Where'd the bailout money go? $350 billion later, banks won't say how they're spending it
WASHINGTON (AP) -- It's something any bank would demand to know before handing out a loan: Where's the money going?
But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
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Sunday, December 28, 2008
Did anyone Bribe Senate To Pass Bailout Bill?
How much money did your Represenative get from Big Bankers to look the other way and pass a bill that the American people clearly do not want?
HELP SPREAD THE WORD...
http://www.WashingtonYoureFired.com
Did You Ever Lose a Million Bucks?
Take a tip from Margaret Shotwell who dispenses advice after losing 1 million dollars in the Wall Street stock market crash on Black Friday, October 28, 1929. Her only possessions are her piano and chinchilla fur
1929 Wall Street Stock Market Crash
The most devastating stock market crash in the history of the United States; from documentary: New York
'Don't Panic, Stocks are Safe!' Haa,Haa,Haa
80 years ago, Economist Professor Irving Fischer explains that the stock market crashed due to high expectations- not high stock prices. Too many speculators were playing the stocks with borrowed money, resulting in a run on the banks.
80 years later, the banks are speculating with borrowed money and investors are running away from them
The Money Masters - How International Bankers Gained Control of America
"The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..."
THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today.
The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money.
The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth.
With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers.
Friday, December 26, 2008
'Dilbert' on how to save your career
As the cartoon turns 20, creator Scott Adams speaks out on boss diversity, where Wall Street went wrong, Dilbert's scary job hunt, and more
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10 stocks to buy now
We're mired in the grizzliest bear market in decades. But the good news is that stocks have been marked down to holiday-sale levels. Here are ten stocks we think are poised for strong returns in 2009 and beyond.
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Fortune 40: Best stocks to retire on
Our trademark long-term portfolio can help put you on the road to a secure future.
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Madoff: Lifestyles of the rich and infamous
Bernard Madoff, the man behind an alleged $50 billion fraud, has a yacht named 'Bull,' owns several luxurious homes and may even have had two private planes on call.
CLICK HERE TO LOOK AT HIS WILD LIFESTYLE==>
CLICK HERE TO LOOK AT HIS WILD LIFESTYLE==>
Apple stock should shine again
Whether you should have faith in the shares depends on whether you bought AAPL at about $200 last year, or are contemplating it now at around $85.
As reliable as a holiday fruitcake that shows up season after season, Apple's stock could once be counted on to ride a year-end price bump. The swirl of anticipation for the shiny new gadgets CEO Steve Jobs would reveal at January's annual Macworld product-fest usually gave it a lift. But not this year!!!
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As reliable as a holiday fruitcake that shows up season after season, Apple's stock could once be counted on to ride a year-end price bump. The swirl of anticipation for the shiny new gadgets CEO Steve Jobs would reveal at January's annual Macworld product-fest usually gave it a lift. But not this year!!!
CLICK HERE TO READ MORE==>
Oracle's edge
The software giant will no doubt feel some pain as companies scale back staff. But its stable infrastructure business will help it weather the storm better than most.
Say what you will about Larry Ellison's style, but the in-your-face founder of Oracle knows how to manage a company through a recession, at least so far
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Say what you will about Larry Ellison's style, but the in-your-face founder of Oracle knows how to manage a company through a recession, at least so far
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3 best Web books of 2008
Looking to capitalize on the Facebook revolution? These must-reads show you how.
By Jessi Hempel, writer
This was the year that businesses finally embraced the social Internet, setting up blogs, wikis and other Web 2.0 services. But for all their experimentation, relatively few companies have figured out how to be strategic about these new technologies.
Here's the best of this year's literature for companies obsessed with how to get social media right:
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By Jessi Hempel, writer
This was the year that businesses finally embraced the social Internet, setting up blogs, wikis and other Web 2.0 services. But for all their experimentation, relatively few companies have figured out how to be strategic about these new technologies.
Here's the best of this year's literature for companies obsessed with how to get social media right:
CLICK HERE TO READ MORE==>
Thursday, December 25, 2008
'Mind-reading' software could record your dreams
Pictures you are observing can now be recreated with software that uses nothing but scans of your brain. It is the first "mind reading" technology to create such images from scratch, rather than picking them out from a pool of possible images.
CLICK HERE TO READ MORE-->
CLICK HERE TO READ MORE-->
Getting Creative with Wall Street Bonuses
Hey, bankers! Got a bunch illiquid, crappy assets weighing your balance sheet down?
Here's a novel idea: Give them to your employees as a bonus. It's better than nothing, right?
That's Credit Suisse's idea, anyway, and kudos to them for solving two seemingly insurmountable problems with one swift move. Bloomberg reports that Credit Suisse will use $5 billion in illiquid debt to pay its top employee's bonuses this year.
CLICK HERE TO READ MORE=>
Here's a novel idea: Give them to your employees as a bonus. It's better than nothing, right?
That's Credit Suisse's idea, anyway, and kudos to them for solving two seemingly insurmountable problems with one swift move. Bloomberg reports that Credit Suisse will use $5 billion in illiquid debt to pay its top employee's bonuses this year.
CLICK HERE TO READ MORE=>
Bernie Madoff discusses the stock market in video from 2007
Bernard MadoffBernie Madoff the (alleged) $50 billion Ponzi scheme maestro discusses the modern stock market in this video. Check out the swooning introduction from the moderator.
Be sure to take note of this line: “By and large, in today’s regulatory environment it is virtually impossible to violate rules… It’s impossible for a violation to go undetected, certainly not for a considerable period of time.”
Be sure to take note of this line: “By and large, in today’s regulatory environment it is virtually impossible to violate rules… It’s impossible for a violation to go undetected, certainly not for a considerable period of time.”
'GOLDEN GOOSE' & THE PINUP:INSIDE-TRADING 'SCAM'
A Lehman Brothers broker master minded a $4.8 million insider-trading scheme, passing on to pals valuable in formation from his high-powered publicist wife, whom he dubbed his "golden goose," authorities said yesterday.
Matthew Devlin, 35, helped make his friends millions through the scheme, which also involved Playboy maga zine's Miss August 1994, the feds said.
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Matthew Devlin, 35, helped make his friends millions through the scheme, which also involved Playboy maga zine's Miss August 1994, the feds said.
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Sorry we F$#$ked up your Christmas! But really we do not give a $##t!
A group of British bankers are selling a song on iTunes that has pissed off plenty of people because of its tounge-in-cheek treatment of the financial crisis..
SNEERING bankers have released a record mocking the economic misery facing millions of Britons.
CLICK HERE TO READ==>
SNEERING bankers have released a record mocking the economic misery facing millions of Britons.
CLICK HERE TO READ==>
Monday, December 08, 2008
Be a TRUMP!!
In the shadow of his famous father, Donald Trump Jr. talks about the global meltdown, why some rich people can’t get mortgages, Kazakhstan, and his dad’s ’80s office.
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The little three beg for Big MONEY!!
It took about nine hours on the highway for the chief executives of the Big Three automakers to arrive on Capitol Hill. It took just a few minutes of questioning from lawmakers for them to realize they might not get what they want.
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An Artist's Greatest Bricks
Former corporate lawyer Nathan Sawaya has been creating large-scale Lego sculptures for the last several years. This work, entitled Yellow, has become one of his signature pieces. "I guess it's because opening up oneself to the world is not an easy thing to do," Sawaya says.
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NoPod!!
Why America's favorite gadget is doomed.
Take a deep breath, Macaholics. Think different. Apple might be the envy of the technology world right now, yet in its core business of music—iTunes and those beloved iPods—the company is veering toward trouble. Sooner than you think, the iPod as we know it will seem as nutty as a no-down-payment balloon mortgage.
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Take a deep breath, Macaholics. Think different. Apple might be the envy of the technology world right now, yet in its core business of music—iTunes and those beloved iPods—the company is veering toward trouble. Sooner than you think, the iPod as we know it will seem as nutty as a no-down-payment balloon mortgage.
