Vollständige Version anzeigen : Now this has to be scary.....not always

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12.11.2008, 21:51
Sowas ist nicht gerade sehr intelligent :schwitz
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1198905#post1198905)
...ist wohl ein Eigenschaft die langsam weltweit abhanden geht - zumindest was humane Intelligenz anbelangt :rolleyes

12.11.2008, 22:28
Wed 12 Nov 2008

BREAKING NEWS: Troubled Asset Relief Program Will Not Purchase Troubled Assets (http://lolfed.com/2008/11/12/breaking-news-troubled-asset-relief-program-will-not-purchase-troubled-assets/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/) , breaking news (http://lolfed.com/category/breaking-news/) , hank paulson (http://lolfed.com/category/hank-paulson/)

:kotz http://lolfed.com/wp-content/hank-paulson-tarp.jpg

Hammerin’ Hank has announced today he plans to revamp the Troubled Asset Relief Program to do pretty much everything but purchase troubled assets (http://www.msnbc.msn.com/id/27677764/):WASHINGTON - Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.

Paulson said the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending.

He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans.

If the TARP isn’t going to actually purchase any troubled assets, we can’t call it a TARP any more. We have to call it something more accurate, like CRAP, “Consumer Relief Action Plan,” since it’s all consumer credit on his mind right now.

At least now we know why AmEx was in such a hurry to become a bank holding company. They may now want to consider asking for far more than the $3.5 billion they asked for this morning (http://biz.yahoo.com/ap/081112/american_express_ahead_of_the_bell.html?.v=1), since apparently Treasury exists now only to make sure your credit card still works. This image via Evan Sparks:


The best part of that whole 800-hour-long words-words-words speech Paulson made this morning, as Caroline B pointed out to me, is that

http://www.my-smileys.de/generator/sign.php?font=arialbd&border=schwarz&fontcolor=schwarz&bgcolor=weiss&fontsize=klein&smilie=4&id=503e47dc05103ece2dba9c124701f4f4&post=Paulson+considers+the+bailout+to+date+to+be+a+success+ :dumm I will let that go without editorial.

13.11.2008, 09:43
12 November 2008

Congressman Asks Fed to Stop Ignoring Requests for Transparency (http://jessescrossroadscafe.blogspot.com/2008/11/congress-asks-fed-to-stop-ignoring.html)

http://4.bp.blogspot.com/_H2DePAZe2gA/SRu8YNYy1LI/AAAAAAAAGYA/Ajrz24MLVQw/s320/BeevisandBenhead.JPG (http://4.bp.blogspot.com/_H2DePAZe2gA/SRu8YNYy1LI/AAAAAAAAGYA/Ajrz24MLVQw/s1600-h/BeevisandBenhead.JPG)Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=axpH4Qil0NT8&refer=home)
Boehner Demands Fed Identify Recipients of Loans
By Laura Litvan

Nov. 12 - House Republican leader John Boehner called for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.

Boehner, in a prepared statement, also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans.

The Fed ``should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,'' Boehner said.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, there is little disclosure about how the programs are being implemented.

Bloomberg News requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

A spokesman for the Federal Reserve didn't immediately respond to requests for comment.

`Oversight, Transparency'

Boehner said he is increasingly concerned that the government's actions to add stability to financial markets is moving into areas that were not the stated intention when Congress approved $700 billion for a Treasury-administered program to bail out the financial sector that is being weighed down by the housing crisis.

``During the bipartisan negotiations between Congress and the administration, members of both parties made clear that Congress must have meaningful oversight over the use of taxpayer dollars,'' Boehner said. ``Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan.''

Senator John Cornyn of Texas, a member of the Republican leadership, said the lack of disclosure ``should trouble taxpayers and policymakers alike.''

``There cannot be accountability in government and in our financial institutions without transparency,'' he said. ``Many of the financial problems we are facing today are the direct result of too much secrecy and too little accountability.''

Representative Scott Garrett, a New Jersey Republican who serves on both the Financial Services and Banking committees, said ``it's impossible to get to the bottom of where we are because we don't have transparency.''

Posted by Jesse at 11:06 PM (http://jessescrossroadscafe.blogspot.com/2008/11/congress-asks-fed-to-stop-ignoring.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6238517640783024114) :verbeug

Paulson & Co. werden wohl wissen warum transparency nicht so sehr auf ihrer Linie liegt :bad

13.11.2008, 12:05
Thursday, November 13, 2008

Bush and Obama Diss the G20 Financial Summit (http://www.nakedcapitalism.com/2008/11/bush-and-obama-diss-g20-financial.html)

http://s3.odiogo.com/odiogo_listen_now_77x18.gif (http://javascript%3Cb%3E%3C/b%3E:showOdiogoReadNowFrame%20%28%27121381%27,%20%27bush%20and%20obama%20diss%20the%20g20%20financial%20summit%27,%20%270%27,%20290,%2055%29;)
The latest back-handed insult may be yet another variant of the Bush "we don't do multilateralism" syndrome. Unfortunately, as various pundits writing at the Financial Times have pointed out, the US's stranglehold on power is slipping. Even Obama in the campaign repeatedly said that a country cannot maintain military dominance if it is not a dominant economic player (the implication being the days of US as sole superpower are waning).

So to recap: Bush almost offhandedly agreed volunteered to host a summit to discuss the state of the financial world, a very out-of-character gesture. The most convincing explanation was that it was in response to a request by Nicolas Sarkozy, who has been very keen to strengthen international regulation, and has also been particularly helpful to the US president.

Since the time Bush picked (November 15) was after the elections, it was a bizarre gesture. Was this to pressure a new Administration into formulating views before they were ready (Bush had made it clear that the President elect would participate). China, separately, started saber-rattling to include the currency regime in the discussions, which was not part of the original game plan (and note further that the noises out of China on the dollar have been schizophrenic, which suggests, at best, that opposed camps are in a major power struggle, or at worst, China has badly conflicted objectives, as in they want to keep the yuan weak but are uncomfortable with buying more dollar assets, which is precisely what they have to do to pursue that strategy).

So the US's face saving expedient is to downgrade the summit. Obama is sending representatives who are clearly peripheral players; Paulson is now effectively saying that this session will not accomplish much:This weekend provides an opportunity for nations to take an important step, but only one step, on the necessary path to reform.That sounds like the MOST they get to do is agree on the agenda for future meetings. Only one step, children!

This verges on an insult to the other participants, and were it not for the fact that Bush called the meeting and Paulson will be in attendance, if I were in their shoes, I'd lower the seniority of my delegate pronto.

The US is also seeking to externalize responsibility for the financial mess: the problem. of course, is those Chinese, keeping their currency too cheap and running those huge trade surpluses.

Ahem, it takes two to tango. Those massive surpluses have been a feature of the landscape for quite some time. They were convenient. They kept inflation down and cheap imports and cheap finance allowed the US consumer to live above his means, masking the impact of stagnant worker wages.

We could easily have threatened protectionist measures (once China had built up some FX reserves so as to feel less at risk of a re-run of the Asian crisis). But no, the religion of free trade was not to be questioned, even if everyone was smarter about gaming the system than we were.

Mind you, global imbalances, aka, China (and Japan and Taiwan and the Gulf States) buy US assets (mainly Treasuries) to fund our chronic overconsumption IS a huge problem, and it would be vastly better if we try to find an orderly way out. But how can Paulson say with a straight face that the summit needs to address global imbalances when he just went to Congress the very same day to ask to get his hands on the rest of the TARP money ($350 billion remains) precisely to keep US citizens overspending? Yes, I know the man is a chronic liar, it is one of our favorite themes here. But the Chinese, unlike the US media, are quite willing to point out the, um, inconsistencies in our policies.......
full story: http://www.nakedcapitalism.com/2008/11/bush-and-obama-diss-g20-financial.html

.....also wird wohl wieder mal wird warme Luft geblasen :o

13.11.2008, 14:37
Energieagentur erwartet Ölpreis von 200 Dollar

Von Ulrich Friese, Gerald Braunberger und Arnd Hildebrand (http://www.faz.net/s/RubD87FF48828064DAA974C2FF3CC5F6867/Doc%7EE671A0EE1FCE04CF3A332ED1300F34684%7EATpl%7EEcommon%7EScontent.html)

http://www.faz.net/m/%7BABC04A8E-99DA-46A6-9CA1-10B92D806773%7DFile1_4.jpg (http://www.faz.net/s/Rub58BA8E456DE64F1890E34F4803239F4D/Doc%7EEEFDF88EAAD6740F69104F580B03BFE8B%7EATpl%7EEcommon%7ESMed.html)

13. November 2008 Die entspannte Lage am internationalen Markt für Rohölpreise täuscht: „Die Phase des billigen Öls ist endgültig vorbei“, heißt es im aktuellen Bericht der Internationalen Energieagentur (IEA). Sagte die renommierte Organisation der 30 größten Industrienationen bislang noch einen durchschnittlichen Preis für Rohöl von 108 Dollar je Barrel (159 Liter) bis zum Jahr 2030 voraus, sollen es nun bis dahin mindestens 200 Dollar je Barrel sein.

Die deutliche Korrektur der IEA-Prognose begründete Chefökonom Fatih Birol mit dem steigenden Energiehunger in Asien. So werde allein auf China und Indien in den nächsten 20 Jahren mehr als die Hälfte des weltweiten Wachstums bei Primärenergien entfallen. Um den stark steigenden Bedarf zu decken, seien auch weiterhin hohe Investitionen in die Infrastruktur wie Raffinerien oder Pipelines erforderlich.......

.......Die Nachfrage sinkt

Merrill Lynch bleibt bei der Auffassung, dass selbst ein Rückgang in den Bereich von 50 Dollar die langjährige Hausse nicht in Frage stellen würde, obgleich die mittelfristige Tendenz nun eindeutig nach unten weise. Diese Investmentbank weist darauf hin, dass die jüngsten amtlichen Zahlen über die Aufteilung der offenen Terminengagements in New York eine weitere Zunahme der Netto-Baisse-Positionen auf Seiten der großen spekulativen Marktteilnehmer (Hedge-Fonds) auswiesen. Diese Engagements hätten aber noch keine Extremwerte erreicht, die auf massive technische Auftriebskräfte schließen ließen......

ganzer Artikel: http://www.faz.net/s/Rub58BA8E456DE64F1890E34F4803239F4D/Doc~EEFDF88EAAD6740F69104F580B03BFE8B~ATpl~Ecommon~Scontent.html (http://www.faz.net/s/Rub58BA8E456DE64F1890E34F4803239F4D/Doc%7EEEFDF88EAAD6740F69104F580B03BFE8B%7EATpl%7EEcommon%7EScontent.html)

:gruebel irgendwann mal gab es doch was wie Angebot und Nachfrage :rolleyes also ich meine eines Produktes und nicht irgendwelcher Luftgebläse :o

13.11.2008, 17:25
http://goldtent.com/wp_gold/wp-content/uploads/2008/11/5.jpg so spart man Sprit :supi

13.11.2008, 17:33
How To Fix A Flat

Discussing who is really to blame for the situation at General Motors and other economic issues, with Thomas Friedman, Pulitzer Prize-Winning New York Times columnist and CNBC's Mark Haines.


...Steve with the "iCar" ;):hihi:supi why not :o

13.11.2008, 21:57
Thu 13 Nov 2008

Oh Yeah, He’s Still President:rolleyes (http://lolfed.com/2008/11/13/oh-yeah-hes-still-president/)

Posted by Jason under fail (http://lolfed.com/category/fail/)


So that whole global financial meltdown…thing…turns out, it isn’t actually the fault of a mostly-unregulated free market, according to noted economist George W. “President” Bush. No, he said that. He got on TV (well, okay, on C-SPAN) and said that, out loud, without snickering. In fact, much of his speech was a loud defense of American-style capitalism and free trade.

It’s funny that he said all that, because I could have sworn that a more-or-less complete lack of oversight and regulation is exactly what led financial institutions big and small to invent new ways to invent new money, and use that new money to invest in new new money, until it all came crashing down in a torrential downpour of Monopoly money, bankruptcies, FDIC takeovers, mergers, devaluations and crying grandmothers. But what do I know, I just mock the economy, he picks the guys that actually ruin it.

13.11.2008, 22:34
Congress probes hedge fund industry

Rep. Waxman examines 'virtually unregulated' hedge fund industry, in House committee testimony featuring industry player George Soros.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: November 13, 2008: 2:36 PM ET

NEW YORK (CNNMoney.com) -- A congressional committee scrutinized risks in the hedge fund industry on Thursday to determine whether further regulation is needed........

......Hedge fund assets plunged $100 billion in October, and $60 billion of that loss was from investor redemptions, according to the AP, which cited a report from data provider Eurekahedge. The AP also said hedge fund assets totaled $2.497 trillion at the end of the third quarter, citing data provider HedgeFund.net.

"Hedge funds were an integral part of the bubble." Soros said in his testimony. "But the bubble has now burst and hedge funds will be decimated. I would guess that the amount of money they manage will shrink by between 50 and 75%."

Soros, like the other hedge fund managers, agreed that increased regulation could be beneficial, but hewarned against "going overboard with regulation."

"Excessive deregulation has inflicted enormous losses on the general public and there is a real danger that the pendulum will swing too far the other way," said Soros. "That would be unfortunate because regulations are liable to be even more deficient than the market mechanism itself. That is because regulators are not only human, but also bureaucratic and susceptible to political influences."

Another witness, professor Andrew Lo, director of the Massachusetts Institute of Technology's Laboratory for Financial Engineering, suggested that regulators foster increased transparency within the financial industry and create a special public relations team to convey financial information to the general population.......


The Hedge Fund Disconnect (http://blogmaverick.com/2008/11/13/the-hedge-fund-disconnect/)

Nov 13th 2008 1:31PM

As I watch and read about the Hedge Fund testimony currently going on, its obvious that the right question has not been asked.

1. Those who give money to hedge funds rarely if ever have a 1 year investment term. In fact, the contracts for investment do everything possible to lock up your money for as long as possible.


Hedge Fund Managers pay themselves on an annual basis.

That is a huge disconnect and there in lies the rub. While it is true that the managers are paid on a performance basis (plus their 2pct of assets) and some even have clawback provisions, that is not enough. If a fund can get big enough, all they have to do is max out in a single year and the managers are set for life. They put hundreds of millions of dollars EACH in their pocket.

The investors on the other hand, can not max out returns in a single year. They are locked in. So there is a huge disconnect. Managers think short term, investors long term. Managers should be paid on their performance over a much longer period.

If you made the minimum period for managers 36 months, you would see wholesale changes in how investments are made by Hedge Funds.

So, back to the Testimony today. The questions I would ask ?

How long does the average investor stay in your funds ? Why arent you paid based on the same term rather than annually ?

5 Comments » (http://blogmaverick.com/2008/11/13/the-hedge-fund-disconnect/#postcomment)


14.11.2008, 10:03
In The Know: Should The Government Stop Dumping Money Into A Giant Hole?


1:56 min....if you are a patriot you throw money into the hole ;):o:D

14.11.2008, 10:12
"The Dollar Will Be Devalued By a Large Margin" - The Economic Times of India (http://jessescrossroadscafe.blogspot.com/2008/11/proposal-to-g20-from-economic-times-of.html)

http://3.bp.blogspot.com/_H2DePAZe2gA/SRzG2TTPSVI/AAAAAAAAGZA/N0AYmgCLefc/s200/economic_times_paper.gif (http://3.bp.blogspot.com/_H2DePAZe2gA/SRzG2TTPSVI/AAAAAAAAGZA/N0AYmgCLefc/s1600-h/economic_times_paper.gif)"We must...have a genuine international currency as the international reserve currency... As a one-time measure, the dollar will be devalued by a large margin..."

Asia seems to be growing increasingly impatient with Ben Bernanke and His Merry Banksters.

The Economic Times (http://economictimes.indiatimes.com/News/International_Business/Be_bold_enough_to_fight_the_system_from_within/rssarticleshow/msid-3710697,curpg-2.cms)
Be Bold Enough to Fight the System from Within
By Ramgopal Agarwala
14 Nov, 2008, 0126 hrs IST

The ongoing global financial tsunami that originated in the US poses a serious threat to the stability of world economy. Already the financial crisis has spread from the US to Europe, Japan and major emerging economies.

