day
“In a few seconds of trade, shares in the world's largest gas producer Gazprom plunged 7.8 percent.”
Asia urges action on US bailout as shares plunge
Bank of Japan doubles dollar swap in latest deal
Asian Money Market Rates Rise Even as Japan, Australia Inject $21 Billion
Ireland plays it safe
Financial Crisis Undermines Derivatives Market
What the U.S. Bailout Deal Had in Common with Korea’s
Australia PM calls for U.S. lawmakers to pass bailout plan
'We Were All Staring into the Abyss'
Risks of a Sharp Reduction in Capital Flows to EM

Stocks crushed CNN
Approximately $1.2 trillion in market value is gone...
Failed bailout vote hits Wall Street like a hurricane USAT
Putting Monday's plunge into historical context   MW
Treasurys soar, credit pipes frozen CNN
Consumer spending loses steam CNN
Paulson vows continued efforts on rescue plan AP
 “Our toolkit is substantial but insufficient"


S&P 500 Falls Most Since 1987, Dow Has Worst Point Drop as Rescue Defeated BL
Gold rises on safe-haven buying after House rejects plan
Central Banks Try to Keep Crisis From Spreading  - VIX Surges
Germany's Bundesbank to keep its gold reserves
Stocks Worldwide Tumble Most Since 1997, Bonds Rise on Bailouts
“People are wondering if $700 billion will be enough”
Ireland’s stock market crash
Fed Injects Additional $630 Billion Into Financial System to Stoke Lending BL FED
Federal Reserve Ready to Provide Liquidity in Wachovia Transition FED
Citigroup to Take Over Wachovia Bank Business, Absorb Losses With FDIC Aid
Morgan Stanley Agrees to Sell 21% Stake to Mitsubishi UFJ for $9 Billion
------------------------------------------------------------------------------
Rescue bill unveiled CNN  Full 110-Page Draft
Treasury Would Emerge With Vast New Power NYT (Norris)
Fortis Pulled Back From The Brink Forbes
Belgian-Dutch financial services firm Fortis has been partly nationalized--or multinationalized--by a trio of European governments.
B&B nationalised with £50 billion toxic debt Times Online
Hypo Real Estate Gets Credit Facility BL
The $700 billion figure
Treasury spokeswoman: “It's not based on any particular data point.  We just wanted to choose a really large number.”
-------------------------------------------------------------------------------
You Can't Rescue the Financial System If You Can't Read a Balance Sheet Hussman
Even Hank Paulson's bail-out plan cannot detox global banking Ambrose Evans-Pritchard
Rescue Plan May Not Rescue Wall Street
In Mexico, they've seen it all before. And there are lessons for all of us
The United States goes crony capitalist
The people of Korea must be laughing at the US, right? If not they certainly should be.
Roubini Negative on Bailout Bloomberg Audio
Treasury Secretary Talks To Scott Pelley About The Controversial Bailout 60 Minutes
Paulson Plan Is Still a Pig, Even With Lipstick
Bailout blues: A third in poll say D-word describes the economy
After the Bubble, How Capitalism Will Survive Barron’s
An interview with Richard Bernstein: Taking cover in defensive stocks.
Investment banking model is dead, says Roche
Another case of collusion?
It's time to take a hard look Washington as well as Wall Street
Will Paulson’s plan save the US economy?
Why America is not facing another Great Depression
Barone: At an inflection point?
A New Golden Age? (Part I)
Don't Call It a Bailout. Or a Depression
Dollar Intervention Risk `Meaningful' on Volatility
A growing number of currency traders and strategists are starting to speculate that finance ministers from the world's biggest economies will join to support the dollar.
Treasury Rally Makes Bonds Dead Money as Yield Curve Falls Below Inflation
Investors were so risk-averse in the past two weeks that they were willing to accept almost nothing in exchange for the assurance they'd get their principal back.
Taxpayers can still benefit from a bail-out
Leaders Without Followers
What Congress has to do now
Regulators seek sale of Wachovia
Although the Federal Reserve and Treasury Department were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer.
Lehman's Demise Triggered Cash Crunch Around Globe WSJ
Decision to Let Firm Fail Marked a Turning Point in Crisis
The historical thinking behind America's credit crunch
The U.S. mortgage game: How should it change?
Foreclosures on million-dollar homes surge
Formula One not immune to credit crunch
Credit crunch banker leaps to his death in front of express train
Dubai's $1.5B Palm Island opens, but global money crisis may hurt its success
Hedge Funds Are Bracing for Investors to Cash Out
Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans
“Fed spokesman Calvin Mitchell: What AIG did with its money, you should call AIG.  I doubt that we will be talking about AIG's CDO portfolio.''
Buffett Wagers $5 Billion Goldman Will Avoid Salomon's Missteps
What's next, a ban on stock sales? MSN (Fleck)
Main Street turns against Wall Street Fortune
A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come.
Money Talks
Buffett stake powers 70% rise in battery maker BYD
Book review: 'Chain of Blame' brings subprime mess to life
Sour economy tied to psychology that fed gas panic
The runs on gasoline and money-market funds aren't the only recent examples of fear-induced economic behavior.
Copper Goes From First to Worst as Economies Slow
Asian markets fall on doubts about US bailout
Taxpayers must risk tens of billions for B&B Times  Risk of a £1 trillion burden
An unprecedented Sunday of frantic negotiations in Britain, Europe and America resulted in two bank bailouts and a tentative agreement to prop up the world’s financial institutions.
Impact of US financial crisis will be felt around world: Chinese PM
Thousands of City jobs yet to go, CBI says
Maybank’s $2.7 billion BII deal stumbles again
Ex-James Hardie bosses face court