CLICK HERE TO READ MORE==>
Cheaper Chic!!
With even the rich feeling financially pinched, businesses are quietly offering discounts on everything from spa services to private jets.
The Wall Street stockbroker had used FlatRate Moving, a high-end moving service, a half-dozen times over the years. They moved him from a modest apartment on the Upper East Side to a grander one on the Upper West. He called when he moved to an even better building in Midtown. Most recently, FlatRate helped settle him and his wife and child into a 3,000-square-foot loft in Soho, one of Manhattan's priciest neighborhoods.
FlatRate got another call two months ago. The client was packing up his family for a two-bedroom apartment in the less expensive Park Slope, Brooklyn. He had lost his job and was no longer in a position to pay the $3,000 to $5,000 a month he'd shelled out before.
"We did the move almost at cost"—for under $1,200, says Michael Kessler, FlatRate's vice president of marketing and sales.
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The Wall Street stockbroker had used FlatRate Moving, a high-end moving service, a half-dozen times over the years. They moved him from a modest apartment on the Upper East Side to a grander one on the Upper West. He called when he moved to an even better building in Midtown. Most recently, FlatRate helped settle him and his wife and child into a 3,000-square-foot loft in Soho, one of Manhattan's priciest neighborhoods.
FlatRate got another call two months ago. The client was packing up his family for a two-bedroom apartment in the less expensive Park Slope, Brooklyn. He had lost his job and was no longer in a position to pay the $3,000 to $5,000 a month he'd shelled out before.
"We did the move almost at cost"—for under $1,200, says Michael Kessler, FlatRate's vice president of marketing and sales.
CLICK HERE TO READ MORE==>
What's a Super-Senior Tranche?
A synthetic bond can behave very much like a real bond.
So consider the situation of a bank, which has made a bunch of loans, to 100 different companies. The companies all value their relationship with the bank, and the bank values its relationship with the companies. At the same time, however, the bank would like to free up some capital. It doesn't want to sell the loans outright -- so instead it creates a synthetic bond referencing those 100 credits, and sells that.
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So consider the situation of a bank, which has made a bunch of loans, to 100 different companies. The companies all value their relationship with the bank, and the bank values its relationship with the companies. At the same time, however, the bank would like to free up some capital. It doesn't want to sell the loans outright -- so instead it creates a synthetic bond referencing those 100 credits, and sells that.
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The Mansion: The Subprime Parable
When Michael Lewis and his family move into a house they can't afford, he gets a taste of the new American nightmare.
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CLICK HERE TO READ MORE ==>
Thursday, November 27, 2008
Japan Airline's CEO Slashes his Pay Below the Pay of Pilots, other CEO Should Learn from Him !
Japan Airline CEO make less than his own Pilots ! U.S. CEO Should Learn from him !
Wednesday, November 12, 2008
Stock Market Parable
Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers seeing that there were many monkeys around, went out to the forest, and started catching them.
The man bought thousands at $10 and as the supply started to diminish, the villagers stopped their effort.
He then announced that he would now buy at $20.
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Now you have a better understanding of how the stock market works.
The man bought thousands at $10 and as the supply started to diminish, the villagers stopped their effort.
He then announced that he would now buy at $20.
CLICK HERE TO READ MORE==>
Now you have a better understanding of how the stock market works.
The Crisis & What to Do About It
By George Soros
The salient feature of the current financial crisis is that it was not caused by some external shock like OPEC raising the price of oil or a particular country or financial institution defaulting. The crisis was generated by the financial system itself.
This fact—that the defect was inherent in the system —contradicts the prevailing theory, which holds that financial markets tend toward equilibrium and that deviations from the equilibrium either occur in a random manner or are caused by some sudden external event to which markets have difficulty adjusting.
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The salient feature of the current financial crisis is that it was not caused by some external shock like OPEC raising the price of oil or a particular country or financial institution defaulting. The crisis was generated by the financial system itself.
This fact—that the defect was inherent in the system —contradicts the prevailing theory, which holds that financial markets tend toward equilibrium and that deviations from the equilibrium either occur in a random manner or are caused by some sudden external event to which markets have difficulty adjusting.
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I.O.U.S.A.: Byte-Sized - The 30 Minute Version
By now, you may have heard about the acclaimed documentary I.O.U.S.A., a film that boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The film has been a huge hit, getting rave reviews from Roger Ebert and others.
Now, here is a 30-minute condensed version of I.O.U.S.A. designed specifically for watching and sharing on the web - for free.
Now, here is a 30-minute condensed version of I.O.U.S.A. designed specifically for watching and sharing on the web - for free.
Things Look Very Bad, But Too Late to Short
by Chart Swing Trader
I have a thousand thoughts spinning in my head right now so I will attempt to get them down as best I can tonight. Let's start with the obvious. Things look downright awful right now. We are just about to break through some very important lows to the downside, which could happen with another gap down tomorrow (a good possibility based on the Intel news). Normally, I would expect a bounce and that still might happen, but I see many reasons to be quite bearish here even though we are oversold.
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List of recessions in the United States
This is a list of recessions that have affected the United States. A recession is defined by NBER, and is not necessarily two quarters of negative GDP growth.
From 1945-2007 NBER has identified 10 recessions, their average duration was 10 months (Peak to Trough).
Most of the recessions listed here have affected economies on a worldwide scale;
CLICK HERE TO READ==>
From 1945-2007 NBER has identified 10 recessions, their average duration was 10 months (Peak to Trough).
Most of the recessions listed here have affected economies on a worldwide scale;
CLICK HERE TO READ==>
The End
by Michael Lewis Nov 11 2008
The era that defined Wall Street is finally, officially over.
Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
Photoillustration by: Ji Lee
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me.
I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not.
Believe me when I tell you that I hadn’t the first clue.
CLCIK HERE TO READ==>
Money Management A New Approach
by: Robert Deel
The author explores a new approach to money management he calls DDRL, for "Direction, discipline, risk, and leverage," that can help determine where your trading strengths and weaknesses lie.
As you sit looking at the monitor, eyes transfixed on the screen, you keep going over in your head all the analysis that led to the decision to buy. Your heart begins to pound as you reach for the mouse. You pause for one last look at the chart before committing to the trade. With a push of the button you are in, and then suddenly it hits you, the one thing you forgot. How could you have overlooked it? Money management and an analysis of your individual direction, discipline, risk, and leverage equation: the DDRL©.
CLICK HERE TO READ==>
10 (More) Reasons You're Not Rich
Jeffrey Strain
Many people assume they aren't rich because they don't earn enough money. If I only earned a little more, I could save and invest better, they say.
The problem with that theory is they were probably making exactly the same argument before their last several raises. Becoming a millionaire has less to do with how much you make, it's how you treat money in your daily life.
CLICK HERE TO READ ==>
Many people assume they aren't rich because they don't earn enough money. If I only earned a little more, I could save and invest better, they say.
The problem with that theory is they were probably making exactly the same argument before their last several raises. Becoming a millionaire has less to do with how much you make, it's how you treat money in your daily life.
CLICK HERE TO READ ==>
The New Age of Frugality
Americans' charge-it culture is getting an overdue reality check. But will the new discipline stick?
On a shady lane in New Hope, Pa., a quiet revolution in American culture may be taking shape. Here, a family of four lives in a white, colonial-style house in a manner that once would have been considered All-American but more recently has been seen as just plain weird: They're frugal.
Meet Leah Ingram, Bill Behre, and daughters Jane, 13, and Annie, 11. They walk most everywhere, they rarely eat out, they sometimes buy clothing at consignment shops, and they turn the lights off when they leave a room.
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Friday, November 07, 2008
Dividends Stocks: The S&P Elite
S&P's latest list finds 28 "Dividend Aristocrats"—companies that have boosted their payouts in each of the past 25 years—with top S&P STARS rankings
By Beth Piskora
From Standard & Poor's Equity Research
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By Beth Piskora
From Standard & Poor's Equity Research
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Pssst! Wanna Go to College for Free?