The loss of wealth due to decline in share prices alone is in scores of trillions of dollars. Similar trillions are being lost in wealth in real estate. The crisis has spread from the Wall Street to the Main Street with a serious recession in the US which is sure to have a contagion effect across the globe.

Even worse is the scenario of the future of the US dollar. The US is pumping more and more dollars into the world economy, seriously aggravating the burden of its external debt, which is already over $20 trillion. If the confidence in the US dollar is shaken and the dollar goes into a free fall, we may well have what has been called ‘mother of all monetary crises.’.........

.............The upcoming G20 summit in Washington DC could be a venue for considering these matters. Unfortunately, as indicated by the White House press release, the US seems to be putting the summit in the framework only of “reform of the regulatory and institutional regimes for the world’s financial sectors” and “strengthen(ing) the underpinnings of capitalism” by discussing how the summit leaders can “enhance their commitment to open competitive economies, as well as trade and investment liberalisation”!

Given the US veto power in Bretton Woods institutions, it can prevent the much-needed restructuring of global financial infrastructure. In that case, Asia should proceed with its own ‘Bretton Woods’ conference to set up a regional financial architecture that will pool its excess foreign exchange reserves in a regional sovereign wealth fund, create its own Asian currency unit as a parallel currency and use the seigniorage provided by the regional currency to fund the urgently needed physical and social infrastructure as well as measures to fight climate change.

This is an ambitious programme, but with a global economic calamity looming large, nothing less will do.

The author is with RIS, Delhi
:verbeug Posted by Jesse at 7:53 PM (http://jessescrossroadscafe.blogspot.com/2008/11/proposal-to-g20-from-economic-times-of.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3770842031336829627)

14.11.2008, 10:14
Central Banks Shun the US Long Bond Auction - "Too Many Unknowns" (http://jessescrossroadscafe.blogspot.com/2008/11/central-banks-shun-us-long-bond-auction.html)

"Indirect bidders, a class of investors that includes foreign central banks, bought 18 percent of the securities offered, down from 43 percent at the last sale" :rolleyes

U.S. Treasuries Fall After Investors Shun 30-Year Bond Auction
By Cordell Eddings and Sandra Hernandez

Nov. 13 (Bloomberg) -- Treasuries fell, led by 30-year bonds, after investors shunned the government's $10 billion sale of the securities amid concern that U.S. debt sales will grow...

``The 30-year is not a central bank product, and there's no real interest from pension funds'' at a yield below 4.5 percent, said Andrew Brenner, co-head of structured products in New York at MF Global Ltd., the world's largest broker of exchange-traded futures and options contracts. ``There's just no interest in it...''

``In the current market environment there are still too many unknowns,'' said William Larkin, a portfolio manager at Cabot Money Management in Salem, Massachusetts, which manages about $500 million in assets. ``People are looking for the safety of the shorter-term securities....''

Indirect bidders, a class of investors that includes foreign central banks, bought 18 percent of the securities offered, down from 43 percent at the last sale....

Futures on the Chicago Board of Trade show an 80 percent chance the Fed will lower its 1 percent target rate for overnight bank lending by a half-percentage point at its Dec. 16 meeting. The odds were 58 percent a week ago.

The difference between what banks and the Treasury pay to borrow money for three months, the so-called TED spread, was 1.96 percentage points, compared with 4.57 percentage points a month ago.

The federal budget deficit in October, the first month of fiscal 2009, climbed to a record $237.2 billion, spurred by U.S. purchases of stakes in some of the country's largest banks. It exceeded the budget shortfall for President George W. Bush's first full year in office...

Posted by Jesse at 7:12 PM (http://jessescrossroadscafe.blogspot.com/2008/11/central-banks-shun-us-long-bond-auction.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5682927031937659028) :verbeug

14.11.2008, 15:25
Fri 14 Nov 2008

Completely Devoid of Hyperbole (http://lolfed.com/2008/11/14/completely-devoid-of-hyperbole/)

Posted by Jason under breaking news (http://lolfed.com/category/breaking-news/) , fail (http://lolfed.com/category/fail/)


MSNBC reports (http://www.msnbc.msn.com/id/27716375/) as BREAKING NEWS that retail last month was off, by a lot. BREAKING NEWS, people. It is a complete surprise to everyone that consumers spent less last month, as the economy tanked, than before. Also:
The Commerce Department said Friday that retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November 2001 in the wake of the terrorist attacks that year.

Did you see that? This crisis is now officially worse than 9/11.

14.11.2008, 15:32
Fri 14 Nov 2008

And Then There Were None (http://lolfed.com/2008/11/14/and-then-there-were-none/)

Posted by Jason under fail (http://lolfed.com/category/fail/)


Ah, Citigroup, once the very image of rock-solid banking, how you have fallen. Your stock price dipped into the single digits this week, did you hear? At this rate Wells Fargo is going to buy you up and, as a final insult, use Citigroup Center as the world’s tallest beef feedlot.

Now, this (from NYT (http://www.nytimes.com/2008/11/14/business/14place.html?_r=2&ref=business&oref=slogin&oref=slogin)):
“Citi doesn’t have a credible management team, they don’t have a credible board,” said Christopher Whalen, managing partner at Institutional Risk Analytics. “If you look at their loss rate, it is almost inevitable that Citi is going to be asking the government for more money next year.”

Ha ha, you just got served. But things must be going well over at Citi, else why would Bandit and his roving gang of scamps have used their own money to buy up 1.3 million shares of C this week? Why, things are going so well there that unnamed executives are saying that a workforce reduction of up to 25% is possible by the end of next year, with some cuts imminent by next week. It takes a sound company to withstand that level of layoffs, let me tell you.

Soon Citigroup will consist of no one but the Bandit sitting alone in his ivory tower, forever buzzing his empty secretary’s desk to bring him more tea, wondering where it all went wrong, and looking very much like Michael Corleone at the end of the second Godfather. I can’t wait.

....ich dachte Herr Rubin sei so ein toller Hirsch (gewesen :confused:rolleyes) hat aber nicht viel vollbracht als Chairman :o

14.11.2008, 16:09
Problem - Reaction - Solution (http://goldtent.com/wp_gold/2008/11/14/problem-reaction-solution/)

-> Posted by sckpak @ 10:07 am on November 14, 2008
Redistribution of Wealth

http://goldtent.com/wp_gold/wp-content/uploads/2008/11/0001.jpg (http://goldtent.com/wp_gold/wp-content/uploads/2008/11/0001.jpg)

14.11.2008, 20:57
welljanus (http://www.tradesignalonline.com/forum/thread.aspx?id=15165#) ;)
Boardmail (http://www.tradesignalonline.com/forum/thread.aspx?id=15165#) |
http://www.tradesignalonline.com/img/red_ball.gif #26850 gesendet am 14.11.2008 um 14:18

Als einen Randbereich der klassischen Charttechnik wollen wir heute das Glaskugellesen betrachten. In dieser sieht man gerade einen Anstieg im DAX auf 4900+ ... http://www.tradesignalonline.com/img/sml/wink.gif
Ahh!!! Man muss sie drehen um das richtige Ergebnis zu sehen...drehen geht nicht, da dreht man durch...


14.11.2008, 21:28
Grading Paulson :bad
Reaction to Treasury Secretary Henry Paulson's CNBC interview. (knappe 5 Min.)


Market Outlook
Arthur Cashin, of UBS Financial Services, and Michael Cuggino, of the Permanent Portfolio Fund, share their outlooks on the market (4 Min.)


14.11.2008, 22:02
...na ja bei dieser Börse :rolleyes:o

echt beschi**ene Vorstellung :mad http://image.linkinn.com/toppic/photo_0805/Attend_to_your_dog.jpg

High steaks
14.11.2008, 22:05
Der Hui kommt mir vor wie der Dow auf Speed.

14.11.2008, 22:13
@High steaks....schlechter Stoff :gomad

High steaks
14.11.2008, 22:29
Der Tag der Tage wird kommen :hausfrau wo es das richtige Zeug :kiff vom :hirnregnet und Dow und Hui in verschiedene Richtungen laufen.

15.11.2008, 08:44
...ist zwar Merriman-Astrologie, passt aber hier rein, Paulson das Brechmittel der Nation http://www.eldorado-edelmetalle.de/images/smilies/angry.gif

.... It is also interesting to note how the great bailout plan to rescue the American economy changed gears last week. You may remember how Treasury Secretary Hank Paulson rang the panic button in September with Mercury retrograde, demanding that Congress act quickly (immediately, or else risk economic catastrophe) to approve his bailout plan. Our comment at the time was that this idea was not well-thought out and changes would have to be made, based solely on forcing the issue under Mercury retrograde. Not enough information or understanding was yet available for Congress to make an educated and considered vote. This week, in another dreadfully awful televised press conference, Paulson outlined how the program now has to be changed in order to get the monies from the government directly to the consumer. The stock markets immediately collapsed – again – on his words. Paulson is quickly rising to the status of a very reliable technical sell indicator. Let’s hope that during Mars in Sagittarius – a time when either hope or panic will dictate the direction of equity prices – that Paulson refrains from the need to address us again with his shifting ideas and near-impossible-to-understand explanations. It’s bad enough that our Congressional leaders and President have granted him $700B of taxpayer’s monies to lead the rescue mission with very questionable oversight and accountability. To have him publically speak out and demonstrate once again that he doesn’t have a real solid, well-thought out plan for a successful rescue mission doesn’t give investors a great sense of confidence in what he is doing. The election of Obama and a new leadership in the White House may be creating a sense of great hope that could carry the stock markets higher into the end of the year. But the sudden switching of plans on how to execute the economic rescue mission is exactly the kind of stuff that could lead to panic and hysteria in the markets......

ganzer Text: http://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-weekly-comments-for-the-week-beginning-novembere-17,-2008/

So…I Wonder How Paulson’s Fiat Train Is Progressing? (http://goldtent.com/wp_gold/2008/11/14/soi-wonder-how-paulsons-fiat-train-is-progressing/)
-> Posted by Farmboy @ 22:43 pm on November 14, 2008

http://goldtent.com/wp_gold/wp-content/uploads/2008/11/train_wreck_at_montparnasse_1895.thumbnail.png (http://goldtent.com/wp_gold/wp-content/uploads/2008/11/train_wreck_at_montparnasse_1895.png)

15.11.2008, 09:01
...seine Meinung zum börslichen :o http://image2.linkinn.com/toppic/photo_0802/different_life_way.jpg

15.11.2008, 11:55
Hartford Insurance Becomes a Savings and Loan and Taps Uncle Sugar's CPP (http://jessescrossroadscafe.blogspot.com/2008/11/hartford-insurance-becomes-savings-and.html)

http://4.bp.blogspot.com/_H2DePAZe2gA/SR3mvA0cS-I/AAAAAAAAGaA/fY1010xM9hY/s200/Money_on_Wall_Street.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SR3mvA0cS-I/AAAAAAAAGaA/fY1010xM9hY/s1600-h/Money_on_Wall_Street.jpg) There seems to be a bias to do whatever it takes to support big bonus and dividend paying financial companies, even one as diverse as GE, but to continue to let the manufacturing sector and blue collar jobs go to hell in a handbasket for the sake of global competitiveness and lower wages.

Yesterday the talking heads on Bloomberg and CNBC were ripping US manufacturing for its bad management practices, and blue collar workers for their extravagant wages, while praising the use of public money to generously subsidize the financial sector that caused this mess.

It was a truly Orwellian moment. What a collection of shameless, self-serving parasites!

Hartford's stock jumped 25% on the news, and helped to buoy the market. This did not last as the markets sold off heavily in the last half of hour trading. This Administration's economic policies are as bankrupt as they have left the Treasury.

The Hartford Announces Agreement To Acquire Federal Trust Bank
And Application To U.S. Treasury Capital Purchase Program
Friday November 14, 3:20 pm ET

HARTFORD, Conn. - The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has applied to the Office of Thrift Supervision (OTS) to become a savings and loan holding company and has applied to participate in the U.S. Treasury Department’s Capital Purchase Program (CPP).

In conjunction with these applications, The Hartford has signed a merger agreement to acquire the parent company of Federal Trust Bank for approximately $10 million and will also provide an additional amount to recapitalize the bank. Federal Trust Bank, a federally chartered, FDIC-insured savings bank is owned by Federal Trust Corporation, a unitary thrift holding company headquartered in Sanford, Fla. The completion of this acquisition will satisfy a key eligibility requirement for participation in CPP.

“We are taking these actions as a strong and well-capitalized financial institution looking for maximum flexibility and stability,” said Ramani Ayer, The Hartford’s chairman and chief executive officer. “Securing capital at the terms available through the Capital Purchase Program could be a prudent course in this market environment and would allow us to further supplement our existing capital resources.”

The Hartford’s purchase of Federal Trust Corporation is contingent on Treasury’s approval of The Hartford’s participation in the CPP, approval of the acquisition by the shareholders of Federal Trust Corporation, and the Office of Thrift Supervision’s approval of The Hartford’s application to become a savings and loan holding company. The Hartford estimates that it would be eligible for a capital purchase of between $1.1 billion and $3.4 billion under existing Treasury guidelines. The final amount of capital request will be determined following approval by Treasury.

About Federal Trust Corporation

Federal Trust Corporation is a unitary thrift holding company and is the parent company of Federal Trust Bank, a federally-chartered, FDIC-insured savings bank. Federal Trust Bank operates 11 full-service offices in Seminole, Orange, Volusia, Lake and Flagler Counties, Florida. The company's executive and administrative offices are located in Sanford, in Seminole County, Florida.

Posted by Jesse at 3:34 PM (http://jessescrossroadscafe.blogspot.com/2008/11/hartford-insurance-becomes-savings-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=44691053860640573) :verbeug

15.11.2008, 12:11
Fri 14 Nov 2008

Kashkari On “The Passion Of The Hank” (http://lolfed.com/2008/11/14/kashkari-on-the-passion-of-the-hank/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/)


Hank Paulson’s Mini-Me (http://lolfed.com/2008/10/09/neel-kashkari-truly-is-hank-paulson-mini-me/), I mean, Neel Kashkari, has been hiding under a rock lately, it seems. (To give you an idea of how long it’s been since I really saw Kashkari, Brad Walker emailed me this pic of a non-Paulson Kashkari lookalike a full month ago and I had to wait this long to break it out.) He finally surfaced today to give testimony to Congress about that whole messy issue of why a troubled asset relief plan wouldn’t buy any troubled assets and was instead just subsidizing bank buyouts. Oh, and hey, guess what, Treasury is making capital injections into 20 more banks today (http://www.bloomberg.com/apps/news?pid=20601087&sid=a4xz.cedvwjU&refer=home) that in no way consist of buying troubled assets.

When asked whether or not any actual foreclosures would be presented, considering that this plan was marketed as a way to take bad morgtages off the banks’ books long enough to see if anyone would actually pay them, and to maybe help out a homeowner here or there, Kashkari offers us this bit of nonspecific twaddle:
Mr. Kashkari said Treasury continues to focus on the foreclosure issue and said Mr. Paulson is “passionate” about preventing foreclosures. “We are using every tool at our disposal to get at this problem,” Kashkari told lawmakers.

That’s right, folks, he’s passionate. He will get down on his knees not just to Nancy Pelosi but to every lender in the country to save your homes.

Best line of the day goes to Rep. Kucinich, of whom I am usually not a fan but you have to look at this one and admit the man got in one heck of a zinger in the whole why-did-we-pay-PNC-to-eat-up-National-City debate:
“I don’t think it’s a good use of taxpayer money to put taxpayer capital into a financial institution that is going to fail,” Mr. Kashkari said.

Mr. Kucinich fired back to Mr. Kashkari, “That statement that you just made you will hear about for the rest of your career.”

DENNIS. YOU WENT THERE. I suppose that this line would’ve been followed by a hair-pulling girlfight, if Kashkari had any hair.

15.11.2008, 19:56
Demonstrantin mit einem UBS-kritischen Plakat an einer Kundgebung gegen die Staatshilfe für die UBS in Zürich (15.11.2008).

http://www.unia.ch/typo3temp/pics/52fb7c3470.jpg (http://www.unia.ch/Bilder-Demo-Zuerich.2498.0.html?&tx_gooffotoboek_pi1%5B10689%5D%5Bfid%5D=1&tx_gooffotoboek_pi1%5B10689%5D%5Brecord%5D=10689#c10689)

AHV statt Abzockerei

Protestkundgebung auf dem Zürcher Paradeplatz für den kommenden Samstag angekündigt: Am 15. November, dem Tag des Washingtoner G20-Krisengipfeltreffens, ruft die Unia zusammen mit anderen Gewerkschaften, sozialen Bewegungen und Parteien zu einer Kundgebung mit Konzert auf dem Zürcher Paradeplatz auf. Neben prominenten RednerInnen treten auch der Berner Rapper Greis und die italienische Ska-Band Banda Bassotti auf.

