Again from the wise mind of Anna Schwartz courtesy of the Wall Street Journal: If they [“toxic” assets that nobody wants] are priced at current market levels, selling them would be a recipe for instant insolvency at many institutions. The fears that are locking up the credit markets would be realized, and a number of […]
This morning’s words of wisdom from Bloomberg: “To rebuild economic health in the United States, you need a serious recession that will last several years,” he said. “The patient that got drunk on credit growth needs to go into rehabilitation. To give him more alcohol, the way the Fed and the Treasury propose to do, […]
It seems that Volvo, a premier maker of heavy over the road trucks for the EU and US markets has begun to see the impacts of the contracting economy. Their orders decline to just 115 trucks ordered for the 3rd quarter of 2008, compared to 41,970 trucks for the same quarter 2007. From Bloomberg: Oct. […]
Direct from the wise mind of Anna Schwartz courtesy of the Wall Street Journal: This (the crisis) is not due to a lack of money available to lend, Ms. Schwartz says, but to a lack of faith in the ability of borrowers to repay their debts. “The Fed,” she argues, “has gone about as if […]
Again from the wise mind of Anna Schwartz courtesy of the Wall Street Journal: It takes real guts to let a large, powerful institution go down. But the alternative — the current credit freeze — is worse
From the UPI, looks like there was some form of stimulus from the government checks this summer: …the online porn industry reported 20-30% growth in membership rates this summer following the initial round of government stimulus checks in mid-May. That’s normally the slowest time of the year for online porn, AIMRCo said. Proprietors of adult […]
Next year, when my job evaporates due to the credit crunch, this is how I will spend my days. Hey look, I would win that swell bike! Courtesy of Flicker via Iowa Hawk
This could be the anthem for why the bailout is evil: Everything works much better when wrong decisions are punished and good decisions make you rich.
It’s time to embrace being thrifty, and no that does not mean you have to enjoy life any less robustly than you do today, but you may find at the end of the process that your notion of enjoying life may make a drastic change for the better. You can find it a self-renforcing cycle, […]
Daily Financial Moment Of Clarity
With the cut in interest rates to 1%, it’s clear
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