Robert "Doom is Nigh" blog: 2009-04-19

Saturday, April 25, 2009

http://jessescrossroadscafe.blogspot.com/2009/04/insiders-are-selling-into-this-rally.html

When did this last happen? Oct 2007. Hmm...I am sure it does not mean anything.

4 more this weekend, now at 29 for the year

http://www.fdic.gov/news/news/press/2009/pr09060.html

http://www.fdic.gov/news/news/press/2009/pr09059.html

http://www.fdic.gov/news/news/press/2009/pr09058.html

http://www.fdic.gov/news/news/press/2009/pr09057.html

http://business.timesonline.co.uk/tol/business/economics/article6164629.ece

More than four million Spanish people are out of work. According to the country's National Statistics Institute a record high figure of 17.4 per cent were unemployed in the first quarter of the year.

Unemployment leapt from 13.9 per cent in the fourth quarter of 2008, the biggest quarterly jump since 1976. Joblessness in Spain has almost doubled in a year.

Spain is falling very quickly, we are talking major depression level unemployment at this point.

A California default, a sad tale of the future

http://blogs.reuters.com/felix-salmon/2009/04/24/a-california-default/

Friday, April 24, 2009

Thursday, April 23, 2009

Ohio the Heart of it all

http://www.dailyfinance.com/2009/04/23/as-goes-ohio-economic-changes-in-the-heartland/

One of the last great traders from the last Crash

http://www.fleetstreetinvest.co.uk/daily-reckoning/bill-bonner-essays/richard-russell-bear-market-32123.html

Bear trap. More carnage to come.

Taliban Seize Vital Pakistan Area Closer to the Capital

http://www.nytimes.com/2009/04/23/world/asia/23buner.html?_r=1

The number #1 problem. Even above everything else.

FDIC underfunded and getting worse.

http://globaleconomicanalysis.blogspot.com/2009/04/fdic-woefully-underfunded-problem.html

The mass of programs the government is running is now having the opposite effect. We are now getting more systemic risk not less.

In more signs Paulson acted like the Godfather

http://www.businessinsider.com/henry-blodget-paulson-said-he-would-oust-ken-lewis-if-bank-of-america-killed-merrill-deal-2009-4

Bankers looking to screw with the taxpayers more.

http://www.businessinsider.com/banks-lobby-to-screw-taxpayers-out-of-billions-2009-4

Wednesday, April 22, 2009

Freddie CFO commits Suicide, shares of Enron

http://globaleconomicanalysis.blogspot.com/2009/04/freddie-mac-executive-commits-suicide.html

In a shock to no one with a brain an 80% increase in Cali Foreclosures

http://www.cnbc.com/id/30350403

GM defaults. Time is short

http://www.huffingtonpost.com/2009/04/22/gm-will-miss-its-1-billio_n_190115.html

Lehman's Matt Rothman Expect a -60% drop

http://zerohedge.blogspot.com/2009/04/no-trend-reversal-trading-actions.html

UK: the more we tax the sooner the recover will start.

http://news.bbc.co.uk/2/hi/uk_news/politics/8011321.stm

Just a view from the future.

We fought AIG and AIG won

http://dealbook.blogs.nytimes.com/2009/04/21/we-fought-aig-and-aig-won/?ref=business

Tim Geithner a nice in the wrong job

http://www.portfolio.com/executives/2009/04/22/Treasury-Chief-Tim-Geithner-Profile?page=3#page=3

Short points:
He is lacks knowledge.
He is does what summers tells him.
He has no clue WTF is going on.

Freddie and Fannie in Big trouble

http://www.ritholtz.com/blog/2009/04/delinquencies-rising-at-fannie-freddie/

Banks Reject U.S. Terms for Cutting Chrysler Debt

http://online.wsj.com/article/SB124034225632440083.html?

With 9 days to go, both sides are far apart. Also with so many lenders I would doubt we see this coming together.

This conflicting view is likely due to several things, such as the fact the larger banks bought or paid full price for billionsof Chrysler bank debt, while smaller holders bought theirs at a steep discount and would likely make a tidy profit even in a quick liquidation of Chrysler, said people involved in the talks.