16.11.2008, 13:49
15 November 2008

Update from the G20 Meeting (http://jessescrossroadscafe.blogspot.com/2008/11/update-from-g20-meeting-ben-and-hank.html)

The American Delegation makes its pitch for the status quo.

http://3.bp.blogspot.com/_H2DePAZe2gA/SR87w2YGnPI/AAAAAAAAGao/t6cbw-jVsXc/s400/benandhank.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SR87w2YGnPI/AAAAAAAAGao/t6cbw-jVsXc/s1600-h/benandhank.JPG)

Posted by Jesse at 3:21 PM (http://jessescrossroadscafe.blogspot.com/2008/11/update-from-g20-meeting-ben-and-hank.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5154177278899147085)

16.11.2008, 16:37

So stirbt der Regenwald (http://www.spiegel.de/wissenschaft/mensch/0,1518,586281,00.html)

Uralte Regenwälder, Orang-Utans, majestätische Natur - die Insel Borneo ist ein einzigartiger Flecken Natur. Doch das Naturparadies ist bedroht, eine skrupellose Industrie zerstört es in Rekordtempo: für die Suche nach Öl, Gold und den Anbau von Nutzpalmen. Von Mel White und Mattias Klum mehr... (http://www.spiegel.de/wissenschaft/mensch/0,1518,586281,00.html) [ Video (http://www.spiegel.de/video/video-40463.html) ]

http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifFotostrecke: Alptraum im Paradies (http://www.spiegel.de/fotostrecke/fotostrecke-36476.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifInterview: Wie die Orang-Utan-Waisen von Borneo leiden (http://www.spiegel.de/wissenschaft/natur/0,1518,589690,00.html)

16.11.2008, 17:13
15 November 2008

Ron Paul on the Credit Crisis and the G20 Meeting (http://jessescrossroadscafe.blogspot.com/2008/11/ron-paul-on-credit-crisis-and-g20.html)


16.11.2008, 19:18
....über den Wolken :eek Dubai :cool

16.11.2008, 22:10
G-20 Calls for Action on Growth, Overhaul of Financial Rules
By Michael McKee and Simon Kennedy

http://images.bloomberg.com/r06/news/enlarge_details.gif (http://www.bloomberg.com/apps/news?pid=photos&sid=aI66qmU1GDXk)

Nov. 16 (Bloomberg) -- Leaders from the biggest developed and emerging nations agreed to further steps to shore up a global economy sliding into recession, and laid out regulatory proposals to prevent a recurrence of the financial crisis.

The Group of 20 yesterday urged a ``broader policy response,'' citing the potential for additional interest-rate cuts and fiscal stimulus, in a statement after meeting in Washington. The group set a March deadline for recommendations on strengthening accounting standards, derivatives markets and oversight of hedge funds and debt-rating companies....

full story: http://www.bloomberg.com/apps/news?pid=20601103&sid=aI66qmU1GDXk&refer=news


http://s.wsj.net/public/resources/images/OB-CR471_g20_D_20081115095035.jpg (http://online.wsj.com/article/SB122679484106131155.html?mod=article-outset-box)

G-20 Summit Offers Mostly Promises (http://online.wsj.com/article/SB122679484106131155.html)

Global leaders showed a united front against the financial crisis, but offered mostly promises of future cooperation to nudge the world out of its economic funk......
mit Video


21:51 Uhr


Wie der Plan für die Weltwirtschaft aussieht

Die Finanzkrise hat die Welt durchgeschüttelt. Die G20-Staaten wollen die Architektur der Märkte nun komplett umkrempeln. FTD.de gibt einen Einblick in die Beschlüsse des Weltfinanzgipfels.....



Gipfel der guten Absichten (http://www.spiegel.de/politik/ausland/0,1518,590690,00.html)

Der Finanzgipfel der Industrie- und Schwellenländer hat nur eine Grundsatzerklärung ohne konkrete Beschlüsse geschafft. Denn Gastgeber Bush hat bald nichts mehr zu sagen, die Welt wartet sehnsüchtig auf Nachfolger Obama - immerhin steht fest, dass der Einfluss der G-20-Runde wachsen wird. Von Gregor Peter Schmitz, Washington mehr... (http://www.spiegel.de/politik/ausland/0,1518,590690,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=5586) ]

17.11.2008, 09:13
From The Times

November 15, 2008
Saving car giants will cause havoc, Gordon Brown warns US

Tensions at the start of the G20 summit run high as Prime Minister deems return to 1930s policies ‘unacceptable’

http://business.timesonline.co.uk/multimedia/archive/00433/Gordon-Brown-360_433879a.jpg No substantial deals are expected before the inauguration of Barack Obama in January

Francis Elliott in Washington, Suzy Jagger in New York and Gary Duncan, Economics Editor

div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } In a veiled warning to the next American President, Gordon Brown described protectionism as the “road to ruin” yesterday as international tensions surfaced at the start of the G20 summit in Washington.

As world leaders assembled for dinner at the White House last night at the start of the two-day meeting, the backdrop was one of plunging sales and surging unemployment. The New York stock market dropped 350 points after official data showed that US retail sales had fallen by 2.8 per cent in October, the biggest slide for 16 years.

The mood was darkened further with confirmation that the eurozone was now in the grip of recession for the first time since the creation of the single currency in 1999.......

.......Mr Brown was already risking confrontation with the President-elect in barely coded criticism of a planned measure to bail out America’s ailing carmakers, a plan Mr Obama supports. “I do think it is really important that we send out a signal today that protectionism would be the road to ruin,” the Prime Minister said, in a speech to the Council of Foreign Relations in New York......

......Differing agendas

United States The US is scared of new, onerous regulation and is urging European countries to respect free-market principles on the basis that long-term state intervention will damage economic growth. But US policy on bailing out troubled industries is split: Barack Obama, the President-elect, wants to use federal funds to rescue American car companies; many Republicans do not.

Britain Gordon Brown has a long list. To start with, he wants “co-ordinated fiscal stimulus packages” — which means getting countries to increase public spending to create new jobs and offer tax rebates to families. He wants the IMF to create a council of experts to monitor the markets for danger signs — his much-vaunted early-warning system — and the IMF’s coffers to be boosted by cash-rich states such as Saudi Arabia and China. He is also calling for a clean-up of the banking system, including a network of regulators to scrutinise the world’s biggest banks.

France President Sarkozy is also pushing for cross-border regulation, meaning he wants to control French banks even when they are operating outside French borders. He sees the crisis as an opportunity to depose the US dollar as the king of currencies, and replace it with the euro. Mr Sarkozy would also like an overhaul of the world financial architecture, including making rating agencies more regulated and forcing accounting standards to be the same worldwide.

Germany The Germans are deeply suspicious of secretive hedge funds, which control about $2.5 trillion worth of assets and whose activities are not regulated. They blame the hedge funds for market volatility and driving down shares by short-selling. Angela Merkel, the Chancellor, also backs greater powers for the IMF to oversee international companies, revised rules for rating agencies and making it harder to hide risks off company balance sheets.

Russia President Medvedev wants more say in the IMF, so he is teaming up with Mr Sarkozy to back President Bush into a corner. He wants alternatives to the IMF as lenders of last resort and is willing to contribute to the cost of the new agencies. Russia has also pressed for international budgetary and economic rules to prevent any further crises

China China wants to press the West for a bigger role in global financial bodies such as the IMF but at the same time it has been trying to lower Western expectations that it will join in global actions. It cites as reasons its own economic problems and limited resources as a developing country.

Brazil and other developing nations These want changes to the voting structure at the IMF and the World Bank’s to give them more of a voice.

full story: http://business.timesonline.co.uk/tol/business/economics/article5158583.ece

If you want your 401k to be worth anything at all next year, you will support the bail out. And by the way, the government ended up MAKING money on the Chrysler bail out.

Mike, Bettendorf, Iowa

Rescuing the Auto industry is now akin to "protectionism"? The American manufacturing sector, and it's manufacturing might, which includes the auto industry, was the reason this country and it's allies, defeated facism and won 2 world wars. This isin't protectionism, it's survival of all we know.

Read all 87 comments (http://business.timesonline.co.uk/tol/business/economics/article5158583.ece#)

....das wird noch eine harte Nuss :gruebel ....."that protectionism would be the road to ruin" :rolleyes den Banken wird geholfen und den "blue-collar workers" nicht - das empfinden natürlich viele als total ungerecht - man kann eben nicht alles nur vom finanziellen Standpunkt aus sehen :schwitzaber schwierig wird das schon :(

17.11.2008, 14:59
bei DU gesehen :) http://picayune.uclick.com/comics/tmdho/2008/tmdho081114.gif ...ich nehm mal "D" ;):o

17.11.2008, 15:32
WRAPUP 2-Citigroup to cut up to 50,000 jobs - CNBC

Mon Nov 17, 2008 8:28am EST

(Adds details throughout, chairman's comments)

NEW YORK, Nov 17 (Reuters) - Citigroup Inc (C.N: Quote (http://www.reuters.com/stocks/quote?symbol=C.N), Profile (http://www.reuters.com/stocks/companyProfile?symbol=C.N), Research (http://www.reuters.com/stocks/researchReports?symbol=C.N), Stock Buzz (http://reuters.socialpicks.com/stock/r/C)) plans to cut up to 50,000 jobs, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.

The cuts are on top of the roughly 23,000 jobs Citigroup has already slashed this year, and would leave the second-largest U.S. bank with about 300,000 jobs worldwide.

Cuts are expected to come from layoffs, the sale of units and attrition, CNBC said. Overall capital expenses may decline as much as 20 percent, and cuts are expected to be deep in investment banking, it said.

Citigroup did not respond to a request for comment.....

full story: http://www.reuters.com/article/bondsNews/idUSN1746833620081117

U.S. jobless rate to hit 7.5%, latest NABE survey shows

By Mike Maynard
Last update: 6:32 a.m. EST Nov. 17, 2008
http://i.mktw.net/mw3/community/images/btns/icons/site/comments.pngComments: 1 (http://www.marketwatch.com/news/story/US-jobless-rate-hit-75/story.aspx?guid=%7B61CADAF1%2D46F2%2D489C%2D9F2A%2D8D2F3C4B048D%7D#comments)

WASHINGTON (MarketWatch) -- The National Association for Business Economics sees the U.S. unemployment rate rising to 7.5% by the end of 2009, up from an October 2008 rate of 6.5%.
full story: http://www.marketwatch.com/news/story/US-jobless-rate-hit-75/story.aspx?guid={61CADAF1-46F2-489C-9F2A-8D2F3C4B048D}

17.11.2008, 15:58
Things are getting scary. I am scared.. (http://goldtent.com/wp_gold/2008/11/17/things-are-getting-scary-i-am-scared/)

-> Posted by cannuckgold @ 9:45 am on November 17, 2008

New York Daily News (http://www.nydailynews.com/money/2008/11/14/2008-11-14_fidelity_cutting_1700_jobs.html) Fidelity Investments to cut 1700 more jobs (http://www.guardian.co.uk/business/feedarticle/8021794)

guardian.co.uk, UK - Nov 14, 2008
Financial companies around the world have cut jobs as the economy deteriorates. Citigroup Inc plans to shed about 10 percent of its global workforce, …

Citi to cut 50000 jobs, trim expenses by 20% (http://inhome.rediff.com/money/2008/nov/17bcrisis-citi-to-cut-50,000-jobs.htm)
Rediff, India - 30 minutes ago
Financial services major Citigroup is planning to slash as many as 50000 jobs in the next five to six months and also intends to reduce costs by 20 per cent …

Sun Microsystems to cut up to 6000 jobs (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/15/BUQC144PL4.DTL)
San Francisco Chronicle, USA - Nov 15, 2008
Many startups have also cut jobs as the economic slump that began in housing and infected the financial sector undermines tech niches from chips to …

Whirlpool to cut jobs on weak profit (http://www.chicagotribune.com/business/chi-wed-brf1-whirlpool-oct29,0,7171307.story)
Chicago Tribune, United States - Oct 28, 2008
Whirlpool Corp. is eliminating about 5000 jobs this year and next, due in large part to the long downturn in the US housing market. .

RBS to cut jobs as credit crunch continues (http://www.bridgingandcommercial.co.uk/newsstory?id=18878469&type=newsfeed&title=rbs_to_cut_jobs_as_credit_crunch_continues)
Bridging and Commerical, UK - 4 hours ago
A major commercial mortgage lender is to cut staff in the weeks ahead, prior to its recapitalisation with government money. Around 3000 jobs are to go at …

ANZ Bank to Cut More Than 500 Jobs Amid Credit Crisis (Update3) (http://www.bloomberg.com/apps/news?pid=20601081&sid=ab7GBh5WBn08&refer=australia)
Bloomberg - Nov 13, 2008
“I think it would be unrealistic to think there would be no jobs going but there is no plan to just cut jobs, no.” ANZ’s plan to double earnings by 2012

Chip companies, amid slackening demand, lower forecasts and cut jobs (http://www.mercurynews.com/ci_10968310)
San Jose Mercury News, USA - Nov 13, 2008
Mulloy noted that Intel, which has about 83000 employees worldwide — with 6000 to 7000 in the Bay Area — has cut about 20000 jobs over the past couple of

BT to Cut 10000 Jobs; Second-Quarter Profit Falls (Update3) (http://www.bloomberg.com/apps/news?pid=20601087&sid=a.tbqH78BH_M&refer=home)
Bloomberg - Nov 13, 2008
Earnings before interest, taxes, depreciation, amortization and costs to cut jobs dropped 1.3 percent to 1.43 billion pounds ($2.1 billion) in the fiscal

Applied Materials to cut jobs as earnings fall (http://news.google.com/news/url?sa=t&ct=us/5-0&fp=49211eb0070dbe74&ei=k38hSZaGMJDmyASCpszRAw&url=http%3A//www.sfgate.com/cgi-bin/article.cgi%3Ff%3D/c/a/2008/11/12/BUI6143AHU.DTL%26type%3Dtech&cid=1270272080&usg=AFQjCNHH7L8T0BPfuGcGLGFzGVWwWnuUfA)
San Francisco Chronicle, USA - Nov 12, 2008
… that its fiscal fourth-quarter earnings dropped 45 percent and the Santa Clara company announced plans to cut 1800 jobs by the end of fiscal 2009.

Herman Miller, Whirlpool cut jobs (http://www.chicagotribune.com/business/chi-wed-brf3-job-cuts-nov12,0,1863948.story)
Chicago Tribune, United States - Nov 12, 2008
Office furniture-maker Herman Miller Inc. is eliminating 400 to 650 jobs because of slower ordering trends and reduced global demand.

Deutsche Post plans to cut 9500 more jobs (http://thestar.com.my/maritime/story.asp?file=/2008/11/17/maritime/2543763&sec=maritime)
Malaysia Star, Malaysia - 4 hours ago
DEUTSCHE Post will spend more than planned and cut an additional 9500 jobs to turn around its US express business, which has been hit by the global economic

Yell to Cut Another 1300 Jobs as Slump Damps Revenue (Update2) (http://www.bloomberg.com/apps/news?pid=20601102&sid=aSJTt5O833T0&refer=uk)
Bloomberg - Nov 11, 2008
Media companies worldwide have cut jobs this year as advertisers pull back spending amid an economic slump. Researcher ZenithOptimedia Group Ltd. said last


17.11.2008, 16:24
17 November 2008

:kotzGoldman Sachs Target of Naked Short-Selling Complaints and Market Manipulation in High Yield Loan Markets (http://jessescrossroadscafe.blogspot.com/2008/11/goldman-sachs-target-of-naked-short.html)

The charge is that as an agent bank Goldman Sachs has access to private information that gives it an advantage in the opaque market of high risk debt, and they have been using that information to target certain portions of the market with naked short selling to drive down prices and reap large profits for themselves at the expense of their clients and other market participants. http://1.bp.blogspot.com/_H2DePAZe2gA/SSGPq9YCNSI/AAAAAAAAGa4/YTMoKo8Ye-c/s200/ghouldman.jpg

This is the template for market fraud that we described previously on several occasions. The banks have privileged information and access to funds that precludes them from playing on a level field with other market participants. The uneven enforcement of the rules by the SEC and CFTC and lack of transparency in other markets is another significant factor.