Most parents would love to send their kids to college for free but probably don't believe it's possible. It is—if you know where to look
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The New Silk Road
By Stanley Reed, Dexter Roberts and Nandini Lakshman
Historic bonds between the Middle East and Asia are being revitalized in a torrent of trade and investment in energy, infrastructure, and manufacturing
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Historic bonds between the Middle East and Asia are being revitalized in a torrent of trade and investment in energy, infrastructure, and manufacturing
The dusty, 1960s-era building in Delhi's business district is worlds away from the sleek, glass-and-steel towers of Dubai. The elevators, which stop only at even-numbered floors, are packed with sweaty bodies. Shoeshine men ply their trade on the open-air landings. A sign warns: "Spitting in the building premises is strictly prohibited."
Yet you can find a small taste of Dubai tucked away in a modest office on the eighth floor. The cramped quarters are the local arm of Evolvence Capital, a Dubai-based private equity empire that has tentacles reaching deep into the Indian hinterland. From the simple office in Delhi, Evolvence funds businesses such as the top construction company in tropical Chennai, a high-tech pharmaceutical plant in the rocky countryside near Hyderabad, and a private cancer-treatment center run by U.S.-trained doctors in Bangalore.
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What the Market Crash Taught Me About Tech
By Gene Marks
At best, technology can help us do things faster, but it doesn't do a good job predicting things or even helping managers make decisions
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At best, technology can help us do things faster, but it doesn't do a good job predicting things or even helping managers make decisions
O.K., so the market crashed, and we're in a recession. There's also some good news to go around. Warren Buffett's buying. The elections are finally over. The Phillies won the World Series. I've got a year's supply of Halloween candy pilfered from my kids.
The Wall Street crisis has also taught me a great deal about technology.
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Sunday, November 02, 2008
Warren Buffett
Warren Buffett is "the world's greatest investor" and when he starts buying stocks in his personal account that is definitely worth noting. I do not think that Mr. Buffett's intent was to call "the bottom", for he is a patient investor who expects there to be volatility. I am not going against Mr. Buffett or making a market call, only bringing to light the similarities of the 1929 chart and the current Dow chart.
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Haunting Wall Street: The Halloween Terminology Of Investing
by Andrew Beattie
Once again, it is time for All Hallows Eve: pumpkins are turning up on doorsteps, and small children are dressing like ghouls and pop stars. So to get into the spirit of things, let's look at some of the more macabre and bloodcurdling terms circulating in the investment world.
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Once again, it is time for All Hallows Eve: pumpkins are turning up on doorsteps, and small children are dressing like ghouls and pop stars. So to get into the spirit of things, let's look at some of the more macabre and bloodcurdling terms circulating in the investment world.
CLICK HERE TO READ MORE==>
The Ghouls And Monsters On Wall Street
by Andrew Beattie
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It's Halloween and adults and children alike have been browsing costume shops for teeth, fake scars and the occasional severed hand. Running around with a gorilla mask and a chain of severed heads around your neck can have shock value, but if you want to be truly terrifying, it might be better to put on a power business suit, carry a briefcase and flash everyone a quick smile. This article will look at the biggest monsters ever to hound Wall Street - the people whose crimes were so heinous that investors still flinch whenever their names are mentioned.
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Dissecting The Bear Stearns Hedge Fund Collapse
by Investopedia Staff
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The headline grabbing collapse of two Bear Stearns hedge funds in July 2007 offers fascinating insight into the world of hedge fund strategies and their associated risks.
In this article, we'll first examine how hedge funds work and explore the risky strategies they employ to produce their big returns. Next, we'll apply this knowledge to see what caused the implosion of two prominent Bear Stearns hedge funds, the Bear Stearns High-Grade Structured Credit Fund and the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund.
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Too Smart for its Own Good
by Victoria Barret
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During the decade of Meg Whitman's reign, Ebay clung fiercely to the auction model that made it a multibillion -dollar hit. The oft-repeated phrase inside the company's San Jose, California headquarters: "Don't screw it up."
Somehow they did.
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Tales From Wall Street's Crypt
by Andrew Beattie
All old abodes have their ghosts, and Wall Street has been well-lived-in since the Dutch erected a wooden stockade to guard against attack in the 17th century. With hundreds of years during which fortunes have been won, lost, lamented and despaired over, there is no shortage of restless spirits from the past. Let's take look at three gory tales let loose from Wall Street's crypt.
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All old abodes have their ghosts, and Wall Street has been well-lived-in since the Dutch erected a wooden stockade to guard against attack in the 17th century. With hundreds of years during which fortunes have been won, lost, lamented and despaired over, there is no shortage of restless spirits from the past. Let's take look at three gory tales let loose from Wall Street's crypt.
CLICK HERE TO READ MORE==>
Dawn Of The Zombie Debt
by Amy Fontinelle
Have you ever received a letter or phone call asking you to pay a debt that you're not sure you owe? If so, you may be the target of zombie debt collectors. What zombie debt is? How does it rise from the dead? What you can do if zombie debt starts its relentless lurch toward you? Find how to protect yourself from these zombies and finally lay them to rest.
CLICK HERE TO READ MORE==>
Have you ever received a letter or phone call asking you to pay a debt that you're not sure you owe? If so, you may be the target of zombie debt collectors. What zombie debt is? How does it rise from the dead? What you can do if zombie debt starts its relentless lurch toward you? Find how to protect yourself from these zombies and finally lay them to rest.
CLICK HERE TO READ MORE==>
Wednesday, October 29, 2008
Investors losing faith in Citigroup
Analysts speculate that the nation's fourth-largest bank needs to make a deal sometime in the near future.
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NEW YORK (CNNMoney.com) -- What now, Citigroup?
That is the biggest question that investors are itching to have answered by the nation's fourth largest bank by deposits.
It has certainly been an interesting time for the New York City-based firm to say the least. Earlier this month, it was one of the first nine banks chosen by the Treasury Department to receive a cash injection in exchange for stock. Citigroup will receive $25 billion.
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Congress: Don't use bailout for bonuses
Nancy Pelosi and Harry Reid sent a joint letter to Treasury about financial executives' compensation.
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WASHINGTON (AP) -- Leaders from both parties expressed concern Wednesday that a taxpayer-funded bailout of the financial industry will be used to pad the pockets of executives rather than get the economy rolling again.
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Five reasons to buy Yahoo stock
By Adam Lashinsky
The struggling Internet company may look like a basket case but now's the time to jump in.
SAN FRANCISCO (Fortune) -- Here's why you should buy, not bail, on Yahoo.
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The struggling Internet company may look like a basket case but now's the time to jump in.
SAN FRANCISCO (Fortune) -- Here's why you should buy, not bail, on Yahoo.
1. Eventually, management will get tossed.
Starting with the least scientific or analytical reason for owning Yahoo, there's every reason to believe the days are numbered for CEO Jerry Yang and President Susan Decker. By all accounts fine people, they simply haven't led Yahoo well.
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Is buy-and-hold dead and gone?
By Brian O'Keefe
Investor Daily: As volatile and scary as stocks look now, here are three big reasons not to abandon your investing strategy.
CLICK HERE TO READ MORE=>
Investor Daily: As volatile and scary as stocks look now, here are three big reasons not to abandon your investing strategy.
(Fortune magazine) -- That's about the craziest thing I've ever heard!" shouts Jeremy Siegel through the phone when I mention the headline of this story. "I mean, what's the rationale for anyone saying that?" I had called up the Wharton professor because he's one of the high priests of buy-and-hold investing. In his classic book, Stocks for the Long Run, Siegel analyzed 200 years' worth of U.S. market returns and concluded that patient, consistent investment in stocks over a long period is the most effective strategy for wealth creation among regular folks.