"We have a failed financial structure" Volcker

“I sincerely believe that Henry Paulson and Ben Bernanke should resign” 
Jim Bunning

“We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks"
Rogoff

“I'm not going so far as to say we're going to live in a cave, but life is going to change.”
Rosenberg

“Neither we nor anyone else can predict when the housing market will recover and it would be folly for anyone to try to do so.”
Richard F. Syron

“I believe we're going to go into recession, I think the second half (of the year) will be worse than the first half, and I think the recession will last into 2009...”
Hedge star Paulson

“Purging rampant inflation and a debased currency requires administering a harsh medicine.”
Storms on the Horizon Fed Fisher

“The markets have developed into a monster that has to be tamed" 
Horst Koehler

“The recession is just starting” 
Jamie Dimon

“Worry about inflation after we're sure this isn't a depression"
David Wyss

“This is not to protect the banks but to protect the public from the banks”
Mervyn King

“It is not over yet.”
Fed Kohn

“Are there risks here? Yes, but the risks are modest in comparison to the substantial damage to the economy and economic well-being that potentially would have accompanied Bear's insolvency.”
Fed Geithner

"Basically the Fed is starting to take the crappy paper off the Street"  ~
NYP

“There probably will be some bank failures”
Bernanke

“I try to stay away from commenting on my successor because he's got enough problems."
Greenspan

“The seeds of an inflation problem are sown several years in advance, and it is not always easy to see the seeds as they sprout.”
Fed Poole

“I wouldn't quite call it a credit crunch. Funds are available...What has happened is a repricing of risk and an unavailability of what I might call 'dumb money,' of which there was plenty around a year ago."
Buffett

“People have more debt than they can afford to pay and they gambled on house prices going up forever. There is no way that Fed policies can undo these harsh realities. Bernanke needs to say to Congress, ‘We have reached the limits of what responsible monetary policy can do.’ ”
Joseph E. Stiglitz, NYT

“Cash is available.  We should use that in larger amounts, as necessary, to solve the problems of the stress [of repossession]"
Alan Greenspan

“Even if necessary changes in policy are implemented, the odds now favour a US recession that slows growth significantly on a global basis.”
Lawrence Summers

“Our entire banking system is a complete disaster.  In my opinion, nearly every major bank would be insolvent if they marked their assets to market.”
Andrew Lahde

Quote of the year?
“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing”
Chuck Prince, July 10, 2007

“Remember the fellow who said you couldn't know a bubble until after it burst? With some distance from his perch at the Fed, Greenspan seems to have acquired 20-20 vision.”  Baum

“Bernanke loves printing money. This man is a nut”
Rogers

“Should growth fall below 1 percent, we could see a plunge in the dollar.  Some form of intervention would be necessary to stop it”
Mr. Yen

“I’d like to know what those damn things are worth”
Bernanke

“We are always meeting with market participants''
Treasury spokeswoman Jennifer Zuccarelli

“Try to get your mind around that number -- $500 trillion -- and then tell me you're not a wee bit nervous.” 
WP
 

 

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