Now that Goldman is also trading with public funds from the Treasury the situation becomes even more outrageous.

Until the financial system is reformed there can be no sustainable recovery.

Bring back Glass-Steagall and honest, responsive, and transparent regulation of the markets.

Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=as3PwfEfBlhk&refer=home)
Goldman Targeted by Investor Complaints of Naked Short-Selling
By Pierre Paulden and Caroline Salas

Nov. 17 (Bloomberg) -- Investors in the $591 billion high- yield, high-risk loan market are accusing Goldman Sachs Group Inc. of naked short selling to profit from record price declines.

At least two fund managers complained verbally to officials of the Loan Syndications and Trading Association, saying they believe Goldman helped drive down prices by using the technique, according to people with knowledge of the objections. New York- based Goldman is acting against its clients by trying to profit at their expense, the investors said.

A $171 billion drop in the value of the loans in the past year is pitting banks against investing clients on assets once considered so safe they typically traded at par. The drop exposed flaws in an unregulated market where trades can take from several days to months to settle and banks may have information unavailable to investors. In a naked-short transaction, a firm would sell debt it didn’t already own, betting the price will fall before it purchases the loan and delivers it to the buyer.

“The LSTA is closely monitoring issues of naked short selling,” Alicia Sansone, head of communications, marketing and education at the New York-based industry association, said in an e-mail.

The group, comprising banks and money management firms that trade the debt, plans to tighten rules to ensure transactions are settled more quickly and prices reported accurately, Sansone said. She wouldn’t elaborate or discuss the claims against Goldman....

Most Aggressive

The bank was seen as the most aggressive in recent months in selling loans at prices below other dealers’ offers and taking longer than the LSTA’s recommended seven days to settle the deals, according to the investors complaining to the trade group.

There’s no rule preventing naked short selling of loans. The U.S. Securities and Exchange Commission this year banned the practice for 19 stocks including Lehman Brothers Holdings Inc. and Fannie Mae and Freddie Mac from July 21 to Aug. 12 as share prices plunged. New York-based Lehman, once the fourth-biggest securities firm, eventually went bankrupt and Fannie and Freddie, the two largest mortgage-finance providers, were brought under government conservatorship. (Excuse us but isn't naked short selling of stocks illegal in the US? The SEC just does not enforce the law and the list of 19 was just a declaration of vigilant enforcement for a select group of 'special companies.' - Jesse)/em>

The slump in loan prices during the global seizure in credit markets is causing particular disruption in the loan market because the debt typically trades close to 100 cents on the dollar. Prices never were below 90 cents until February this year. By October they had fallen to a record low of 71 cents, according to data compiled by Standard & Poor’s. The decline, which S&P said equated to losses of about $171 billion, helped drive the complaints from fund managers.


“Investors are shell-shocked” by the decline, said Christopher Garman, chief executive officer of debt-research firm Garman Research LLC in Orinda, California. “In many ways they’re all but wiped out.”

Because prices were so stable, short sales of loans were unheard of until now, Elliot Ganz, general counsel of the LSTA, said at the group’s annual conference in New York last month.

“No one ever shorted loans,” Ganz said. “Prices never went down.”

High-yield, or leveraged, loans are given to companies with below-investment grade ratings, or less than Baa3 at Moody’s Investors Service and under BBB- at S&P. Banks typically form a group to arrange the financing. They then find other investors to take pieces of the debt, helping spread the risk.

Those loan parts can trade through private negotiations between banks and hedge funds or mutual funds. One of the lenders involved in the initial deal remains the so-called agent bank, which keeps track of who owns what piece. Unlike bonds and stocks, the debt doesn’t trade on an exchange and has no central clearinghouse.

Agent Banks

When a loan changes hands, the agent bank must sign off on the transaction, meaning it knows exactly who is buying and who is selling. The rest of the market is in the dark. Getting an agent to sign off, also can delay settlement.

“An agent will have a bird’s-eye view of who owns what and when,” said John Jay, a senior analyst at Aite Group LLC, a research firm that specializes in technology and regulatory issues in Boston. “They have information that no one else has....”

Three Days

In the bond market, the standard settlement time is three days following the trade. In a bond short sale, a trader acquires debt by borrowing the security in a deal known as a repurchase contract. The two sides specify how long the bond will be borrowed with the right to renew the pact. Because loans can’t be borrowed through such agreements, any short seller would have to go naked.

While the LSTA doesn’t track the amount of loans currently unsettled, at least 700 trades made by Lehman Brothers Holdings Inc. before it filed for bankruptcy hadn’t cleared, Ganz told last month’s conference....

Posted by Jesse at 9:24 AM (http://jessescrossroadscafe.blogspot.com/2008/11/goldman-sachs-target-of-naked-short.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1755023887437254659)

....bin mal gespannt, wie die sich wieder rauswinden :mad

Insider trading (http://goldtent.com/wp_gold/2008/11/17/insider-trading/)

-> Posted by soee @ 12:37 pm on November 17, 2008
I find it a joke that the SEC charges Mark Cuban with insider trading, but they can’t seem to nail a single Wall Street bankster or insider to the wall when it is so prevalent. Mark must have forgot to pay his ‘protection’ to the SEC mafia.

17.11.2008, 17:40
http://img.iht.com/images/2008/11/16/16googlefw550.jpg Google's Street View mapping service is available in France, Italy and Spain, but privacy laws threaten its expansion elsewhere in Europe.

Once greeted warmly, Google wears out welcome
By Kevin J. O'Brien (http://www.iht.com/cgi-bin/search.cgi?query=By%20Kevin%20J.%20O%27Brien&sort=publicationdate&submit=Search)
Published: November 16, 2008

BERLIN (http://www.iht.com/articles/2008/11/16/technology/google17.php#): When Google began hiring in Zurich for its new engineering center in 2004, local officials welcomed the U.S. company with open arms. Google's arrival is still bearing fruit for Zurich: 450 employees, about 300 of them engineers, work in Google's seven-story complex in a converted brewery on the outskirts of the placid mountain metropolis.

But almost five years into its expansion into Europe - where it has a headquarters in Dublin, large facilities in Zurich and London and smaller centers in Denmark, Russia and Poland, among other countries - Google is beginning to bump up against a web of privacy laws that threaten its growth and the positive image it has cultivated as a company dedicated to doing good - its unofficial motto.

In Switzerland, data protection officials are quietly pressing Google to scrap plans to introduce Street View, a mapping service that provides a vivid, 360-degree, ground-level photographic panorama from any address. Swiss privacy law prohibits the unauthorized use of personal images or property.

In Germany, where Street View is also not available, the simple process of taking photographs for the service violates privacy laws.....

full story: http://www.iht.com/articles/2008/11/16/technology/google17.php

hmmm - also nicht mehr "blüttle" auf dem Balkon :rolleyes aber es ist schon unangenehm wenn überall Kontrolle ist :mad

17.11.2008, 18:29
Hijacked Tanker Heads To Somalia

4:42pm UK, Monday November 17, 2008
A supertanker hijacked by pirates and with British nationals among its hostages is making its way to a Somali port, according to the US Navy.
http://news.sky.com/sky-news/content/StaticFile/jpg/2008/Nov/Week3/15153282.jpg Sirius Star owner Vela understood crew members on board to be safe

Navy spokesman Lieutenant Nathan Christensen said pirates on board crude carrier Sirius Star were "nearing an anchorage point" off the town of Eyl.

The port has become a haven for pirates and a number of other ships are still being held there.

The Foreign Office earlier confirmed that two Britons were among the 25 crew.

Nationals from Croatia, Britain, the Philippines, Poland and Saudi Arabia are also on board......

full story: http://news.sky.com/skynews/Home/World-News/Pirates-Capture-Large-Saudi-Crude-Oil-Carrying-Ship-Sirius-Star/Article/200811315153159?f=rss

...und schon reagiert der Ölpreis :rolleyes:o

17.11.2008, 18:36
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com (http://www.djreprints.com/)

NOVEMBER 17, 2008, 12:18 P.M. ET
SEC Charges Mark Cuban With Insider Trading

By KARA SCANNELL (http://online.wsj.com/search/search_center.html?KEYWORDS=KARA+SCANNELL&ARTICLESEARCHQUERY_PARSER=bylineAND)

http://s.wsj.net/public/resources/images/HC-GC420_Cuban_BV_20081017175309.gif Mark Cuban

The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in a private offering (full text of complaint (http://online.wsj.com/public/resources/documents/WSJ-20081117-seccubancomplaint.pdf)).

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

In a PIPE transaction new shares are issued at a discount to the current trading price. An announcement of a PIPE transaction is often followed by a drop in the stock price as shareholders anticipate their stake will be diluted.

Write to Kara Scannell at kara.scannell@wsj.com

hmmmmm - da reagiert die SEC aber stramm :rolleyes ja und jetzt bitte die GSler :gomad

Mon 17 Nov 2008

Mark Cuban Charged With Insider Trading (http://lolfed.com/2008/11/17/mark-cuban-charged-with-insider-trading/)

Posted by alyx under markets (http://lolfed.com/category/markets/)
No Comments (http://lolfed.com/2008/11/17/mark-cuban-charged-with-insider-trading/#respond)

From the Things That Make Me Sad department: SEC charges Mark Cuban with insider trading for dumping shares of search-engine also-ran mamma.com upon discovering Mamma was smoking the PIPE (http://www.investopedia.com/terms/p/pipe.asp).

So glad there is absolutely nothing of interest going on in the markets that could be of import, leaving the SEC with infinite resources to go after someone who dumped a small-cap stock upon realizing it was privately placing its shares on the cheap. To quote Cuban himself: “If you don’t follow the stock market, you are missing some amazing drama.” Patrick Byrne was not available for comment, but if he were, it probably would have gone something like this: “Tee hee! One less Sith Lord!”

If you’re wondering why Mark Cuban would’ve invested in a dog like this in the first place, check out his Blog Maverick post from 2004 (http://web.archive.org/web/20040405163917/http://www.blogmaverick.com/entry/5448013812388767/) (now deleted from the main site, but the Internet Wayback Machine never forgets).

Full text of SEC complaint here (http://online.wsj.com/public/resources/documents/WSJ-20081117-seccubancomplaint.pdf).

SEC :dumm:dumm:dumm

17.11.2008, 18:38

CALIFORNIA FIRE FURY... (http://www.nbclosangeles.com/news/local/SoCal-Fire-Roundup.html)

17.11.2008, 21:23
On store shelves, stealthy shrinking of containers keeps prices from rising

By Jerry Hirsch
November 9, 2008
It is hard to spot what happened this year in the peanut butter aisles of local supermarkets.

But a careful look at the jars of Skippy on the shelves may reveal a surprise. The prices are about the same, but the jars are getting smaller.

They don't look different in size or shape. But recently, the jars developed a dimple in the bottom that slices the contents to 16.3 ounces from 18 ounces -- about 10% less peanut butter.....
full story: http://www.latimes.com/business/la-fi-shrink9-2008nov09,0,4372443.story

:rolleyes aha - stabile Preise no inflation :mad

17.11.2008, 21:42
17 November 2008

Head of IMF Requires $1.2 Trillion for Global Bailouts and Stimulus (http://jessescrossroadscafe.blogspot.com/2008/11/imf-requires-12-trillion-for-global.html)

Funny thing about 'requirements.'

We require the head of the IMF to eat shit, bark at the moon, and die before we would GIVE him one more dime of our money to spend. The IMF has a well-defined charter and they need to stick to it.

Recommendations and coordination are always accepted. But its bad enough we allowed the Congress to grant the Bush Administration $750 billlion to hand out to their favorite banks. One can only imagine what the IMF might do with $1.2 trillion.

Economic Times (http://economictimes.indiatimes.com/News/International_Business/IMF_requires_12_trillion_to_boost_world_economy/rssarticleshow/3725220.cms)
IMF requires $1.2 trillion to boost world economy
18 Nov, 2008, 0139 hrs IST, AGENCIES

TRIPOLI: Up to two percent of the world's income, or 1.2 trillion dollars, should be spent on reviving the global economy, the head of the International Monetary Fund said in Tripoli on Monday.

Dominique Strauss-Kahn, the fund's managing director, called for "massive" and coordinated use of budgetary policy to overcome the crisis.

"It is time to use all instruments," he said at the opening of a conference on economic integration in the Maghreb region, urging a budgetary "push" of two percent of countries' gross domestic product.

On a world scale, this would add up to 1.2 trillion dollars.

"A coordinated budgetary policy sharply increases the effect of the policy," Strauss-Kahn said.

He indicated that he would favour a further interest rate cut by the European Central Bank.

Posted by Jesse at 3:30 PM (http://jessescrossroadscafe.blogspot.com/2008/11/imf-requires-12-trillion-for-global.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7293222090456703731) :verbeug

....wo kann ich denn die hohle Hand machen :rolleyes:o

17.11.2008, 22:06
-> Posted by goldielocks @ 16:01 pm on November 17, 2008
I think the bail out will be more like this.. The tow truck pulls car out of water and it falls in too..then see what happens next… have to click on the above links and next. That is if it shows up.

http://www.ebaumsworld.com/pictures/view/1039429/ (http://www.ebaumsworld.com/pictures/view/1039429/)

18.11.2008, 09:06
5 hours ago
Berkshire Hathaway Shares Close Below $100,000 For First Time In Two Years
Posted By:Alex Crippen (http://www.cnbc.com/id/15837548/cid/97555)
Topics:Stock Market (http://www.cnbc.com/id/15837548/cid/97322) | Warren Buffett (http://www.cnbc.com/id/15837548/cid/97344)
Companies:American Express Co (http://www.cnbc.com/id/15837548/cid/97651) | Kraft Foods Inc. (http://www.cnbc.com/id/15837548/cid/103264) | Wells Fargo and Co (http://www.cnbc.com/id/15837548/cid/98097) | Coca Cola Co (http://www.cnbc.com/id/15837548/cid/97734) | Berkshire Hathaway Inc. (http://www.cnbc.com/id/15837548/cid/103655)

http://media.cnbc.com/j/CNBC/Sections/News_And_Analysis/_Blogs/Warren_Buffett_Watch/_DAILY%20POSTS/Graphics/081113_berkshire_chart3.standard.jpg Shares of Warren Buffett's Berkshire Hathaway closed below $100,000 today (Monday) for the first time in just over two years. The most recent sub-$100K close before today was on October 20, 2006.

Today's finish at $95,615 is a fresh two-year closing low. The stock fell $5,385 today, a drop of 5.3 percent. That's the biggest one-day point and percentage decline in three weeks, and the fourth biggest percentage drop of the year.

While Berkshire's Class A stock had traded in five-digit territory on Thursday and Friday, it recovered both days to close above $100K (http://www.cnbc.com/id/27703424/).

Berkshire shares are down almost 36 percent from their December 10, 2007 all-time closing high of $149,200. They were in the high $130s as recently as early October.


Berkshire has dropped 32.5 percent year-to-date, outperforming the benchmark S&P 500's 42.1 percent decline.....

full story: http://www.cnbc.com/id/27775516

GS hilft auch dabei :p obwohl nicht aufgeführt :rolleyes

18.11.2008, 09:28
Volcker issues dire warning on slump

Paul Volcker, the former chairman of the US Federal Reserve, has warned that the economic slump has begun to metastasise after a shocking collapse in output over the past two months, threatening to overwhelm the incoming Obama administration as it struggles to restore confidence.

By Ambrose Evans-Pritchard
Last Updated: 10:39PM GMT 17 Nov 2008

"What this crisis reveals is a broken financial system like no other in my lifetime," he told a conference at Lombard Street Research in London.

"Normal monetary policy is not able to get money flowing. The trouble is that, even with all this [government] protection, the market is not moving again. The only other time we have seen the US economy drop as suddenly as this was when the Carter administration imposed credit controls, which was artificial."

His comments come as the blizzard of dire data in the US continues to crush spirits. The Empire State index of manufacturing dropped to minus 24.6 in October, the lowest ever recorded. Paul Ashworth, US economist at Capital Economics, said business spending was now going into "meltdown", compounding the collapse in consumer spending that is already under way.