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Retail stocks: Where the smart money is
By Suzanne Kapner
Investor Daily: The outlook for retailers isn't good. Here's one way pros are separating the winners from losers
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Investor Daily: The outlook for retailers isn't good. Here's one way pros are separating the winners from losers
NEW YORK (Fortune) -- A chill has descended on America's shopping malls. With credit markets frozen, the Dow plunging and consumers buying less, retailers are bracing themselves for one of the worst holiday seasons in nearly two decades.
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Look who pays for the bailout
By Shawn Tully with Joan Caplin
Meet the Henrys (high earners, not rich yet). They make $250,000-plus and get taxed to high heaven. And they're about to get socked again.
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Meet the Henrys (high earners, not rich yet). They make $250,000-plus and get taxed to high heaven. And they're about to get socked again.
(Fortune magazine) -- Bill Kwon is the embodiment of the American dream. His father - who was arrested by North Korean Communists in the early 1950s for championing democracy - brought the family from Seoul to Illinois when he was a baby. Bill worked himself ragged pursuing every opportunity America's heartland offered, never leaving Peoria.
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For bank investors, TARP is full of holes
by Colin Barr
The federal program aims to capitalize strong banks and push weaker ones to merge - but how those diagnoses get made is hard to say.
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The federal program aims to capitalize strong banks and push weaker ones to merge - but how those diagnoses get made is hard to say.
NEW YORK (Fortune) -- It's no surprise that even a $700 billion TARP can't cover everyone.
What remains mysterious, though, is how the government is deciding which banks get to participate in its TARP Capital Purchase Program, and which don't.
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Playing the blame game
By Allan Sloan
Will 'mark to market' accounting take the fall for the Wall Street mess?
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Will 'mark to market' accounting take the fall for the Wall Street mess?
(Fortune Magazine) -- Mark to market is a business rarity - an accounting term that draws reactions from people who don't know spreadsheets from bedsheets. Mark to market, which we'll call MTM, evokes images of Enron's made-up profits and the other corporate scandals that marred the first years of this decade. Not pretty.
Now MTM - which means valuing marketable securities at market prices - is a hot item again, but for the opposite reason. This time financial companies and their allies are claiming it's too strict. They argue that marking the value of complex, illiquid securities to artificially low market prices has unnecessarily crippled the U.S. and world financial systems by creating billions of illusory losses on perfectly fine (albeit illiquid) securities, such as collateralized debt obligations linked to mortgages. Markets for these things, the argument goes, are depressed way below true economic value.
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Can this man save Wall Street?
by Katrina Brooker, senior writer
BlackRock's Larry Fink helped popularize the same mortgage-backed securities that nearly poisoned the banking system. Now his firm is making millions cleaning up these toxic assets.
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BlackRock's Larry Fink helped popularize the same mortgage-backed securities that nearly poisoned the banking system. Now his firm is making millions cleaning up these toxic assets.
(Fortune Magazine) -- At 11 o'clock in the evening on Saturday, Sept. 13, Larry Fink was about to board a flight from New York to Singapore. The following Monday he was scheduled to meet with the managers of several Asian sovereign-wealth funds. For the head of BlackRock, one of the world's largest asset managers, this trip was a huge opportunity that could mean billions of dollars in new business.
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Wednesday, October 22, 2008
How Will Treasury Pick the Banks to Save? Just Trust Them
Over the coming months, the Treasury Department will be doling out $125 billion to financial institutions, in addition to the $125 billion it's already promised nine of the country's biggest banks. And it will be deciding which banks get taxpayer money in private, using a secret set of criteria.
Secretary Henry Paulson (Shannon Stapleton/Reuters)
So far, Treasury Secretary Hank Paulson has only provided a general guideline for the so-called Capital Purchase Program. It's "designed to attract broad participation by healthy institutions," he said yesterday.
But what is a "healthy" bank? Those looking for a more concrete guarantee that the Treasury will invest the money wisely will be disappointed.
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Secretary Henry Paulson (Shannon Stapleton/Reuters)
So far, Treasury Secretary Hank Paulson has only provided a general guideline for the so-called Capital Purchase Program. It's "designed to attract broad participation by healthy institutions," he said yesterday.
But what is a "healthy" bank? Those looking for a more concrete guarantee that the Treasury will invest the money wisely will be disappointed.
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Too small to fail
by Seth Godin
One secret of being a large financial institution is that you can take huge risks because you're too big to fail. If you hit craps and lose it all, don't worry, because you'll get bailed out.
One secret of 'small is the new big' thinking is that you won't fail and you can't fail and you don't need to worry about a bailout. Not because you're small in headcount or assets, but because you act small.
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One secret of being a large financial institution is that you can take huge risks because you're too big to fail. If you hit craps and lose it all, don't worry, because you'll get bailed out.
One secret of 'small is the new big' thinking is that you won't fail and you can't fail and you don't need to worry about a bailout. Not because you're small in headcount or assets, but because you act small.
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Arbeter: The Key Ingredient for a Stock Rally
S&P's chief technical strategist says the market needs to see major price gains on strong volume on a more consistent basis
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10 trends for long-term gains
What's the fastest way to restore your wounded portfolio? Put money into stocks that give you exposure to these trends. And there are some changes to the 50 Best Stocks in the World.
In the short term, you want to sell. Everything. And that's not an irrational desire. In a bear market, everything goes down. Good and bad stocks plunge. In fact, during the latter stages of a bear market, good stocks fall hardest. They're the only things that have kept any value, and investors desperate to raise cash dump the best of what is left in their portfolios to head off doom.
In the long term, you want to buy. Not everything, of course, but certainly the great stocks that have the best long-term prospects. You want to own the winners that have long-term, decade-long trends running in their favor. You want to hold on to those beneficiaries of long-term trends that you already own.
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Hedging Your Bets: Financial and Personal
Dear Readers,
It really has been an amazing time; I've traded the equity markets since late 1977, and I've never seen market and economic conditions like these. It's not just the ferocity of the decline: it's also the extended high volatility and the way that so many of the major asset classes: commodities, bonds, and stocks have been hit hard--and simultaneously. Add that to the decline in housing and more general concerns over recession and you have bearish sentiment that feels qualitatively different than at prior market drops.
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Health-Care Reform: McCain vs. Obama
by Catherine Arnst
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The candidates' proposals reflect their philosophical differences, but both pledge to cover the 45 million uninsured Americans
There is a basic philosophical difference at the heart of the health-care reform proposals of Senators John McCain and Barack Obama, and in this case McCain really is the maverick.
McCain, the Republican candidate, wants to decouple insurance from employment to some degree, long the standard way most Americans get coverage. He believes market forces unleashed will broaden the number of people covered and lower health-care costs.
Democratic candidate Obama wants to expand the existing employer and government-based insurance system.
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Young Bankers: Not Feeling Their Pain
By Lindsey Gerdes
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I know it's not right, but there's some pleasure in watching my high-achieving former classmates squirm
An investment banker friend was recently complaining about the havoc and uncertainty at her workplace in these crazy times. I tried to express sympathy. But I found that I just didn't care. Actually, even worse: I felt like rolling my eyes. And this is a person I like.
Recently, I've found myself not only NOT empathizing with my fellow twentysomethings in the beleaguered financial services industry, but experiencing undeniable pleasure at their increasingly tenuous circumstances.
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The Feds' Next Step After Rescuing Banks
By Jane Sasseen
Many argue that after the $250 billion bank capital injection the government must then stem the surge in foreclosures
The financial system, perhaps, has been saved. Now, what about homeowners?
So far, attempts to slow the foreclosure epidemic at the center of the crisis have had little impact. Despite "voluntary" industrywide efforts to rework troubled mortgages—efforts that Treasury Secretary Henry Paulson jawboned banks and mortgage servicers into undertaking last fall—the numbers continue to soar. In 2008 some 1.69 million homeowners will lose their houses—double the rate of two years ago, says Rod Dubitsky, managing director for asset-backed securities at Credit Suisse (CS). He thinks 3.6 million more foreclosures could pile up through 2012.