They are worth more dead now to almost all the small lenders.

Federal Borrowing Quadruple

http://www.businessinsider.com/federal-borrowing-quadruples-2009-4

“Tax receipts are just collapsing,” said Chris Ahrens, head of interest-rate strategy at UBS Securities LLC in Stamford, Connecticut, one of 16 primary dealers required to bid at Treasury auctions. The need to sell more debt “is a big issue in the Treasury market and it is ongoing. The surging budget deficit is the primary cause.”

In the end more spending is not the answer. It will soon be time for hard decisions to be made.

Tuesday, April 21, 2009

Get rid of the Air Force?

http://www.nytimes.com/2009/04/21/opinion/21kane.html

AP Exclusive: Fed tests harder on regional banks

http://finance.yahoo.com/news/APNewsBreak-Fed-tests-harder-apf-14987065.html?sec=topStories&pos=main&asset=&ccode=

So much for Key, RF and FTIB

Pelosi Wall Street Probe Modeled on Pecora After Market Crash

http://www.bloomberg.com/apps/news?pid=20601110&sid=aX8OXwhcJXVU

It is about time.

The Pecora review “was probably the single most important congressional investigation in the history of our country, except perhaps the Watergate hearings,” Donald Ritchie, associate historian for the U.S. Senate, said in an interview.

Now lets at congress in action

“I think it’s useful to have it, but that should not be a reason to hold off on legislating,” Frank, a Massachusetts Democrat, said of Pelosi’s proposal after a speech in Washington yesterday.

Cause in the past shooting from the hip has worked so well.

Members of Congress may be reluctant to tackle the recommendations of such an inquiry because of financial industry donations to political campaigns, said Wall Street historian Charles Geisst.

Yeah I mean they need the money.

In citing the Pecora model, advocates of a full-scale probe are harkening back to an investigation that captivated the nation in the 1930s. It centered on an intense examination of bankers and brokers and how their actions helped contribute to the stock market’s implosion.

Pecora exposed practices that benefited the wealthy at the expense of ordinary investors, such as giving favored clients insider prices on stock offerings, Ritchie said.

Not that any of that is happening today.

IMF says losses now to excedd 4.1 Trillion

http://www.businessinsider.com/imf-bank-losses-to-hit-41-trillion-2009-4

Student loan default rate soar.

http://online.wsj.com/article/SB124027600001437467.html

As an FYI to anyone thinking about student loans. Don't. These are some of them most restive loans every created. You can not go bankrupt on them. They have to paid just like taxes.

Right Person at the Right Time

http://www.nakedcapitalism.com/2009/04/right-wing-turns-on-elizabeth-warren.html

Hey Volker was hated in the 80's and now is consider a superstar.

What is up with Citi's Stock?

http://www.moneymorning.com/2009/04/21/citigroup-stock-2/

Monday, April 20, 2009

#24 and #25

http://www.businessinsider.com/banks-failures-up-more-than-1000-this-year-2009-4

The train is still picking up speed.

Bank Losses to continue for two years.

http://finance.yahoo.com/tech-ticker/article/234138/Analyst-Bank-Hurricane-Not-Over----We

Sin returns to Iraq

http://www.nytimes.com/2009/04/19/world/middleeast/19baghdad.html?hp

Gambling, drinking and Sex. All three should be free and taxed. This provides protection for both sides. It also allows legal protection for the sellers.

Obama ask Cabniet to save $100 Million. Worth .003%

http://gregmankiw.blogspot.com/2009/04/fiscal-responsibility.html

More Change you can not beilve in.

Let's check in on Gold

http://www.marketwatch.com/news/story/story.aspx?guid={F575CACC-0D18-43DD-86BB-DFE68FBE1F32}

As I stated at the begin of the year, we would talk a lot about how Gold does not perform as expected. Deflation is destroying value, including Gold, along with this as people start talking about recovery you can expect gold to fall as professional investor exit the trade. In the end Gold was near a top at $1000. It may go back someday but not this year.