Mr Volcker, an adviser to President-Elect Barack Obama and a short-list candidate for Treasury Secretary, warned that it is already too late to avoid a severe downturn even if the credit markets stabilise over coming months. "I don't think anybody thinks we're going to get through this recession in a hurry," he said.

He advised Mr Obama to tread a fine line, embarking on bold action with a "compelling economic logic" rather than scattering fiscal stimulus or resorting to a wholesale bail-out of Detroit. "He can't just throw money at the auto industry.".....

full story: http://www.telegraph.co.uk/finance/economics/3474683/Volcker-issues-dire-warning-on-slump.html

....an der der auto industry wird sich Obama hoffentlich nicht die Zähne ausbeissen :rolleyes

...hier ist noch Jesse's Kommentar :verbeug

17 November 2008

Tall Paul Delivers a Dismal Diagnosis for the US Economy (http://jessescrossroadscafe.blogspot.com/2008/11/uk-telegraph-volcker-issues-dire.html)

As much as we admire Paul Volcker, we can't help but notice that he, like so many others, did not have all that much to say while Greenspan and his merry banksters were running around setting fire to the economy while President Zero fiddled.

Also, he is not offering much in the way of innovation or suggestions for the incoming administration, at least so far.

Perhaps they should trigger a nasty inflation and then they can roll Volcker out to fix it. Hmmm, that seems to be in the works.

The 1930's script says that we have a Republican minority and a conservative Supreme court that block the many attempts of an incoming Democratic president to help the general public survive a devastating economic downturn, after a decade of seriously greasing the elites' monetary skids, pushing us to the brink of domestic insurrection, until it takes a world war to pull us out.

Wow, déjà vu!

18.11.2008, 10:02
The Dollar Trap: Michael Hudson's Incisive Characterization of Our Global Economic Dilemma (http://jessescrossroadscafe.blogspot.com/2008/11/michael-hudsons-incisive.html)

Bretton Woods has not worked well for a long time, despite the best efforts of the world's bankers to pretend that it has. As the charade continues, the economy of the United States and the composition of international trade has grown increasingly artificial and unsustainable.

The dilemma facing us now is what happens when the dollar hegemony finally breaks down and falls apart? Which countries will break ranks and begin offloading their dollar reserves in size into more tangible and less arbitrary stores of value, risking the value of their remaining reserves, in a classic Prisoner's Dilemma? Be assured that this is happening quietly behind the scenes, despite some of the recent financial engineering that has caused a dollar short squeeze, primarily in Europe.

More on this later. But first, here is a major plank in our construct so very well expressed by the classical economist Michael Hudson. What we are approaching is the failure of the Bretton Woods arrangement. How this is accomplished, how it unfolds, will shape at least next several decades of history and the fortunes of our generation. "What happens in practice is that foreign central banks recycle the dollars that
their exporters and asset sellers receive because their currencies would rise if
they failed to do this. That would price their exports out of world markets,
leading to unemployment. Foreign countries thus are in a dollar trap.
They send their savings to finance the domestic U.S. Government budget deficit
instead of helping their own domestic economics, because they have not been able
to create an alternative to the dollar."

Our Trash for Your Cash (http://www.counterpunch.org/hudson11172008.html)
Bankers Shake Down Congress and the G-20

The financial press has been negligent in reporting how last week’s two top financial stories are linked: first, the testimony by Treasury Secretary Henry Paulson and his evasive Interim Assistant Secretary Neel Kashkari defending why they followed a completely different giveaway plan to the banks (their own Wall Street constituency) than what Congress authorized; and second, the G-20 standoff among the world’s leading finance ministers this weekend.....

.....Here’s the problem that faced global finance ministers this weekend: The U.S. payments deficit has been pumping excess dollars into foreign economies, whose recipients have turned them over to their central banks. These central banks have saved their currencies from rising (and thus losing foreign markets by making their exports more expensive) by buying Treasury bonds so as to support the dollar’s exchange rate by recycling their dollar inflows back to the United States – enough to finance most of our federal budget deficit, and indeed much of Fannie Mae’s mortgage lending as well.

Mr. Bush for his part would like to shape the global financial system so that foreign economies continue giving the United States a free lunch. U.S. officials control the International Monetary Fund and World Bank and use these institutions to impose neoliberal privatization policies on foreign countries, thereby destroying the post-Soviet economies, Australia and New Zealand since the 1990s, just as they destroyed Third World economies from the 1960s through the ’80s. That’s why, until last month, the IMF had lost its clients and was almost universally shunned. French President Nicolas Sarkozy led foreign calls for a “new Bretton Woods,” by which he meant not just an upgrading of U.S. dollar hegemony but a different world order – more regulated with a fairer quid pro quo. And as the Financial Times reported: “Spain’s governing Socialist party summed up the heady mood in some parts of Europe in an internal document, seen by El Mundo, that identified the summit as a moment of historic change. ‘The origins of this crisis lie in neoliberal and neoconservative ideology,’ it said.”......

must read :supi full story: http://jessescrossroadscafe.blogspot.com/2008/11/michael-hudsons-incisive.html

18.11.2008, 11:26
The G-20's Secret Credit Crash Debt Solution

Currencies (http://www.marketoracle.co.uk/Topic5.html) / Global Financial System (http://www.marketoracle.co.uk/Category91-All.html) Nov 14, 2008 - 02:38 PM By: Money_and_Markets

http://www.marketoracle.co.uk/images/topics/currencies.gif (http://www.marketoracle.co.uk/Topic5.html)
Larry Edelson writes: If you think this weekend's G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again.

Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system. :rolleyes

I've been studying this issue in great depth, all my life. And given the speed at which the financial crisis is unfolding, I would be very surprised if what I'm about to tell you now is not on the G-20 table this weekend......

http://www.marketoracle.co.uk/images/international-monetary-fund.gif The IMF would be at the center of the new monetary system....

.....What should you do to prepare for these possibilities? It's obvious: Make sure you own some core gold, as much as 25% of your investable funds.

Also, as I've noted in past Money and Markets issues, you will want to own key natural resource stocks, and even select blue-chip stocks that will participate in the reflation scheme.

For more details and specific recommendations to follow, be sure to subscribe to my Real Wealth Report (http://images.moneyandmarkets.com/1151/87913.html).

Best wishes,


full story: http://www.marketoracle.co.uk/Article7310.html

:gruebel :confused:rolleyes:nw

18.11.2008, 16:31
Fed's Bernanke & Treasury's Paulson on Capitol Hill (http://javascript%3Cb%3E%3C/b%3E:window.open%28%27http://www.cnbc.com/id/24596546%27,%20%27cnbc_live%27,%20%27width=720,%20height=510,%20status=no,%20toolbar=no,%20menubar=no,%20location=no,%20resizable=yes%27%29;%20void%280%29;)
Current DateTime: 07:26:05 18 Nov 2008
LinksList Documentid: 19746125
Expiration DateTime: 11/18/2008 7:27:05 AM
Paulson: Use Rescue Fund Only For Financial System (http://www.cnbc.com/id/27784348)

http://media.cnbc.com/j/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__PEOPLE/B/bernanke_paulson.ll_featured.jpg (http://www.cnbc.com/id/27784348) Treasury Secretary Paulson said the unpredictable nature of the financial crisis meant that the $700 billion financial bailout money shouldn't be diverted to other uses.

TARP Torn And Frayed http://media.cnbc.com/i/CNBC/CNBC_Images/flexi/assets/icon_video_blue.gif (http://www.cnbc.com/id/27781824)
Read Paulson's Statement (http://www.cnbc.com/id/27784865)
Read Bernanke's Statement (http://www.cnbc.com/id/27784864)
Bernanke ist wie lauwarmes Wasser - Paulson stottert immer rum wenn er nicht ablesen kann - vom Chairman * bekommt er :hammer der lässt sich nicht so schnell überfahren :supi
live zum mithören ---> http://www.cnbc.com/

* (http://www.cnbc.com/) Barney Frank Statement
Rep. Barney Frank, D-MA/House Committee on Financial Services opens the hearing on government lending and insurance facilities.
Video ---> http://www.cnbc.com/id/15840232?video=931619111&play=1

18.11.2008, 17:30
18 November 2008

Mark Cuban Responds to the SEC (http://jessescrossroadscafe.blogspot.com/2008/11/mark-cuban-responds-to-sec.html)

This looks like it might be an interesting case.

If he is guilty, the conversation between Mark Cuban and the CEO of Momma.com will be absolutely pivotal, especially the source of the record of it. Secondly, the nature of the large sale of stock that Mr. Cuban made will be equally important. Was it previously planned and committed to without question? (and something more than altered notations on scrap paper as in the case of Martha Stewart).

Another issue is whether or not this was polticial payback for Mr. Cuban's participation in criticism of the Bush Administration and his involvement in the movie "Loose Change." Is the 'enemies list' another of the artifacts of the Nixon Administration that turned up in Bush II? There were many.

It will take a 'smoking gun' and a witness such as John Dean * to bring that level of government misdeeds to light. That requires a confluence of events that cannot be predicted in advance. But the elements of secrecy, contempt for the laws, hubris, and a willingness to do 'whatever it takes' were all there.

This is a sideshow for now, and we cannot help but believe that Mr. Cuban's attorneys are urging him to shut up, take the fine, and settle. Judging from this he has not yet internalized their advice.

Let's see what happens.

Mark Cuban's Blog
Nov 17th 2008 1:20PM

I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.

November 17, 2008
RE: SEC Civil Action in the United States District

for the Northern District of Texas, Dallas Division

Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.

This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.

Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”

Posted by Jesse at 10:27 AM (http://jessescrossroadscafe.blogspot.com/2008/11/mark-cuban-responds-to-sec.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1858593399126020535) :verbeug

* http://de.wikipedia.org/wiki/John_Dean

18.11.2008, 17:49
Tue 18 Nov 2008

It’s Dead, Jim (http://lolfed.com/2008/11/18/its-dead-jim/)

Posted by Jason under bailout (http://lolfed.com/category/bailout/) , bernanke (http://lolfed.com/category/bernanke/) , hank paulson (http://lolfed.com/category/hank-paulson/) , loller dollar (http://lolfed.com/category/loller-dollar/)

Today, the House Financial Services Committee and Pajama Party is hearing from Msrs. Paulson and Bernanke about what, exactly, it is they have been doing lately. There is a wall of fifty Congressmen and women looming over our two intrepid heroes, looking very much like the Krypton Ruling Council at the beginning of Superman: The Movie. It’s all very official-looking, even though everyone present knows that it is all just busywork because Hank will do with $700b whatever the heck Hank feels like doing with $700b no matter who tells him otherwise. :rolleyes

That did not stop Ron Paul from declaring the dollar system dead, again, and asking Bernanke if he had discussed with other central bank leaders the return to the gold standard, again, because Ron Paul is still running for president. For the record, Bernanke’s response was “WTF? LOL, N00B!”

Other highlights include Ohio’s own Steve LaTourette grilling Hank on why PNC used TARP dollars to purchase Ohio’s own National City Bank, even as National City Bank was one of the few entities denied TARP money itself. It’s a fair question, because I actually got my TARP check last Thursday.

Also, Rep. Judy Biggert asks why Treasury hasn’t set up the insurance program that the House forcibly inserted into the failout bill. Hank’s response, basically: “Your insurance plan is stupid, I haven’t actually read that part of the bill anyway, and I wouldn’t hold my breath.” Overall, this has been an exercise in House members not really understanding macroeconomics and Hank’n'Ben not thinking they are smart enough to have it explained to them. The Wondertwins are probably correct in this assessment.

18.11.2008, 18:11
...wie auch immer :rolleyes

18.11.2008, 21:09
18 November 2008

The Dollar Trap: Mutually Assured Financial Destruction (http://jessescrossroadscafe.blogspot.com/2008/11/dollar-trap-us-treasury-and-dollar.html)


The current structure of the Bretton Woods agreement with the US dollar as the dominant reserve currency is not sustainable.

The developed nations are holding approximately 70% of their reserves in US dollars.

The rest of the world knows it must find an acceptable substitute for the dollar as the reserve currency.

The US does not wish to change the status quo for several reasons. First, it provides an automatic funding mechanism for incredibly large budget deficits that would collapse without this mechanism as they are now unsustainable. Additionally, the US economy has become badly distorted with an outsized financial sector as a percent of GDP created to manage this artificial reserve construct.

Change will be painful for all. Yet change must and will come, even as the US resists that change and uses a type of Mutually Assured Financial Destruction policy to maintain its hegemony.

No one wishes to make the 'first move' to the exit, since it will cause a severe depreciation of their dollar reserves, and possibly provoke clandestine and military action by the world's sole superpower.

And yet, the inching to the exits is underway, and the world holds its breath in case a shift occurs that will precipitously unravel 37 years of financial imbalance in a global economic earthquake.

The dollar will either be saved with a new formal structure, with more fiscal and political overtones to support an otherwise unstable monetary regime, or it will be decimated.

It would be naive to think that the US financial planners do not see this and are not using it to advantage.

One can always count on a reversion to the mean. We just cannot know when it will happen, or how, or in what period of time.

When it comes it will come quickly like a lightning stuck, with a terrific thunderclap heard around the world.

US Debt has grown to be about ten percent of World GDP (excluding the US) which is without historic precedent.

http://4.bp.blogspot.com/_H2DePAZe2gA/SSMDPD6mcCI/AAAAAAAAGbQ/idUtTjXzsGU/s400/usdebt%25rowgdp.gif (http://4.bp.blogspot.com/_H2DePAZe2gA/SSMDPD6mcCI/AAAAAAAAGbQ/idUtTjXzsGU/s1600-h/usdebt%25rowgdp.gif)

Approximately thirty percent of US debt is being held by non-US entities, in particular foreign central banks.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSMDMT8TBRI/AAAAAAAAGbI/G5eoWlossSU/s400/foreignownership.gif (http://2.bp.blogspot.com/_H2DePAZe2gA/SSMDMT8TBRI/AAAAAAAAGbI/G5eoWlossSU/s1600-h/foreignownership.gif)

The Developed Countries are holding approximately 70% of their reserves in US Dollars. The Developing Nations have less exposure on a percentage basis.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSMDIwVtEiI/AAAAAAAAGbA/99zBHXvSZcQ/s400/%24percentreserves.gif (http://2.bp.blogspot.com/_H2DePAZe2gA/SSMDIwVtEiI/AAAAAAAAGbA/99zBHXvSZcQ/s1600-h/%24percentreserves.gif)

Charts from "Is the US Too Big to Fail?" by the Reinharts at VoxEU (http://www.voxeu.org/index.php?q=node/2568)

Posted by Jesse at 12:56 PM (http://jessescrossroadscafe.blogspot.com/2008/11/dollar-trap-us-treasury-and-dollar.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2058144486375174051) :verbeug

:schwitz wie oft wurde der $ in letzter Zeit totgesagt :rolleyes:gruebel und wie oft der Goldausbruch :rolleyes wenn dann niemand mehr dran glaubt - dann werden wir wieder mal auf dem falschen Fust erwischt.....hmmmm ich meinte ---> ich werde..... :rolleyes

18.11.2008, 21:30
Tuesday, 18 November 2008 - ein kleiner Aufsteller in diesen trüben Zeiten :kiss


Mickey Mouse turns 80

Mickey Mouse first appeared on cinema screens in Steamboat Willie, released in 1928.

On Mickey's 80th birthday the writer, broadcaster and Mickey Mouse expert Brian Sibley explains everything you need to know about the world-famous rodent........

Over the years Mickey Mouse has been a symbol of different things at different times.

In the 1930s, the time of the great depression, Mickey represented something very American to do with endurance and the ability to rise above defeat........

People used to say Mickey Mouse was very simple to draw, that any animator could draw him.
You simply drew the head by drawing around a dollar, then drew the ears by drawing around a quarter.......


Mickey Mouse was Walt Disney's favourite character

Andy Warhol said that Mickey was one of his favourite images. Even the Palestinian militant group Hamas used a Mickey-like image on their children's TV programme, spreading the message of Islamic Jihad.

It is fascinating that a character who hasn't made many movies in the last 20 years still has worldwide fame.

Maybe it is the fact that Walt Disney himself invested so much interest in the character.