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Many argue that after the $250 billion bank capital injection the government must then stem the surge in foreclosures
The financial system, perhaps, has been saved. Now, what about homeowners?
So far, attempts to slow the foreclosure epidemic at the center of the crisis have had little impact. Despite "voluntary" industrywide efforts to rework troubled mortgages—efforts that Treasury Secretary Henry Paulson jawboned banks and mortgage servicers into undertaking last fall—the numbers continue to soar. In 2008 some 1.69 million homeowners will lose their houses—double the rate of two years ago, says Rod Dubitsky, managing director for asset-backed securities at Credit Suisse (CS). He thinks 3.6 million more foreclosures could pile up through 2012.
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The Coming Pink Slip Epidemic
Economic woe usually leads to layoffs in certain industries, but this time the pink slips will be widespread
By Moira Herbst
When the dot-com and housing bubbles burst, it was easy to see what types of jobs would disappear. But these days as nervous lenders cower and credit contracts, virtually every industry is likely to be scathed in the widely predicted downturn starting this autumn. Nearly every business relies on credit to operate—just as they need customers to have spending power.
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By Moira Herbst
When the dot-com and housing bubbles burst, it was easy to see what types of jobs would disappear. But these days as nervous lenders cower and credit contracts, virtually every industry is likely to be scathed in the widely predicted downturn starting this autumn. Nearly every business relies on credit to operate—just as they need customers to have spending power.
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Saturday, October 18, 2008
FBI resources limited for economic probes: report
The FBI, after years spent focusing on national security, is struggling to find agents and resources to investigate wrongdoing tied to the country's economic crisis, The New York Times reported in Sunday editions.
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South Korean analyst sacked for saying greed is bad
SEOUL (Reuters) – A South Korean financial researcher was sacked for telling a TV talk show that people made unwise investment decisions because they were too greedy, his company said on Friday.
Han Sang-choon, deputy head of Mirae Asset Investment Education Institute, said investors ignored warnings over the past few months that trouble lay ahead for stocks and held on to funds thinking a big pay day was just around the corner.
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Han Sang-choon, deputy head of Mirae Asset Investment Education Institute, said investors ignored warnings over the past few months that trouble lay ahead for stocks and held on to funds thinking a big pay day was just around the corner.
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Japan Goes Bananas For a New Diet
Keiko Akai is very annoyed. The attractive 21-year-old university student has been planning to do a banana diet for some time now, but she can't get started — and not for lack of trying. "I keep going to OK Store, my local supermarket every single day," she says. "In fact, I've just been there. There are no bananas on the shelves, and it's been like that for a month."
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Nobel Laureate: How to Get Out of the Financial Crisis
The amount of bad news over the past weeks has been bewildering for many people in the world. Stock markets have plunged, banks have stopped lending to one another, and central bankers and treasury secretaries appear daily on television looking worried. Many economists have warned that we are facing the worst economic crisis the world has seen since 1929. The only good news is that oil prices have finally started to come down.
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Oil Discovery Could Put Cuba In Big League
Cuban officials have said that the country's oil reserves may be more than double the previous estimate, according to reports, which could turn the Communist nation into an oil exporter and bring money flowing into its economy.
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SEC head calls for transparency on credit default swap
NEW YORK (Reuters) – SEC Chairman Christopher Cox has called on Congress to pass legislation that would make so-called credit default swaps more transparent, including requiring that dealers in over-the-counter swaps publicly report their trades and the trades' value.
Writing in Sunday's New York Times, Cox noted that the $55 trillion credit defaults market is more than the GNP of all the world's nations combined, and that credit default swaps "play an important role in the smooth functioning of capital markets."
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Writing in Sunday's New York Times, Cox noted that the $55 trillion credit defaults market is more than the GNP of all the world's nations combined, and that credit default swaps "play an important role in the smooth functioning of capital markets."
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Wall Street ponders whether rebound is for real
NEW YORK (AFP) – A strong rally that lifted Wall Street from last week's multiyear lows has investors pondering whether the worst is now over for the stock market battered by its worst bear market in decades.
Some analysts say the savage selloffs over the past weeks have effectively established a "bottom" for the stock indexes, although others say a rebound will be hard to maintain with confidence weak and recession likely.
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Some analysts say the savage selloffs over the past weeks have effectively established a "bottom" for the stock indexes, although others say a rebound will be hard to maintain with confidence weak and recession likely.
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Pa. man eats 15-pound burger
n this Monday, Oct. 13, 2008 photo released by Denny's Beer Barrel Pub, Brad Sciullo of Uniontown, Pa., is seen before attempting to eat a 15-pound cheese burger with five-pounds of toppings including bun, lettuce, tomatoes, cheese, onions, mild banana peppers and a cup each of ketchup, mustard, relish, and mayonnaise at Denny's Beer Barrel Pub in Clearfield, Pa., Monday, Oct. 13, 2008. Sciullo finished the concoction in 4 hours and 39 minutes.
(AP Photo/Logan Cramer, Denny's Beer Barrel Pub)
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The Depression's Most Innocent Victims: Mimes!
The Depression's Most Innocent Victims: Mimes!
With money scarce, locals and tourists alike have stopped tossing their spare change and loose dollars to New York City's famed street performers.
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With money scarce, locals and tourists alike have stopped tossing their spare change and loose dollars to New York City's famed street performers.
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Paulson's $250 Billion Bank Buy
Paulson's $250 Billion Bank Buy
To prevent any stigma to taking bailout funds, the feds will invest in several big banks simultaneously rather than wait for requests
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To prevent any stigma to taking bailout funds, the feds will invest in several big banks simultaneously rather than wait for requests
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The Financial Crisis Blame Game
The Financial Crisis Blame Game
Think of the current market and economic turmoil as a disaster by committee, with blunders by government officials, Wall Street pros, and regular Americans alike
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Think of the current market and economic turmoil as a disaster by committee, with blunders by government officials, Wall Street pros, and regular Americans alike
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Thursday, October 16, 2008
Verdict: The Final Presidential Debate
With a more polished, controlled performance than John McCain's in the last Presidential debate, Barack Obama displayed strong leadership, says CCL's Bill Gentry
By William A. Gentry, PhD
The Oct. 15 Presidential debate offered one last big opportunity for John McCain and Barack Obama to prove their mettle and win over voters in this hotly contested election. Since the first debate last month (BusinessWeek, 9/29/08), I have been paying close attention to each candidate's nonverbal communication, which accounts for as much as 93% of the message actually received by viewers. Nonverbal signals include everything from facial expressions, tone of voice, distance, and posture, to use of time, eye contact, and the ability to take turns in conversation.
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By William A. Gentry, PhD
The Oct. 15 Presidential debate offered one last big opportunity for John McCain and Barack Obama to prove their mettle and win over voters in this hotly contested election. Since the first debate last month (BusinessWeek, 9/29/08), I have been paying close attention to each candidate's nonverbal communication, which accounts for as much as 93% of the message actually received by viewers. Nonverbal signals include everything from facial expressions, tone of voice, distance, and posture, to use of time, eye contact, and the ability to take turns in conversation.
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Views on the Bailout, from Harlem to Wall Street
The attitudes of New Yorkers, like those of most Americans, vary according to what they have at stake
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Can Buffett Rescue the Market?
The billionaire investor's forays into GE and Goldman may restore some calm, but he can't turn the tide of the financial crisis all by himself
Warren Buffett warned several years ago about a financial crisis like the one currently engulfing Wall Street. But now that it's here, the investing wizard has decided he might as well profit from it.
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Warren Buffett warned several years ago about a financial crisis like the one currently engulfing Wall Street. But now that it's here, the investing wizard has decided he might as well profit from it.
