Bailout Nation — The News You May Have Missed This Week
I know many of us were glued to the stock market numbers this week, there was probably good financial information that you missed:
- Joseph Stiglitz assesses the political and policy landscape that got us here. This is a Must Read.
- The Lehman credit default swaps auctions this week value those at 8.625 cents on the dollar. Barry Ritholtz over at the Big Picture earlier this week pointed to this Financial Times article that speculates that the anticipation of such a low recovery may be why the markets were so unstable this week. Note in this article that Fannie and Freddie settled at 91 – 99 cents on the dollar, highlighting the fact that its debt was not in default.
- Paul Volker tries to provide some clarity and reassurance to the financial crisis. How come BushCo couldn’t manage this Friday morning? OK, I lost my mind for a minute.
- One in six homeowners is underwater. Scary. Be sure to click on the graphic to see the distribution of these problems across the US.
- A number of economists and financial minds put together a booklet — Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis that looks like very interesting reading over coffee in the AM. Brad Delong provides his article here.
- Bill Moyers had the always interesting George Soros on his program Friday talking about the global capital meltdown and his ideas for fixing it all.
- The End of American Capitalism Sobering.
Have you read any financial articles that you want to share? Drop those links in the comments.
Tags: Bush's Fubar Economy
“One in six homeowners is underwater. Scary. Be sure to click on the graphic to see the distribution of these problems across the US.”
No foreclosures, current or pending, in my neighborhood, or in the three near it. We must be a statistical anomaly.
Now the developers trying to finish….well, they’re screwed….
At last troll and I agree on something. Yes. Those developers are screwed.
Dow 5,000 – that’s the bottom.
“Dow 5,000 – that’s the bottom.”
Now you’re being as blockheaded as DV.
I’ll spot you at 7,200 😉
Meh. Everything will be fine. Just think of it as a big ol’ clearance sale on stocks and houses.
See, glass half full.
FTR, we are not an anomaly. States like MI, FL and CA are the anomalies. The rest of the country seems to be holding its own in terms of foreclosures.
Being upside-down on a mortgage isn’t the best situation, but it’s not the end of the world. The market will come back. As long as people keep making their mortgage payments the upside-down part doesn’t really make much of a difference until they decide to sell their homes. There are worse things than having to stay in a home for 5-10 years to build a little equity.
I’m still trying to wrap my head around what it all means. The stock market does not equal the economy. I think we’ll start feeling the pain when people start losing their jobs.
Dom’s comment convinced me that I am right.
exactly…I wonder if Bed Bath Beyond has sold out of Blinders
dude you know what Dom is onto something.
HOLY SHIT… Shoot McCain an email we can solve this today!
Quick! Everyone! Don’t sell your house!
damn, back to the campaign now. That was close
meanwhile Boston/Tampa Games is pretty damn good
Not blind, just optimistic. Peaks and valleys. This just happens to be a nasty valley. It won’t always be like this. Relax.
Shoot McCain?!?! That’s totally inappropriate and dangerous language in this very contentious election cycle. Who knows what kind of crazy people might be riled up by that suggestion!
🙂
you should take over the Treasury Sec job and let them in on the “simple peeks and valleys” theory. We should have this thing wrapped up midday monday
I know you’re not an idiot…well, not a complete idiot. I’m sure you’re familiar with the way the economy moves. This is the market correcting itself (with a vengeance). It’s not going to be pretty, but it will get better. By this time next year, our 401K balances will be back to where they were, especially if Obama’s big plans for the economy come to fruition. I can’t remember what they are but I’ll be sure to Google them. 🙂
We’ll be fine. Relax. You guys are going to develop carpal tunnel from all the hand wringing.
I can’t get over this baseball game. I can barely stay awake but I can’t seem to pull myself away from it. I don’t think I can stomach the Red Sox in another WS.
By this time next year, our 401K balances will be back to where they were, especially if Obama’s big plans for the economy come to fruition.
I want a big pipe full of what you are smokin!
It’s Hopium. I got it from Barack.
Hopium….
That was good.
😉
Are you watching this baseball game?
No. Do you have comcast?
Yes. It’s on TBS.
8 to 8 in the 9th
Going into the 10th! The game that never ends. I think one of the innings was something like 53 minutes long. I really hope TB wins. It would suck for them to have to go to Boston two games down.
Let me guess you don’t like Boston because Boston fans are glassy eyed zombies. Right?
No. They have a really good record against the Phillies, IIRC. Plus they’ve won it twice in four years. Enough, already.
A Phillies fan eh?…poor thing.
Phils v Sox would be tough, but I’d like to see it.
You know the media types want Sox v Dodgers just for the Manny story.
Yes, Jason. I have a tendency to back losers and underdogs. Soft spot in my heart, I guess.
VC – Forget the Manny story, the Torre story is the better one. If he made it to the WS the year the Yankees didn’t even make it to the playoffs for the first time in almost 20 years…talk about sweet revenge. And to face the Red Sox, no less.
Phillies in would be fun. Philadelphia is waaaay overdue for a championship.
Oh. I forgot about the indoor football championship. Nevermind.
I’m pretty sure that doesn’t count.
No, I guess not. I’ll have to read about the outcome.
G’dnight.
🙂
Now if LA were to play the Yankees, I’d agree. Torre’s story is great though.
I believe the last time NYY missed the playoffs was the year before Jeter made the team – 1995.
An important discussion about the economic future of our nation changes to something really important like freaking baseball, typical. I call it internet scatterbrainitis. The world seris winner will have no effect what so ever on your childrens future, the economy will.
It’s all good, Ray. There’s time to talk about economics and there’s time to talk about baseball. Late on a Saturday night, baseball probably wins out everywhere and a sudden eruption of peace over here is probably a good thing.
Anything in those articles you want to talk about, Ray?