He would often say to the animators in his studio, working on full length, big-budget films: "I hope you will never forget that this was all started by a mouse."

American philosopher Ralph Waldo Emerson was supposed to have said that if you build a better mouse trap the world will beat a path to your door. Disney just made a better mouse.

full story mit video: http://news.bbc.co.uk/today/hi/today/newsid_7735000/7735372.stm

disney fantasia The Sorcerer's Apprentice with Mickey

...wie passend zur heutigen Situation :o

:supi Mickey :tröst....aber wer schickt die WallstreetMafia zum Teufel :confused:rolleyes:o

19.11.2008, 09:00
Max Keiser - Aljazeera English News - 16 November 2008


:eek ohne Wertung :o

19.11.2008, 09:07

Sonntagslektüre :) . Lang aber gut.

Zum Original-Beitrag (http://showthread.php3?p=1199769#post1199769)
jetzt hab ich's endlich geschafft :) ...sollte man wirklich gelesen haben :supi

The End

by Michael Lewis http://www.portfolio.com/images/site/gfx/accent-dotted-pipe.gif 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

19.11.2008, 09:10
Tue 18 Nov 2008

Why Hijack A Supertanker When You Could Hijack A $4.3 Trillion Dollar Failboat (http://lolfed.com/2008/11/18/why-hijack-a-supertanker-when-you-could-hijack-a-43-billion-dollar-failboat/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/)
1 Comment (http://lolfed.com/2008/11/18/why-hijack-a-supertanker-when-you-could-hijack-a-43-billion-dollar-failboat/#comments)
http://lolfed.com/wp-content/arrr-paulson.jpg (http://lolfed.com/wp-content/arrr-paulson.jpg)

Who cares about pirates off the Saudi coast when you’ve got a failboat like this steaming towards you? Erik Skiles sends me this running tally of the cost of the US financial crisis (http://www.cnbc.com/id/27719011)which puts the bill at a whopping $4.3 trillion dollars:


The CNBC slideshow has a number of interesting adjusted-for-inflation comparisons, showing that the TARP is more costly than the Louisiana Purchase, and this entire bailout is more expensive than World War II.

I have seen the cost of failure, and it sucks.

19.11.2008, 09:21
18 November 2008

What Happened When They Pulled the TARP Out from Under the Mortgage Asset Markets? (http://jessescrossroadscafe.blogspot.com/2008/11/what-happened-when-hank-paulson-pulled.html)

The mortgage markets are imploding.

This is not the sort of action we might have expected given the panic story that Hank and Ben presented to Congress when they originally asked for the emergency $750 Billion to buy immediately buy troubled assets to 'save the system.' Well, from the looks of these charts those assets have become a lot more 'troubled.'

On the surface it looks as though they have washed their hands of the larger financial system, particularly the mortgage markets, once they supplied a select group of banks with no-strings equity investments.

Paulson and Bernanke need someone with experience in crisis management on their team. At this point the broader market can trust nothing that they say since it is inconsistent, opaque, and without principle to the point of seeming arbitrary.

Bill Poole Thinks the Fed is Confusing the Markets with a Lack of Transparency and Clarity of Intent (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_tg_A5EdYDM)

full story: http://jessescrossroadscafe.blogspot.com/2008/11/what-happened-when-hank-paulson-pulled.html
Posted by Jesse at 9:59 PM (http://jessescrossroadscafe.blogspot.com/2008/11/what-happened-when-hank-paulson-pulled.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2521911947520592176) :verbeug

Paulson and Bernanke need someone with experience in crisis management on their team .....vielleicht zur Abwechslung mal eine glaubwürdige Person :o

19.11.2008, 09:53
More Midas

-> Posted by Fullgoldcrown @ 20:45 pm on November 18, 2008
Chuck checked and sees it the way I do…


The financial stocks continue to relentlessly melt away. I find the lack of concern or even any mention of their demise very frightening. In fact, most of the commentary leans toward what to buy at the bottom and how to profit from it. That type of advice which has never wavered means that the vast number of investors have never sold anything. Because the media tends to focus on the Dow there is a sense that things are ready to turn here.

All of the banks and other financials are collapsing, and yet no one seems to notice or care. Again today, it is UBS, Citigroup at $8, Bankamerica, Wells Fargo and even Morgan down sharply. The insurers and other financials, Prudential, Hartford, Met Life have also been whacked. Take a look at the financial charts that I have included to see the incredible carnage during the past year and especially in the past two months. Almost all of them struck multi-year lows today.

This thing has been so orderly, calm and surreal. We have not had any sign of panic yet, and we have not yet had a scary Friday-Monday combo which should precede any kind of meaningful bottom. I think that the market still lacks the washout and panic that should have come by now. I realize that it is very late in the year, but the 1973 bottom came on December 5, so this thing could keep going for another couple of weeks. Also, this is not a market that can be compared to any other.

I strongly advise you is to keep enough cash for a couple of months near you as well as keeping some pm coins. Also, if the markets and the banks close we could see a distribution crisis and a run on stores for essential. To be prudent, I would buy sufficient food, water and batteries to last a month or two. If nothing happens, you spent some time shopping but if something crazy does happen, and you are not prepared, you will greatly regret it.

I realize that this might sound preposterous and mad, but the behavior of the financial shares and the lack of concern makes me continue to believe that a unprecedented crisis will come suddenly and without warning, and that precautions should be taken.
Chuck ikiecohen@msn.com

*How funny that the talk about the PPT would surface on a day when the DOW rallied furiously after an opening 150 lower call, and closed so much higher on even more bad news. What makes it so titillating is that the DOW rallied sharply AGAIN when Bernanke and Paulson were making their televised appearances in front of Congress. Recently the same occurred when Bush was on TV talking about the markets. It is as if they scared to death to let the market sink when either of the three are addressing issues about the economy and financial markets.

For those who doubt the PPT is not part of the stock market scene, they should review the market action of late when those three luminaries are speaking in front of the investing public.

Have to share more feedback on the PPT flap this morning on CNBC…

Speaking of good news, interesting to see CNBC having a mass freak-out at 8:30 because a guest is bringing up the Plunge Protection Team - I’ll be looking for the video later but obviously this guest never got the official word that the PPT doesn’t exist (because, if they did exist, then the markets would be a farce and viewers may get fed up and tune out)!”

seekingalpha.com/article/106606-options-trader-tuesday-outlook (http://seekingalpha.com/article/106606-options-trader-tuesday-outlook)http://static.seekingalpha.com/uploads/2008/11/18/saupload_voyage.jpg


So Art Cashin thinks the idea of a PPT is absurd?!? (...das fand ich auch sehr merkwürdig :rolleyes)

My god, I watch the market all day, and the Dow just has one miraculous pop up after the next, day in and day out (and see how well it’s worked lately).

Exactly the opposite of the gold market, which has one smash after the next, day in and day out. It creeps up, then gets smashed, just like the Dow creeps down, then pops up, NON STOP, EVERY DAY.

19.11.2008, 10:43

Piraten kapern weitere Schiffe vor Somalia http://www.spiegel.de/img/0,1020,1359283,00.jpg

Die Piraten am Horn von Afrika werden immer dreister: Erneut wurden im Golf von Aden zwei Schiffe gekapert. Der deutschen Marine gelang es immerhin, einen weiteren Angriff auf einen britischen Tanker zu vereiteln. mehr... (http://www.spiegel.de/panorama/justiz/0,1518,591319,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=5638) ]

http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifSchifffahrt: Reeder rüsten gegen Piraten-Attacken (http://www.spiegel.de/panorama/justiz/0,1518,591243,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifGekaperter Supertanker: "Die Piraten haben den Jackpot geknackt" (http://www.spiegel.de/panorama/0,1518,591176,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifPiraterie: Gekaperter Supertanker hat Öl für 100 Millionen Dollar geladen (http://www.spiegel.de/panorama/0,1518,591074,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifIndischer Ozean: Piraten kapern Supertanker vor kenianischer Küste (http://www.spiegel.de/panorama/justiz/0,1518,591017,00.html)
....vielleicht denken die was den FinanzHaien recht ist.....ist uns billig :rolleyes

19.11.2008, 11:16
Obama Embrace of Wall Street Insiders Points to Politic Reforms
By Heidi Przybyla

http://www.bloomberg.com/apps/data?pid=avimage&iid=i5j17qUc0aYs :(
http://images.bloomberg.com/r06/news/enlarge_details.gif (http://www.bloomberg.com/apps/news?pid=photos&sid=aWSz2kUxdTiU)

Nov. 19 (Bloomberg) -- During the height of the financial crisis in late September, some of Barack Obama (http://search.bloomberg.com/search?q=Barack+Obama&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1)'s campaign advisers pushed him in a conference call to distance himself from Treasury Secretary Henry Paulson (http://search.bloomberg.com/search?q=Henry+Paulson&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1). The former Goldman Sachs Group Inc. (http://www.bloomberg.com/apps/quote?ticker=GS%3AUS) chief executive officer, they warned, was too close to President George W. Bush (http://search.bloomberg.com/search?q=George%0AW.+Bush&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) and Wall Street.

Obama, 47, rejected the idea. At one point, he talked to Paulson everyday for two weeks.

As the president-elect faces a once-in-a-century opportunity to remake the regulatory apparatus governing Wall Street, some of Obama's fellow Democrats and investor groups are urging him to bring sweeping changes to banks, hedge funds and executive pay. His closest economic advisers, men like Robert Rubin (http://search.bloomberg.com/search?q=Robert+Rubin&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), Lawrence Summers (http://search.bloomberg.com/search?q=Lawrence%0ASummers&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) and Paul Volcker (http://search.bloomberg.com/search?q=Paul+Volcker&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), may recommend otherwise: go slow. If Obama takes their counsel, the 44th president, who succeeds Bush on Jan. 20, may not clamp down all that hard on a financial industry whose excesses have pushed the nation -- and much of the world -- into a recession.

``This is a group of people that understands the markets, respects the free-market system and understands government has an important role to play,'' says Eugene Ludwig (http://search.bloomberg.com/search?q=Eugene+Ludwig&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), a former U.S. comptroller of the currency who is himself an Obama adviser. ``But there are limits on what government can or should do.'....
full story: http://www.bloomberg.com/apps/news?pid=20601109&sid=aWSz2kUxdTiU&refer=exclusive

.....Robert Rubin ist ja auch ein exGSler :rolleyes und was er bei der Citi "geleistet" hat ist auch nicht eben das Gelbe vom Ei :mad und Herr Volcker ist wirklich etwas alt :rolleyes hoffentlich wird das "yes we can" nicht nur nur eine unerfüllte Phrase :rolleyes

19.11.2008, 16:05
Single currency 'to make Gulf more stronger'

Manama: 6 hours and 57 minutes ago
http://www.tradearabia.com/source/2008/11/19/single.gif The GCC needs to accelerate its move towards a single currency which would make the whole region much stronger, said Standard Chartered Bank economist Marios Maratheftis.

Once the states put in place a central bank and the necessary institutions a common currency could be up and running in a matter of weeks, he said.

"People talk about the problem of convergence before setting up a single currency but that is not an issue here," he said.

"With the exception of Kuwait all the GCC currencies are pegged to the dollar so you have in effect a single currency in place."

"There was an apparent convergence problem about the inflation rates in Qatar and the UAE compared with Saudi Arabia, but when the credit crunch hit inflation in Saudi went up. Convergence will take care of itself."

He said that what was necessary for a single currency, that was de-pegged from the dollar, was the development of a government bond market.

"Bahrain leads the way in this but even here there is no real secondary market which is necessary so that you can then develop a commercial corporate bond market," he said.

He added that with these institutions in place there was no reason why the GCC currency could not be free floating.

"Government bonds, unlike in the US where they are backed by nothing, would be supported by oil wealth and strong reserves and that would make them attractive for global central banks to hold," he said.

"They would be a hedge against fluctuating oil prices. I have been arguing against the peg for some time. It is time that the GCC set its own monetary policy and stopped importing policy from the US."

He said that while the region was not immune it was better set to face the crisis.

"I have been listening too long about de-coupling between the Western economies and the rest and, quite frankly, I have never believed one word of it. The credit crisis has shown that no one is immune to what happens in the West."

"The current crisis is the result of a liquidity boom and I am surprised that anyone is surprised about what has happened," he said.

"Every liquidity boom in the last 100 years, perhaps longer, has ended in a downturn.

"This one has been caused by people in the US lending to Ninjas - people with no income, no jobs and no assets."

He said that the real developing economies at present were the US and the UK.

"Look at their economies. They have massive government debt, financial services that are in a mess and collapsing equity markets. That is what we expect from emerging economies.

"I believe this downturn will last longer than most people think because you can't turn round nine years of spending money you have not got in three months.

"You can't get away from the fact that with the US housing boom people were using their homes like ATM machines and drawing money out that saw a consumer boom. And then the bubble burst," he said.


19.11.2008, 16:32
Wed 19 Nov 2008

Detroit Fail City: Poll (http://lolfed.com/2008/11/19/detroit-fail-city-poll/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/)
[4] Comments (http://lolfed.com/2008/11/19/detroit-fail-city-poll/#comments)


We were hoping to see some begging on Capitol Hill last night, like when Hank Paulson dropped to his knees in front of Nancy Pelosi and was rewarded with 700 billion dollars. However, we saw no such thing out of Alan Mulally, Bob Nardelli and Rick Wagoner - nor did we see anything that resembled anything at all other than entitlement. As Jason just posted, they blamed the economy, the unions, sunspots, whatever - everyone but themselves (http://lolfed.com/2008/11/19/medium-3/).

Caroline B just sent me this link that shows the heads of fail of the Medium 3 getting out of their private jets in DC (http://abcnews.go.com/Blotter/WallStreet/story?id=6285739&page=1) * even. No, they can’t possibly bear to fly coach, or even first class - or, G*d forbid, DRIVE ONE OF THEIR OWN CARS to the Hill - it’s Gulfstream G4’s all the way, baby. (Apparently GM owns EIGHT of them.)

Maybe $25 billion isn’t worth contrition any more, but we don’t want to believe that. Hopefully, one of these characters will get down on his knees and sob like a little girl before this is over. That brings me to a new POLL - whom do you think is capable? Alan Mulally, because he’s used to being the Ford family’s whipping boy? Bob Nardelli, whose pride is broken after being steeped in Home Depot fail? Or maybe Rick Wagoner simply because GM is in the most dire straits?

* Big Three CEOs Flew Private Jets to Plead for Public Funds
Auto Industry Close to Bankruptcy But They Get Pricey Perk

November 19, 2008
262 comments (http://abcnews.go.com/Blotter/WallStreet/comments?type=story&id=6285739)

The CEOs of the big three automakers flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy........

mit Video ---> http://abcnews.go.com/Blotter/WallStreet/story?id=6285739&page=1
Even as their companies fail, Ford and GM CEOs continue lavish lifestyles.

na super - we are running out of cash :bad

19.11.2008, 17:14
...es gibt einen :supi Artikel im Spiegel ---> DER BANKRAUB
ich kann ihn leider online nicht finden - falls jemand einen Link hat ---> merci :verbeug
es sind 34 Seiten - ich habe ihn ausgedruckt bekommen - ist wirklich lesenswert :cool

19.11.2008, 17:21
:kotz http://picayune.uclick.com/comics/po/2008/po081118.gif

bei DU gesehen - merci :)

19.11.2008, 17:44
http://goldtent.com/wp_gold/wp-content/uploads/2008/11/2edb.jpg .

19.11.2008, 18:07
China Passes Japan as Biggest U.S. Treasuries Holder (Update1)
By John Brinsley and Rebecca Christie

Nov. 18 (Bloomberg) -- China (http://www.bloomberg.com/apps/quote?ticker=HOLDCH%3AIND) surpassed Japan (http://www.bloomberg.com/apps/quote?ticker=HOLDJN%3AIND) in September to become the biggest foreign holder of U.S. Treasuries, as foreign investors sought the relative safety of government debt as stocks plunged 9.1 percent that month.

Total net purchases (http://www.bloomberg.com/apps/quote?ticker=FRNTTOTL%3AIND) of long-term equities, notes and bonds increased a net $66.2 billion in September from $21 billion the previous month, the Treasury (http://www.treas.gov/tic/) said today in Washington. Including short-term securities such as stock swaps, foreigners bought a net $143.4 billion, compared with net buying of $21.4 billion the month before.