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Who Is "Joe the Plumber"?
During the debate last night, Senator McCain repeatedly talked directly to some magical blue collar hero named Joe the Plumber. If this "Joe the Plumber" bullshit had any resonance (beyond with pundits who assume viewers and voters are so much dumber than them) it was probably tossed out the window once McCain said "hey Joe, you're rich. Congratulations." He said like at least twice, didn't he?
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4 Trading Goals You Can Set Right Now
Goals are huge. They motivate you to get to another level, providing both incentive along the way and some satisfaction once achieved. I’ve spoken of them a few times here on the blog, but felt that a little more elaboration might be in order.
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Taleb's `Black Swan' Investors Post Gains as Markets Take Dive
Oct. 14 (Bloomberg) -- Investors advised by ``Black Swan'' author Nassim Taleb have gained 50 percent or more this year as his strategies for navigating big swings in share prices paid off amid the worst stock market in seven decades.
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Jim Cramer's Erratic Year
Jim Cramer has changed his mind!
Just last week, you may recall, the shouty CNBC stock picker appeared close to tears as he begged Americans to pull all the cash they'd need for the next five years out of the crippled stock market. Well, whatever, that was last week. Now he says that we've already reached "the beginning of the end of the crisis." That sure was fast! This, of course, is in line with his (physical and intellectual) penchant for wild gesticulation.
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Just last week, you may recall, the shouty CNBC stock picker appeared close to tears as he begged Americans to pull all the cash they'd need for the next five years out of the crippled stock market. Well, whatever, that was last week. Now he says that we've already reached "the beginning of the end of the crisis." That sure was fast! This, of course, is in line with his (physical and intellectual) penchant for wild gesticulation.
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Monday, October 13, 2008
In Manhattan, $250,000 Isn't Rich
When I read a BusinessWeek.com Debate Room posting recently from a reader who said $250,000 per year is "rich" and that, even in New York City, that amount should buy you a house and leave you with an extra $5,000 per month, I laughed and then seethed.
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Bush to announce expanded bank bailout details
The Bush administration plans to spend an initial $250 billion of the $700 billion bailout buying stock in private banks, greatly expanding protections for the U.S. financial system out of deep concern for the faltering economy, industry and government officials said Monday night. President Bush planned to announce the details Tuesday morning.
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Europe to U.S.: You messed up the rescue, too
The plans for a massive bank bailout by European governments differ strikingly from the U.S. approach.
First you mess up the world's financial system. Then you blow the rescue of it. Now let's show you how to do it properly.
That, in a nutshell, is the less-than-flattering message European governments are sending to the U.S. as they mount their own gigantic bank bailout.
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First you mess up the world's financial system. Then you blow the rescue of it. Now let's show you how to do it properly.
That, in a nutshell, is the less-than-flattering message European governments are sending to the U.S. as they mount their own gigantic bank bailout.
CLICK HERE TO READ==>
Missouri grandmother's curiosity squashes scam
Delpha Speak has 13 grandchildren and she didn't think it was completely implausible that one of her grandsons-in-law would call her to say he was in trouble. The 72-year-old retiree could tell something was wrong, and she wanted to do whatever she could to help.
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A cruel September for 5 bank CEOs
A slew of corporate chiefs hung up their hats - or found themselves no longer calling all the shots - after the recent market turmoil.
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I was lucky to get out!!
Losing a job? Bad news. Losing a job at an investment bank a couple of months from extinction? Maybe just another lucky break for Erin Callan. Lehman Brothers' high-profile ex-CFO spoke to Fortune in her first interview since leaving the firm.
By Katie Benner, writer-reporter
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By Katie Benner, writer-reporter
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20 most profitable companies
Exxon Mobil was the most profitable company last year by far, raking in $39.5 billion in earnings. Who else made the top 20?
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Sunday, October 12, 2008
Hard Times For New Yorkers
Aziza and Alberto Chevez wanted nothing more than to have their baby girl, Athena, grow up in a happy home surrounded by love.
So with a combined income of $40,000, the Bronx couple adopted two kittens, which they named Keith and Precious.
"I wanted her to have the same love that I had as a kid growing up with cats," Aziza said.
But two weeks ago, Aziza (pictured), 20, a restaurant hostess, and Alberto, 22, a bartender, faced a decision: Buy kitty litter and cat food or Pampers and baby formula?
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So with a combined income of $40,000, the Bronx couple adopted two kittens, which they named Keith and Precious.
"I wanted her to have the same love that I had as a kid growing up with cats," Aziza said.
But two weeks ago, Aziza (pictured), 20, a restaurant hostess, and Alberto, 22, a bartender, faced a decision: Buy kitty litter and cat food or Pampers and baby formula?
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Holocaust survivors tell love story
Holocaust survivors tell love story
By MATT SEDENSKY
In the beginning, there was a boy, a girl and an apple.
He was a teenager in a concentration camp in Nazi-controlled Germany. She was a bit younger, living free in the village, her family posing as Christians. Their eyes met through a barbed-wire fence and she wondered what she could do for this handsome young man.
She was carrying apples, and decided to throw one over the fence. He caught it and ran away toward the barracks. And so it began.
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By MATT SEDENSKY
In the beginning, there was a boy, a girl and an apple.
He was a teenager in a concentration camp in Nazi-controlled Germany. She was a bit younger, living free in the village, her family posing as Christians. Their eyes met through a barbed-wire fence and she wondered what she could do for this handsome young man.
She was carrying apples, and decided to throw one over the fence. He caught it and ran away toward the barracks. And so it began.
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Berlusconi Says Leaders May Close World's Markets
Berlusconi Says Leaders May Close World's Markets
By Steve Scherer
Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''
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By Steve Scherer
Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''
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Stocks: Time to Slow Things Down?
Stocks: Time to Slow Things Down?
by Joseph Weber
Market experts consider such steps as banning short-sellers, requiring trading breaks, and setting up exchanges for credit default swaps
As panic-selling tears through (BusinessWeek.com, 10/9/08)> the world's stock markets, destroying billions of dollars in wealth in mere hours every day, experts both inside and outside the nation's stock exchanges are calling for dramatic steps to stop the routs. A full-scale ban or restriction on short-selling, regulation of traders who use powerful computer programs to trade millions of shares of stock in seconds, and even temporary breaks in the trading day to give investors a chance to catch their breath are among the ideas being bandied about.
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by Joseph Weber
Market experts consider such steps as banning short-sellers, requiring trading breaks, and setting up exchanges for credit default swaps
As panic-selling tears through (BusinessWeek.com, 10/9/08)> the world's stock markets, destroying billions of dollars in wealth in mere hours every day, experts both inside and outside the nation's stock exchanges are calling for dramatic steps to stop the routs. A full-scale ban or restriction on short-selling, regulation of traders who use powerful computer programs to trade millions of shares of stock in seconds, and even temporary breaks in the trading day to give investors a chance to catch their breath are among the ideas being bandied about.
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Where Homes Are Selling Fastest
Where Homes Are Selling Fastest
by Prashant Gopal
But even real estate in the best Zip Codes are spending longer on the market than in 2007
Houses in Sunnyvale, Calif., home to companies such as Juniper Network (JNPR), AMD (AMD), and Yahoo! (YHOO), are typically on the market for 66 days, making it the fastest-selling real estate market in the country. That's the good news. The bad news is that listings a year ago in the affluent Silicon Valley suburb normally sold after just 31 days on the market.
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by Prashant Gopal
But even real estate in the best Zip Codes are spending longer on the market than in 2007
Houses in Sunnyvale, Calif., home to companies such as Juniper Network (JNPR), AMD (AMD), and Yahoo! (YHOO), are typically on the market for 66 days, making it the fastest-selling real estate market in the country. That's the good news. The bad news is that listings a year ago in the affluent Silicon Valley suburb normally sold after just 31 days on the market.
