Archive for July 13th, 2008
Posted in July 13th, 2008
Submitted by A Dash of Insight
The main theme for this week continues to be playing defense — continued strength in the inverse index ETF’s and gold. Market sentiment has deteriorated further, and there is, of yet, no good signal of a bottom. The model did well in spotting these moves. (Further explanation for new readers […]
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Posted in July 13th, 2008
Submitted by Businomics Blog
I blogged on this subject over at abcInvesting.com.
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Posted in July 13th, 2008
Submitted by Econbrowser
I see much to like about this.
From the New York Times:
the Bush administration will ask Congress to approve a rescue package that would give the government the authority to buy billions of dollars in stock in Fannie Mae and Freddie Mac and also lend to the companies to meet their short-term funding needs….
Separately, […]
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Posted in July 13th, 2008
Submitted by unsettling economics
I am writing this to provoke a conversation rather than as a demonstration of my expertise. Here was one of the first New Deal agencies go under. What was the interest in privatizing Fannie Mae during the Johnson administration? Was it the Democrats close ties with the savings and loan industry?
Because these […]
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Posted in July 13th, 2008
Submitted by unsettling economics
The panel last night was very interesting. The hall was very, very big and quite full. I am guessing 600 people or more, which two large screens with projections of the speaker’s image (or his power points). During my talk, I mostly focused on a couple people in the front row who […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM.
Saying oil speculators cause high oil prices is like saying that doctors cause people to be sick because you’ll find more doctors in hospitals if there are more sick people.
Watch Biz Flog video here.
HT: Juandos
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Posted in July 13th, 2008
Submitted by CARPE DIEM.
T. Boone Pickens – As imports grow and world prices rise, the amount of money we send to foreign nations every year is soaring. At current oil prices, we will send $700 billion dollars out of the country this year alone — that’s four times the annual cost of the Iraq war.
Projected […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM.
They would:
1. Support free trade
2. Oppose farm subsidies
3. Leave oil companies and speculators alone
4. Invite more skilled immigrants
5. Liberalize drug policy
And a few more I don’t agree with, from Greg Mankiw in today’s NY Times
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Posted in July 13th, 2008
Submitted by CARPE DIEM.
MEDELLIN, Colombia — This labyrinthine metropolis transformed over the course of a decade from a battlefield of drug lords, paramilitaries and leftist guerrillas into one of the safest, most dynamic cities in Latin America. Visionary inner-city renewal projects and a push to take back the lawless hillside slums by force deserve credit, […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM
I struggle to understand how speculation is supposed to be both profitable and destabilizing all at once. Profitable speculation requires buying low and selling high. Destabilizing speculation requires the opposite: short-selling shares in a trough, thus deepening the trough, and betting that frothy shares will become frothier. In other words, destabilizing speculation […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM
The chart above from the Dallas Fed shows scheduled mortage re-sets through the end of 2008, and indicates that mortgage resets peaked in June 2008 at about $55 billion, and will be down close to $30 billion by yearend. In other words, the worst of the subprime problems might now be […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM
For the most part, speculators do not demand physical oil the way thirsty Chinese refiners do. There is no evidence that speculators are accumulating large and rising inventories of physical oil. But to cause prices to be above their competitive level, speculators would have to take physical oil off the market — […]
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Posted in July 13th, 2008
Submitted by CARPE DIEM
According to the BEA’s report today, the U.S. trade deficit in goods and services declined to $59.8 billion in May from $60.5 billion in April. Highlights include:
• Exports increased $1.4 billion in May and are up 17.8% versus last year. The gain in exports in May was led by fuel oil, chemical […]
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