China led all foreign official investors in September by posting a net increase in U.S. Treasuries for the sixth month in the past seven, bringing its total ownership close to $600 billion. Japan was a net seller of Treasuries (http://www.bloomberg.com/apps/quote?ticker=FDEBTY%3AIND) for the fourth month in the past six.......

full story: http://www.bloomberg.com/apps/news?pid=20601087&sid=aFQwLGTYEM3Y&refer=home

19.11.2008, 18:14
Iran not converting reserves to gold -paper

Reuters, Wednesday November 19 2008
TEHRAN, Nov 19 (Reuters) - Iran is not converting reserves into gold, a cabinet minister said in remarks published on Wednesday, contradicting comments by an aide to the country's president.
"It is not correct that Iran is transferring its reserves to to gold," Economy Minister Shamseddin Hosseini was quoted as saying by the business daily Poul.
Presidential adviser Mojtaba Samareh-Hashemi had been quoted on Saturday by the same newspaper as saying the reserves had been converted to avoid future problems.
Central bank officials in the past said Iran was switching reserves into currencies other than the U.S. dollar because of U.S. and U.N. sanctions. They have also said the bank held some reserves in gold. But they have not usually given a breakdown.
Before oil prices plunged by more than 60 percent from a peak of $147 a barrel in July, Iran made windfall gains from its crude exports and in April estimated its foreign exchange reserves at about $80 billion.
But President Mahmoud Ahmadinejad's government has been criticised for not saving more of the gains to prepare for tougher times, such as now, when crude prices have plunged below $55 a barrel.
The International Monetary Fund said in August that if the price of Iranian crude fell to $75 a barrel, Iran would face a current account deficit in the medium term that would be tough to ride out due to Tehran's financial isolation. (Reporting by Parisa Hafezi; Editing by Clarence Fernandez)


:schwitz könnte gefährlich werden, wenn er zu sehr in der Ecke steht :rolleyes

19.11.2008, 19:19
The Investment Deficit in America

Yesterday’s Achievements, Today’s Problems, Tomorrow’s Solutions

By By Eric Lotke, Alex Carter, Brian Dockstader, Schuyler Beckwith and Molly Swartz
Campaign for America's Future
November 18th, 2008

Read full report >> (http://assets.ourfuture.org/documents/inv-20081117-investment-deficit.pdf)

America is falling apart. Falling apart, and falling behind.

Previous generations of Americans built interstate highways and transcontinental railroads. Now we sit in traffic.

Americans from an earlier era pioneered universal primary education and chartered great universities on public land. They enacted the G.I. bill to give the greatest generation the access to college that helped build our modern middle class. Nowadays American students toil in overcrowded classrooms with leaky roofs, while the cost of college soars out of reach.

America grew up investing in its land and its people. Historically, we directed roughly 8 percent of our gross domestic product to long-range investments, and the investment paid off. Now we are down below 4 percent. Our post World War II infrastructure is starting to decay, and we aren’t replacing it. We are lamenting the loss of jobs rather than hiring people to renew and rebuild.

Other countries are racing past. China spends 9 percent of its GDP on infrastructure investment and opens a new subway system every year.

From physical infrastructure like roads and bridges to human capital from kindergarten to college, this report comprehensively examines our investment deficit. It documents yesterday’s achievements, today’s problems and tomorrow’s solutions.

As this report is released, America’s economy is in a deep downturn, which is now spreading across the
globe. A major recovery program is essential to lift this economy from what is likely to be the worst
recession since the Great Depression. Direct public investment—in new energy and conservation, in modernizing our infrastructure, in education and training, and research and development—should be the centerpiece of any recovery plan. That is not only necessary to lift the economy in the short run; it is a vital down payment on the sustained public investment that we need to sustain a competitive and decent society in a global

The needs listed in this report provide a guidepost for both recovery and for long-term, sustainable growth.

http://www.ourfuture.org/report/investment-deficit (http://assets.ourfuture.org/documents/inv-20081117-investment-deficit.pdf)

UZU4EkWwvgg&eurl (http://assets.ourfuture.org/documents/inv-20081117-investment-deficit.pdf)

01:40 Min.

19.11.2008, 21:36
Wed 19 Nov 2008

The Captain Obvious Award Goes To Donald Kohn (http://lolfed.com/2008/11/19/the-captain-obvious-award-goes-to-donald-kohn/)

Posted by alyx under breaking news (http://lolfed.com/category/breaking-news/)

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The Fed’s vice chair Donald Kohn appears to have gotten into the laughing gas, judging by the admissions he made this morning in front of the Cato Institute. A few gems rounded up off the wire by FT Alphaville (http://ftalphaville.ft.com/blog/2008/11/19/18431/fed-capitulates-redux-quantitative-easing-in-the-usa/):
*DJ Fed Kohn: Doing Both Monetary Policy, Quantitative Easing

*DJ Kohn: No Reason Fed Can’t ‘Blow Up’ Size Of Balance Sheet

* RTRS-Kohn says Fed has acted on the “fuzzy border” between monetary and fiscal policy

*RTRS-Kohn says paying interest on reserves hasn’t worked as well as expected to control Fed funds rate

*DJ Kohn: US Economy Declining

Chairman Kohn, we don’t know what’s gotten into you, but you hereby win the LOLFed Award For Admitting Everything Is Fail. Quantitative easing, stepping over the line (mark it zero) between monetary and fiscal policy, an economy in decline and a textbook trick that isn’t effective? 100% more honesty than we expect from the Fed, and for that we salute you.

19.11.2008, 22:13
:rolleyes DOW BELOW 8000 :rolleyes http://www.stock-channel.net/stock-board/attachment.php3?attachmentid=86009&stc=1 Citi plumps :schreck

19.11.2008, 22:34
19 November 2008

Trading Note. Approaching our SP Futures Target of 810 (http://jessescrossroadscafe.blogspot.com/2008/11/trading-note-approaching-our-sp-futures.html)

http://1.bp.blogspot.com/_H2DePAZe2gA/SSSAAZSVFYI/AAAAAAAAGcY/qwW_LOPnY6A/s320/gambler.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SSSAAZSVFYI/AAAAAAAAGcY/qwW_LOPnY6A/s1600-h/gambler.jpg) We were looking for 810 to the downside and have been riding Index doubler shorts down since yesterday afternoon in our trading portfolios. We make changes to our investment portfolio only a few times each year.

Now we are buying some long positions to offset those shorts since we approach a possible support area. (....ich sende ein Stossgebet gen Himmel :rolleyes)

The longs are individual stocks, precious metal miners and oil producers with strong cashflows and/or dividends, and some of the long index funds.

Please note that these longs are MORE than offset by the remaining short positions. This is a hedged play to take some short profits off the table without necessarily selling them. If we get a rally from here it will be relatively easy to reduce the three short positions. The longs are more diversified so obviously there are many more positions, but less in total dollar and leverage value. We are trading without margin.

We'll have to see how we close and what happens as we approach 800 if we do. If we go lower tomorrow we can adjust the long-short balance in the portfolio to take advantage of the decline.

Recall that we are in an option expiry week, and we have expiry in some of the commodity futures as well.

We offer the occasional example of how we might be trading a market not for specific examples or 'calls' but rather to reflect the style and money management we are using to match the character of a particular market. This one needs a whip and chair. Use of uni-directional positions and leverage are particularly dangerous since even in a bear downtrend, there is room for enormous swings even intraday.

Today did seem a little 'climactic' but it is too soon to tell.

Have a pleasant evening.

Posted by Jesse at 3:38 PM (http://jessescrossroadscafe.blogspot.com/2008/11/trading-note-approaching-our-sp-futures.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4563448466146571689) :verbeug

20.11.2008, 08:24
Geeesh! Limbo…how low can ya go….everybody do the Limbo.

Cant take it no more….back to doing some chores. Grrrrr..!!

Best, Farmboy


20.11.2008, 08:29
http://goldtent.com/wp_gold/wp-content/uploads/2008/11/mobmain1.jpg :rolleyes

20.11.2008, 09:14
A Sea of Unwanted Imports

http://graphics8.nytimes.com/images/2008/11/19/business/19ports_600.JPG Jamie Rector for The New York Times
A lot at the Port of Long Beach may be used to park cars. More Photos > (http://www.nytimes.com/slideshow/2008/11/17/business/1117-PORTS_index.html)

By MATT RICHTEL (http://topics.nytimes.com/top/reference/timestopics/people/r/matt_richtel/index.html?inline=nyt-per)
Published: November 18, 2008
LONG BEACH, Calif. — Gleaming new Mercedes cars roll one by one out of a huge container ship here and onto a pier. Ordinarily the cars would be loaded on trucks within hours, destined for dealerships around the country. But these are not ordinary times.......

full story: http://www.nytimes.com/2008/11/19/business/economy/19ports.html?_r=3&partner=rss&emc=rss

20.11.2008, 09:18
...ist von Montag - sogar diese sehr skeptischen Leute hatten eine Rallye erwartet/erhofft - aber grundsätzlich down :(

November 17, 2008 Commentary with John Grant & Tony Cherniawski http://www.cyclesman.info/speaker.gif (http://www.cyclesman.info/Interviews/JohnTony111708.mp3)


20.11.2008, 10:35
European Union to Unveil €130 Billion Stimulus Plan (http://jessescrossroadscafe.blogspot.com/2008/11/european-union-to-unveil-130-billion.html)

http://3.bp.blogspot.com/_H2DePAZe2gA/SSTZG0eBZ_I/AAAAAAAAGdI/jArGbHE4gjU/s320/greedbanks.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SSTZG0eBZ_I/AAAAAAAAGdI/jArGbHE4gjU/s1600-h/greedbanks.JPG) We can only hope that Europe follows the US model and gives the funds to a small group of bankers who, without independent oversight and accountability, can allocate the €130 Billion economic stimulus package to their industry friends and associates for executive pay and bonuses, dividends, and exclusive corporate resorts.

Economic Times (http://economictimes.indiatimes.com/News/International_Business/EU_plans_130-billion-euro_stimulus_plan_Germany/rssarticleshow/3734526.cms)
EU plans 130-billion-euro stimulus plan: Germany
20 Nov, 2008, 0359 hrs IST

BERLIN: The European Commission is planning a 130-billion-euro (163-billion-dollar) economic stimulus programme, a spokeswoman for the German economy ministry said Wednesday.

"That represents one percent of gross domestic product for each member state," she told AFP.
"For Germany, that means 25 billion euros."

German news weekly Der Spiegel reported earlier that the Commission would also set aside some of its own funds to arrive at the 130-billion-euro sum.

The Commission is due to present proposals to grapple with the impact of the global financial crisis on November 26.

Commission spokesman Johannes Laitenberger said no decision had been taken on the stimulus package.

"It is premature to talk about the size and specific orientation of the package because the preparatory work is still underway and there has not yet been a definitive political decision," Laitenberger told reporters.

http://3.bp.blogspot.com/_H2DePAZe2gA/SSTHvycNhhI/AAAAAAAAGcw/fgfsRFmy_Bo/s320/wealthgap.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SSTHvycNhhI/AAAAAAAAGcw/fgfsRFmy_Bo/s1600-h/wealthgap.JPG)German government spokesman Ulrich Wilhelm stressed that Berlin had just committed 32 billion euros over the next two years to its own economic jumpstart plan and expected that to figure in Brussels' calculations.

"It is unimaginable that our own programme would not be taken into account" by the EU Commission, he told the daily Financial Times Deutschland in an article to appear in its Thursday issue.

Other member states have cried poverty amid calls for a continent-wide growth plan and the European Commission is likely to seek to redirect funds committed to other efforts to the new package.

The 15-nation eurozone confirmed last week it had fallen into recession for the first time ever, with gross domestic product in the economies using the euro falling by 0.2 percent in the third quarter after a similar drop in the second quarter

Posted by Jesse at 7:42 PM (http://jessescrossroadscafe.blogspot.com/2008/11/european-union-to-unveil-130-billion.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1893950015214577637)

20.11.2008, 12:00
Aussie (http://goldismoney.info/forums/member.php?u=7071)

Here's where we were a year ago . . . with Dow 13,300.


The Dow is now about 5,500 points lower. All things considered, at $745 Gold has performed pretty well, we're not that far off. And of course in most other currencies it is actually much higher.

How many investments today could make the same claim?

Probably none!

Public knowledge of this is precisely what the banking cartel wants to avoid at all costs.

20.11.2008, 16:29
20 November 2008

Alaweed bin Talal Increases Stake in Citi (http://jessescrossroadscafe.blogspot.com/2008/11/alaweed-bin-talal-increases-stake-in.html)

http://4.bp.blogspot.com/_H2DePAZe2gA/SSV-iMe8oFI/AAAAAAAAGdY/H5Itav1chB0/s200/Father_Guido_Sarducci.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SSV-iMe8oFI/AAAAAAAAGdY/H5Itav1chB0/s1600-h/Father_Guido_Sarducci.jpg)Alwaleed Plans to Increase His Stake in Citigroup Back to 5%
By Steve Dickson

Nov. 20 (Bloomberg) -- Saudi billionaire Prince Alwaleed bin Talal plans to increase his stake in Citigroup Inc. to 5 percent after the U.S. bank lost almost a quarter of its value yesterday.

``Prince Alwaleed began buying Citi shares, as he strongly believes that they are dramatically undervalued,'' he said today in a statement.

In addition to his princely duties, the multi-talented Alaweed is also the gossip columnist and rock critic for the Vatican newspaper L'Osservatore Romano under the pen name Guido Sarducci.

Posted by Jesse at 9:55 AM (http://jessescrossroadscafe.blogspot.com/2008/11/alaweed-bin-talal-increases-stake-in.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3811461540626314779) :verbeug

...hmmmm :schwitz hilft der Citi trotzdem nicht in den Sattel :rolleyes
Real-time: (http://finance.yahoo.com/q?s=c#) 5.12 http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/down_r.gif 1.28 (20.00%) 10:28am ET

20.11.2008, 16:33
Thu 20 Nov 2008

GM To Receive Bailout Money (http://lolfed.com/2008/11/20/gm-to-receive-bailout-money/)

Posted by Jason under all ur bankz (http://lolfed.com/category/all-ur-bankz/) , bailout (http://lolfed.com/category/bailout/)

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http://lolfed.com/wp-content/bernankepraysmore.jpg :reiter

Ha ha, I am only half-telling the truth. GMAC, formerly GM’s financial services arm, is asking that we all refer to it as G-Diddy, a bank holding company (http://www.marketwatch.com/news/story/GMAC-Files-Application-With-Federal/story.aspx?guid=%7B4C322CB4-F7E0-4704-AB4D-76CFFF0794E6%7D) and has become the nine-hundred and twelfth company to have done so in the past three months, give or take nine hundred. Either way, Ben’s hand has got to be tired of signing off on these applications. This move, of course, would make it eligible for sweet failout money that GM itself now has next to zero chance of receiving.

GMAC is still 49% owned by GM. The remaining 51% belongs to a consortium of investors including Chrysler’s daddy Cerberus Capital and Citigroup, thus tying our beloved Bandit to yet another story of financial fail. However, once the BHC recategorization is approved, 100% of GMAC will be owned by you and me. You can have my share. No, I insist.

20.11.2008, 16:36
Thu 20 Nov 2008

Iceland $20b Cheaper Than Automakers (http://lolfed.com/2008/11/20/iceland-20b-cheaper-than-automakers/)

Posted by Jason under bailout (http://lolfed.com/category/bailout/) , fail (http://lolfed.com/category/fail/)

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http://lolfed.com/wp-content/icelandicwin.jpg :cool

First, I apologize for the obvious butchering of the Icelandic language. ’Failout’ isn’t a word that translates well to anything. I can only hope that including a picture of Miss Iceland makes up for it, and I trust alyx will forgive me my momentary objectifying of women, in the name of what passes for comedy in my posts.

Anyway, if you’re Iceland, good news! Not only do your women look like this, but you’re not going bankrupt just yet, after all. For the bargain price of $4.6b, the IMF and a handful of European countries with funny alphabets are saving Iceland’s butt (http://www.bloomberg.com/apps/news?pid=20601087&sid=aTytnMP6mJ2o&refer=home) from the street corner with loans it will never repay. The idea isn’t to help the depositors who lost their shirts (because no one in the entire world cares about Meinn Stréti), but rather to recapitalize the banks and get them lending again. You can ask Hank how well that’s going to work out. Still, if you were looking to pick up Iceland for 70% off retail at an Off Fifth store, looks like you’ll just have to keep right on waiting.