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The Sky Falls on Wall Street
The Sky Falls on Wall Street
by Peter Coy
The week started with hope for a U.S. plan to calm world stock markets. By Friday, investors wondered if anything could stop the slide
Stupefying. Dizzying. Deeply unsettling. The panic that swept the global financial markets in the past five business days, Oct. 6-10, will go down in history—either in its own right or possibly as a prelude to something worse.
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by Peter Coy
The week started with hope for a U.S. plan to calm world stock markets. By Friday, investors wondered if anything could stop the slide
Stupefying. Dizzying. Deeply unsettling. The panic that swept the global financial markets in the past five business days, Oct. 6-10, will go down in history—either in its own right or possibly as a prelude to something worse.
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The Stunning Collapse of Iceland
The Stunning Collapse of Iceland
by Kerry Capell
Even after the government's seizure of top banks, Iceland may face bankruptcy, with dire effects for huge Icelandic investments overseas
Home to just 304,000 people, tiny Iceland is emerging as the biggest casualty of the global financial crisis. On Oct. 9, the government took control of the country's largest bank, Kaupthing (KAUP.ST), and halted trading on the Reykjavik stock exchange until Oct. 13. Authorities also used sweeping new emergency powers to hive off most of the domestic assets of the country's second-largest bank, Landsbanki, into a separate entity to be called "New Landsbanki" that will be fully owned by the government.
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by Kerry Capell
Even after the government's seizure of top banks, Iceland may face bankruptcy, with dire effects for huge Icelandic investments overseas
Home to just 304,000 people, tiny Iceland is emerging as the biggest casualty of the global financial crisis. On Oct. 9, the government took control of the country's largest bank, Kaupthing (KAUP.ST), and halted trading on the Reykjavik stock exchange until Oct. 13. Authorities also used sweeping new emergency powers to hive off most of the domestic assets of the country's second-largest bank, Landsbanki, into a separate entity to be called "New Landsbanki" that will be fully owned by the government.
CLICK HERE TO READ MORE==>
Panic Resets Oil Prices
Panic Resets Oil Prices
by Moira Herbst
As the cost of a barrel sinks below $78, demand forecasts are down and investors are fleeing the market. That's bad news for Big Oil
The era of sky-high oil prices and record oil company profits could be over—for now.
That's because stock market panic is spreading to the oil market. Oil prices sank to their lowest level in 13 months on Oct. 10 as worldwide investor uncertainty grew. Light, sweet crude for November delivery fell $8.89 per barrel, or 10%, to settle at $77.70 a barrel on the New York Mercantile Exchange, or Nymex (CME). Oil has lost 47% since hitting a record $147.27 on July 11.
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by Moira Herbst
As the cost of a barrel sinks below $78, demand forecasts are down and investors are fleeing the market. That's bad news for Big Oil
The era of sky-high oil prices and record oil company profits could be over—for now.
That's because stock market panic is spreading to the oil market. Oil prices sank to their lowest level in 13 months on Oct. 10 as worldwide investor uncertainty grew. Light, sweet crude for November delivery fell $8.89 per barrel, or 10%, to settle at $77.70 a barrel on the New York Mercantile Exchange, or Nymex (CME). Oil has lost 47% since hitting a record $147.27 on July 11.
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The Next Meltdown: Credit-Card Debt
The Next Meltdown: Credit-Card Debt
Rising rates are accelerating credit-card defaults and soured debt could further undermine the financial system
by Jessica Silver-Greenberg
The troubles sound familiar. Borrowers falling behind on their payments. Defaults rising. Huge swaths of loans souring. Investors getting burned. But forget the now-familiar tales of mortgages gone bad. The next horror for beaten-down financial firms is the $950 billion worth of outstanding credit-card debt—much of it toxic.
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Rising rates are accelerating credit-card defaults and soured debt could further undermine the financial system
by Jessica Silver-Greenberg
The troubles sound familiar. Borrowers falling behind on their payments. Defaults rising. Huge swaths of loans souring. Investors getting burned. But forget the now-familiar tales of mortgages gone bad. The next horror for beaten-down financial firms is the $950 billion worth of outstanding credit-card debt—much of it toxic.
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The Rise of the Machines
The Rise of the Machines
By RICHARD DOOLING
Published: October 11, 2008
“BEWARE of geeks bearing formulas.” So saith Warren Buffett, the Wizard of Omaha. Words to bear in mind as we bail out banks and buy up mortgages and tweak interest rates and nothing, nothing seems to make any difference on Wall Street or Main Street. Years ago, Mr. Buffett called derivatives “weapons of financial mass destruction” — an apt metaphor considering that the Manhattan Project’s math and physics geeks bearing formulas brought us the original weapon of mass destruction, at Trinity in New Mexico on July 16, 1945.
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By RICHARD DOOLING
Published: October 11, 2008
“BEWARE of geeks bearing formulas.” So saith Warren Buffett, the Wizard of Omaha. Words to bear in mind as we bail out banks and buy up mortgages and tweak interest rates and nothing, nothing seems to make any difference on Wall Street or Main Street. Years ago, Mr. Buffett called derivatives “weapons of financial mass destruction” — an apt metaphor considering that the Manhattan Project’s math and physics geeks bearing formulas brought us the original weapon of mass destruction, at Trinity in New Mexico on July 16, 1945.
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An Expensive Lesson
An Expensive Lesson
By Brian Shannon
Early 2001 was a wild time for trading. While most people remember it as being the mid point of the end of a spectacular bull market, I remember the great day trading opportunities the volatile market provided. In a way it reminds me of the current market environment…but this article isn’t about a market call, it is about one of my worst trading mistakes and the lesson learned from it.
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By Brian Shannon
Early 2001 was a wild time for trading. While most people remember it as being the mid point of the end of a spectacular bull market, I remember the great day trading opportunities the volatile market provided. In a way it reminds me of the current market environment…but this article isn’t about a market call, it is about one of my worst trading mistakes and the lesson learned from it.
CLICK HERE TO READ MORE=>
Increase Your Odds with Multiple Time Frame Analysis
Increase Your Odds with Multiple Time Frame Analysis
by: Brian Shannon
Two or more time frames are better than one when it comes to technical analysis. Here’s how to make the most of time frames.
We have all heard the market cliché “the trend is your friend” and for good reason. Making big money in the markets is accomplished by entering a position at the onset of a new trend and then having the patience to hold the position long enough to allow the profit to accumulate into a large winner. Participation in a long-term trend is the dream of every investor. To have a huge winner that we believed in and held well beyond the point where most participants would have been shaken out on a short- term pullbacks is what allows successful investors to reap large gains.
CLICK HERE TO READ MORE==>
by: Brian Shannon
Two or more time frames are better than one when it comes to technical analysis. Here’s how to make the most of time frames.
We have all heard the market cliché “the trend is your friend” and for good reason. Making big money in the markets is accomplished by entering a position at the onset of a new trend and then having the patience to hold the position long enough to allow the profit to accumulate into a large winner. Participation in a long-term trend is the dream of every investor. To have a huge winner that we believed in and held well beyond the point where most participants would have been shaken out on a short- term pullbacks is what allows successful investors to reap large gains.
CLICK HERE TO READ MORE==>
Monday, October 06, 2008
ALAN PROFITS FROM MELTDOWN
AS they like to say on Wall Street: "There is always a bull market somewhere," and while such an animal was especially hard to find this week - there was an emerging bull market in outrage forming among investors and non-investors nationwide.
Traders in this "market" are swapping names of those most to blame for a crisis that has the US banking system on life support.
Some of the most active names on the Outrage Exchange are obvious: SEC Chairman Chris Cox, former Lehman Brothers CEO Dick Fuld, former Merrill Lynch CEO Stan O'Neill. Past executives at Fannie and Freddie each get a bid. And the drumbeat will continue.
Still, for my money, the stock of former Fed Chief Alan Greenspan deserves the highest multiple in what could be called the audacity-to-outrage ratio. The audacity of Greenspan's actions is high, while the popular outrage still remains remarkably low.
CLICK HERE TO READ MORE==>
Traders in this "market" are swapping names of those most to blame for a crisis that has the US banking system on life support.
Some of the most active names on the Outrage Exchange are obvious: SEC Chairman Chris Cox, former Lehman Brothers CEO Dick Fuld, former Merrill Lynch CEO Stan O'Neill. Past executives at Fannie and Freddie each get a bid. And the drumbeat will continue.
Still, for my money, the stock of former Fed Chief Alan Greenspan deserves the highest multiple in what could be called the audacity-to-outrage ratio. The audacity of Greenspan's actions is high, while the popular outrage still remains remarkably low.
CLICK HERE TO READ MORE==>
Frank Words from a Battered Hedge Fund Manager
TPG-Axon, a hedge fund run by a former Goldman Sachs trader, spared no words when writing its investors about September.
In a 13-page letter, Dinakar Singh wrote that the last quarter for his fund was “abysmal,” with the emphasis in the original text. “We are sorry to have let you down with the terrible performance of this porfolio,” Mr. Singh wrote.
CLICK HERE TO READ MORE===>
In a 13-page letter, Dinakar Singh wrote that the last quarter for his fund was “abysmal,” with the emphasis in the original text. “We are sorry to have let you down with the terrible performance of this porfolio,” Mr. Singh wrote.
CLICK HERE TO READ MORE===>
SPOTLIGHT FALLS ON A CHASTENED DICK FULD
A humbled Lehman Brothers CEO Dick Fuld is set to make his first public appearance in three weeks since the monumental collapse of his 158-year-old bond shop.
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The Road to Lehman’s Failure Was Littered With Lost Chances
Richard S. Fuld Jr. was under siege in mid-July. His renowned investment bank, Lehman Brothers, was barraged with questions about whether the expanding credit crisis would engulf the bank and wipe out investors.
Signs of worry abounded. The company’s shares had plummeted, its debt had been downgraded, and investors were increasingly worried about a Lehman default. It was a downward spiral that mirrored the demise of Bear Stearns four months earlier.
Then Mr. Fuld, the chief executive, had an idea to silence the rumors that seemed to crop up every day.
CLICK HERE TO READ MORE==>
Signs of worry abounded. The company’s shares had plummeted, its debt had been downgraded, and investors were increasingly worried about a Lehman default. It was a downward spiral that mirrored the demise of Bear Stearns four months earlier.
Then Mr. Fuld, the chief executive, had an idea to silence the rumors that seemed to crop up every day.
CLICK HERE TO READ MORE==>
A Gloomy Picture for Hedge Funds
Hedge funds’ annus horribilis is getting worse. The average fund, after losing nearly 5 percent in the first eight months of the year, was down an additional 7 percent in September, according to Hedge Fund Research. Many other factors are making life difficult for fund managers, too. An industry shakeout looks inevitable.
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CLICK HERE TO READ MORE ==>
Can’t Open Your E-Mailbox? Good Luck!!
LOGGING on to Gmail or other e-mail service has become a routine of daily life, completed without a thought. What would you do, however, if you woke up tomorrow, plugged in your user name and password as you always do, but then received an unfamiliar message: “User name and password do not match”?
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How Can I Trade the Way I Want to Trade?
By Brett Steenbarger:
A reader recently asked me a good question for these volatile times: "How can I trade the way I want to trade and not trade P&L?"
I will provide my answer to this question, but then I'd like to invite readers to submit their own answers via comments to this post.
For me, position sizing is a psychological strategy as well as a strategy for risk management. If I have a system for position sizing and a stop-loss level, I can define precisely how much dollar risk I want to put into a trade idea.
CLICK HERE TO READ MORE=====>
A reader recently asked me a good question for these volatile times: "How can I trade the way I want to trade and not trade P&L?"
I will provide my answer to this question, but then I'd like to invite readers to submit their own answers via comments to this post.
For me, position sizing is a psychological strategy as well as a strategy for risk management. If I have a system for position sizing and a stop-loss level, I can define precisely how much dollar risk I want to put into a trade idea.
CLICK HERE TO READ MORE=====>
Like J.P. Morgan, Warren E. Buffett Braves a Crisis
In the midst of a financial crisis, a towering figure of American business steps forward with his reputation and financial resources for public good and personal gain.
Their times and personalities are vastly different, of course. But J. Pierpont Morgan’s role in the Panic of 1907 has its echo in Warren E. Buffett’s actions during the current financial troubles.
“What Buffett is doing is similar in ways to what Morgan did in 1907,” said Richard Sylla, an economist and financial historian at the Stern School of Business at New York University. “It’s what you might call profitable patriotism.”
CLICK HERE TO READ MORE ==>
Their times and personalities are vastly different, of course. But J. Pierpont Morgan’s role in the Panic of 1907 has its echo in Warren E. Buffett’s actions during the current financial troubles.
“What Buffett is doing is similar in ways to what Morgan did in 1907,” said Richard Sylla, an economist and financial historian at the Stern School of Business at New York University. “It’s what you might call profitable patriotism.”
CLICK HERE TO READ MORE ==>
Tuesday, September 30, 2008
Cheer up: Here comes a recession
Although the huge financial-rescue plan may help Wall Street, there's still plenty of bad news to come in the real economy. History gives us reason for hope, however..
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CLICK HERE TO READ MORE ===>
Monday, September 29, 2008
Wall Street, R.I.P.: The End of an Era, Even at Goldman
WALL STREET. Two simple words that — like Hollywood and Washington — conjure a world.
A world of big egos. A world where people love to roll the dice with borrowed money. A world of tightwire trading, propelled by computers.
In search of ever-higher returns — and larger yachts, faster cars and pricier art collections for their top executives — Wall Street firms bulked up their trading desks and hired pointy-headed quantum physicists to develop foolproof programs.
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Why the Bailout Bill Failed
So how could a major bill described by the president and both parties' leaders as critical to the well-being of the nation's -- and the world's -- economy go down to defeat?
There are no easy answers here, as the House's stunning defeat moments ago of the financial bailout legislation is putting us into seemingly uncharted territory. But while the final tally, with 133 Republicans and 95 Democrats voting no, was a surprise -- all morning, Hill sources were predicting narrow passage -- the signs were there that the measure was in trouble:
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There are no easy answers here, as the House's stunning defeat moments ago of the financial bailout legislation is putting us into seemingly uncharted territory. But while the final tally, with 133 Republicans and 95 Democrats voting no, was a surprise -- all morning, Hill sources were predicting narrow passage -- the signs were there that the measure was in trouble:
CLICK HERE TO READ MORE ==>
Do I Hear 4%? On This Site, Banks Bid for Your Cash
IN some bazaars, vendors call out their prices, lowering them on the spot as they vie with one another for a shopper’s business.
That’s the kind of competitive selling — and possible good deals for shoppers — that one new Web site hopes to bring to those looking to invest a nest egg in a certificate of deposit or other savings account at an attractive rate.
CLICK HERE TO READ MORE ==>
That’s the kind of competitive selling — and possible good deals for shoppers — that one new Web site hopes to bring to those looking to invest a nest egg in a certificate of deposit or other savings account at an attractive rate.
CLICK HERE TO READ MORE ==>
Roubini: Why the Treasury TARP bailout is flawed
The Treasury plan (even in its current version agreed with Congress) is very poorly conceived and does not contain many of the key elements of a sound and efficient and fair rescue plan. ...
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Market status as of Sunday, Sept 28, 2008
The Market is still in a downtrend as the 20 days moving average is below the 50 days moving average.
For more information on how to find the trend, please refer the following link and read the preview section
For more information on the "neck of the dragon" chart pattern, please refer the following link
http://www.dreamtai.com/ebook/
You can preview the book there and purchase it also from that link.
Sunday, September 28, 2008
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