...wenigstens für die Augen mal was Erfreuliches :supi

20.11.2008, 16:55
'ENOUGH FOR ONE ATOM BOMB' (http://www.iht.com/articles/2008/11/20/africa/20nuke.php)


20.11.2008, 17:19
Moin Leute
hab mal die Jahre 2000-2003 jeweils einzeln über das aktuelle Dax Jahr gelegt


da kann einem schon mulmig werden - das kann sich noch ganz schön hinziehen :schwitz

Zum Original-Beitrag (http://showthread.php3?p=1201165#post1201165)
....ist mir so schon seit einem Weilchen :rolleyes:schwitz

20.11.2008, 18:34
better end the fed soon (http://goldtent.com/wp_gold/2008/11/20/better-end-the-fed-soon/)

-> Posted by GoldBalloon @ 12:17 pm on November 20, 2008

If the global crisis continues,

by the end of the year only two Banks will be operational:

The Blood Bank & The Sperm Bank

Then, these two banks will merge

and this giant will be called

‘The Bloody #%&@ing Bank’

20.11.2008, 18:53
...also doch den Spiegel kaufen - lohnt sich

http://www.spiegel.de/static/epaper/SP/2008/47/ROSPANZ20080470001-312.jpg Titelgeschichte DER BANKRAUB

20.11.2008, 19:00
antigop (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=113583) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=113583) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=113583) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=113583&level=three) Thu Nov-20-08 12:32 PM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3610519&mesg_id=3610519) 60. Michael Moore on the auto bailout (video) http://www.democraticunderground.com/discuss/images/transparent.gif Imo, Michael makes great points here. He sure is angry....


...nun tut sich doch etwas

Senators reach compromise on emergency auto loans: report

By Sue Chang
Last update: 12:38 p.m. EST Nov. 20, 2008
http://i.mktw.net/mw3/community/images/btns/icons/site/comments.pngComments: 104 (http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B222C65B9%2D2832%2D47D6%2D8CEA%2D6FD7BA1CDAFB%7D#comments)

SAN FRANCISCO (MarketWatch) -- A bipartisan group of auto-state senators say they have reached a compromise to speed emergency loans to Detroit's Big Three car makers, the Associated Press reported Thursday. Republicans and Democrats plan to present the proposal at a mid-afternoon news conference Thursday but it was not clear whether the compromise plan could draw enough support to get through the Senate, the news agency said. http://i.mktw.net/mw3/News/greendot.gif

http://i.mktw.net/mw3/community/images/btns/icons/site/comments.png(104) - View Comments on this story (http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B222C65B9%2D2832%2D47D6%2D8CEA%2D6FD7BA1CDAFB%7D#comments)

http://www.marketwatch.com/News/Story/Story.aspx?guid={222C65B9-2832-47D6-8CEA-6FD7BA1CDAFB} (http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B222C65B9-2832-47D6-8CEA-6FD7BA1CDAFB%7D)

...der Markt reagiert(e) :rolleyes positiv - ob's hält :confused

20.11.2008, 19:17
Is TARP Really a TRAP?

Posted by: Amy Barrett on November 19

The Treasury’s capital purchase program, the system for injecting capital into the nation’s banks, may look like a give away on the surface. But look a bit closer and there’s an interesting catch.

TARP (Troubled Asset Relief Program), of course, went from being an asset purchase program to a capital investment program and therefore needs a new name. Under the Treasury program, the government will invest $250 billion in the nation’s banks. A Treasury spokesperson says $158 billion has already been committed with another $92 billion to go. The hope is that new capital will get banks lending again. And many small banks, major small business lenders, are lining up now.

But here’s the rub: In section 5.3 of the agreement there is language that says if Congress wants to put new conditions or requirements on the banks, those new terms can be applied retroactively to banks who took the money. So in January if Congress wants to require banks that have received capital stop foreclosing on homes or up their lending activity, they can.

The American Association of Bank Directors sent a letter to Treasury Secretary Henry Paulson in early November asking that the government delete or modify the provision. David Baris, Executive Director of the AABD, says the Treasury has not responded to the letter.

Bank consultant Bert Ely says that is going to give some bankers second thoughts.
It is a blank check for Congress to put conditions on money that has already gone out. I think banks will go through the process, but the more they look at this they’ll decline it at the end. Now, the program is aimed at investing capital in healthy banks. If that's the case and they don't really need the money, it's hard to understand why a bank would agree to a deal that could change over night. Guess we'll see how many banks sign on the dotted line once they read the fine print.


....dieser Paulson scheint ziemlich unausgegorene Pläne durchzusetzen :rolleyes

20.11.2008, 19:37
Thursday, November 20, 2008 - 08:40

AFP News Briefs List

US seeks 300 billion dlrs from Gulf states: report The United States has asked four oil-rich Gulf states for close to 300 billion dollars to help it curb the global financial meltdown, Kuwait's daily Al-Seyassah reported Thursday.

Quoting "highly informed" sources, the daily said Washington has asked Saudi Arabia for 120 billion dollars, the United Arab Emirates for 70 billion dollars, Qatar for 60 billion dollars and was seeking 40 billion dollars from Kuwait.

Al-Seyassah said Washington sought the amount as "financial aid" to face the fallout of the financial crisis and help prevent its economy from sliding into a painful recession.

The daily said the United States plans to use the funds to help the ailing automobile industry, banks and other companies suffering from the global financial turmoil.

The four nations, all members of OPEC, produce together 14 million barrels of oil per day, around half of the cartel's production and about 17 percent of world supplies.

The four states are estimated to have amassed close to 1.5 trillion dollars in surplus in the past six years due to high oil prices that rocketed above 147 dollars in July before sliding to just above 50 dollars.

The daily also said that the United States has asked Kuwait to forgive its Iraqi debt estimated at around 16 billion dollars.


....damit die CEO's & co auch weiterhin fette Bonis kassieren können und im private jet die hohle Hand machen können :bad:mad

20.11.2008, 22:18
http://www.downside.com/bldgjump.gif....wenn es sogar bis CNBC durchgedrungen ist, dass dieser Paulson eine Flasche ist - na dann gehört er wohl so schnell als möglich zum Teufel geschickt :gomad
und für citi noch eine Ehrenrunde :rolleyes
und ich bin weg morgen - bevor ich :schreck

20.11.2008, 22:22
Once In A Lifetime


winewdoc (http://goldtent.com/wp_gold/2008/11/20/winewdoc/)

-> Posted by grin @ 16:16 pm on November 20, 2008
I found myself living in a shotgun shack wondering, How did I get here!


23.11.2008, 17:41
:wirr huiiiiiiiiiiiiiiii :supi ich sollte wohl öfter wegbleiben ;):cool

23.11.2008, 17:43
Obama: 'Millions of jobs' in danger next year

President-elect outlines recovery plan, warns worst may be yet to come :(

msnbc.com news services
updated 3:40 p.m. ET Nov. 22, 2008

WASHINGTON - U.S. President-elect Barack Obama said on Saturday that he was crafting an aggressive, two-year stimulus plan to revive the troubled economy, warning that swift action was needed to prevent a deep slump and a spiral of falling prices.

"If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," Obama said in prepared remarks for the weekly Democratic radio and video address.

"We now risk falling into a deflationary spiral that could increase our massive debt even further," he said........

full atory: http://www.msnbc.msn.com/id/27854138

23.11.2008, 18:11
Fri 21 Nov 2008

The Geithner Group (http://lolfed.com/2008/11/21/the-geithner-group/)

Posted by Jason under breaking news (http://lolfed.com/category/breaking-news/) , hank paulson (http://lolfed.com/category/hank-paulson/)
[5] Comments (http://lolfed.com/2008/11/21/the-geithner-group/#comments)
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It looks like you won’t have ol’ Hank to kick around anymore. LOLFed’s brief hopes of Paulson being asked to stay on as Treasury Chief have been dashed upon the rocks, as word has leaked that NY Fed president Tim Geithner will be asked to assume the position, as well as many others over the next four years. Geithner has been involved with international banking throughout his career, and speaks Chinese, which will come in very handy when the Chinese government forecloses on America.

On a personal note, I am pleased with the choice because even now, Geithner has displayed three times as many facial expressions on camera as Paulson, which is sure to make scribing childish comments onto his photographs far easier than it ever was with Hank.

23.11.2008, 18:27
Sun 23 Nov 2008

Sunday Morning Round-Up (http://lolfed.com/2008/11/23/sunday-morning-round-up/)

Posted by alyx under links (http://lolfed.com/category/links/)


A decent quantity of fail coming across the wires this morning.

* E-Trade is reported to be desperate for TARP funds (http://www.reuters.com/article/ousiv/idUSTRE4AK6NM20081121), and judging by the stock price, investors don’t expect them to get it. ETFC’s substantial subprime mortgage losses are killing them, even though their brokerage business seems to be functional.“Despite the reasonably healthy trends in the core brokerage franchise, we believe continued credit headwinds, a lack of earnings visibility and a limited capital cushion for common shareholders gives us no reason to become more constructive on E*Trade shares at current levels,” Credit Suisse analyst Howard Chen wrote to clients this week.

Apparently in those E-Trade commercials where the baby throws up all over the place he’s not excited about a trade but instead thinking about ETFC’s capital base.

http://lolfed.com/wp-content/bury-money-300x246.jpg (http://lolfed.com/wp-content/bury-money.jpg)

* Next, a cottage industry has developed in the business of burying your money in a hole in the ground (http://finance.yahoo.com/banking-budgeting/article/106189/Dig-It-These-People-Are-Burying-Their-Cash):The day the Dow fell 777 points, David Latham, a 45-year-old Alabama cattle farmer and electrician, was busy doing errands. Driving his Chevy pickup into Montgomery, he dropped by the hardware store, then stopped into the bank, where he withdrew $8,000 from his CD account, all in 20s. Back home, he slipped the four inch-thick bundles into a Ziploc bag, popped them into a waterproof PVC tube and set out for a remote location on his 300-acre property, where he dug a deep hole with a post digger. And then he buried his money.

Not into building your own money cylinders? Talk to Earl Snyder, who will sell you a Midnight Gardener (http://www.themidnightgardener.com/) ($19.95) to secure your cash. Looks like the name has been in use for the concept since 1998 (http://www.greatdreams.com/hiding.htm), when laying in cash, ammunition and MREs was all the rage in the name of Y2K.

http://lolfed.com/wp-content/gift-cards.jpg (http://lolfed.com/wp-content/gift-cards.jpg)

Finally, this year all gift cards are going to come with a USE IMMEDIATELY caveat (http://www.nytimes.com/2008/11/22/business/22shortcuts.html?em).* (+1 if you receive one for a gift and actually tell Mom “Just what I always wanted, an unsecured debt obligation at Circuit City!”)Just this year, consumers lost about $100 million in gift cards that they could not use when major retailers went out of business, Mr. Riley said.

The trouble is, there is no standardized procedure for handling gift cards after a Chapter 11 bankruptcy filing. The store does not necessarily shut down. Nor does it automatically stop taking — or for that matter, selling — gift cards. But it can.

Most retailers are solid, so most gift cards are solid. But if you’ve got one in your wallet from someplace you’re worried about, go blow through it ASAP. Hey, you’re doing the retailer a favor by taking excess inventory off their books, even if you really don’t think you need 14 boxes of Jujyfruits from the candy counter at Blockbuster right now.
* The Gift Card Comes Wrapped in Growing Risk

http://graphics8.nytimes.com/images/2008/11/22/business/22shortcuts.600.jpg Nati Harnik/Associated Press
This year, $59.9 billion will be spent on branded gift cards from retailers. Above, a supermarket in Omaha.


Published: November 21, 2008
I FELT extremely prepared and clever last year when I rented the family’s ski equipment for the entire season at a discount place, avoiding the expense and hassle of renting at the slopes.

Skip to next paragraph (http://www.nytimes.com/2008/11/22/business/22shortcuts.html?_r=1&em#secondParagraph) http://graphics8.nytimes.com/images/2008/11/22/business/22shortcuts.190.jpg Josh Reynolds/Associated Press
Consumers lost about $60 million in Sharper Image gift cards when it liquidated.

It all worked out well until I learned — just about when I was going to return the stuff — that the ski rental store was closing and that those who had received their skis after a certain date in November would not get their deposits back.

We could keep the rental skis and boots, which was fine for me, but pretty useless for my sons, who would grow out of them by next season.

Fortunately, I discovered that we met the deadline (just barely) and got our hundreds of dollars in deposits back. But that was when I truly understood the term “unsecured creditor.”.......

23.11.2008, 18:32
22 November 2008

Robert Rubin's Role in the Bubble that Broke the World (http://jessescrossroadscafe.blogspot.com/2008/11/robert-rubins-culpablity-in-bubble-that.html)

Is it premature to speak of the failure of Citigroup?

No, the bank is finished. The only question is the nature of its demise.

The Fed and FDIC may cut off a few of the more gangrenous pieces, stuff it full of paper, bolt on a prosthetic or two, perhaps apply enough cosmetics to give it some semblance of an afterlife, but the hard fact is the bank has collapsed, and would not open its doors again without extraordinary measures to maintain the appearance of existence.

How did this happen? Although this article does not mention the chief architect, Sanford Weil and another member of the supporting cast Larry Summers, it does pay tribute to Robert Rubin who, with Alan Greenspan, helped to create one of the greatest financial bubbles in history.

The New York Times (http://www.nytimes.com/2008/11/23/business/23citi.html?_r=1&partner=rss&emc=rss&pagewanted=all)

Citigroup Pays for a Rush to Risk
November 22, 2008

...The bank’s downfall was years in the making and involved many in its hierarchy, particularly Mr. Prince and Robert E. Rubin, an influential director and senior adviser.

Citigroup insiders and analysts say that Mr. Prince and Mr. Rubin played pivotal roles in the bank’s current woes, by drafting and blessing a strategy that involved taking greater trading risks to expand its business and reap higher profits. Mr. Prince and Mr. Rubin both declined to comment for this article.

When he was Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made the creation of Citigroup possible by allowing banks to expand far beyond their traditional role as lenders and permitting them to profit from a variety of financial activities. During the same period he helped beat back tighter oversight of exotic financial products, a development he had previously said he was helpless to prevent.

And since joining Citigroup in 1999 as a trusted adviser to the bank’s senior executives, Mr. Rubin, who is an economic adviser on the transition team of President-elect Barack Obama, has sat atop a bank that has been roiled by one financial miscue after another.

Citigroup was ensnared in murky financial dealings with the defunct energy company Enron, which drew the attention of federal investigators; it was criticized by law enforcement officials for the role one of its prominent research analysts played during the telecom bubble several years ago; and it found itself in the middle of regulatory violations in Britain and Japan....As it built up that business, it used accounting maneuvers to move billions of dollars of the troubled assets off its books, freeing capital so the bank could grow even larger....

Does a Weakness in Banking Regulations Result in Economic Imbalances and Asset Bubbles? (http://jessescrossroadscafe.blogspot.com/2008/10/does-weakness-in-banking-regulation.html)

PBS Frontline: Mr. Weill Goes to Washington (http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/)

Time Magazine February 15, 1999

http://3.bp.blogspot.com/_H2DePAZe2gA/SSiaRvi6A2I/AAAAAAAAGfI/vAntSLa7MWQ/s400/1101990215_400.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/SSiaRvi6A2I/AAAAAAAAGfI/vAntSLa7MWQ/s1600-h/1101990215_400.jpg)

Posted by Jesse at 5:50 PM (http://jessescrossroadscafe.blogspot.com/2008/11/robert-rubins-culpablity-in-bubble-that.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4977083045642017655) :verbeug

Rubin :rolleyes ob Obama so ein glückliches Händchen mit ihm gehabt hat :confused:rolleyes:mad

23.11.2008, 18:50
21 November 2008

This Bear Market Is Already One for the Record Books (http://jessescrossroadscafe.blogspot.com/2008/11/this-bear-market-is-already-one-for.html)

Of the 26 major bear markets (declines of 15+%) since 1900, the current stock market correction currently ranks as the fourth largest in magnitude with only the market declines beginning in 1906, 1929, and 1937 being greater. It is still relatively short in duration as compared to the average bear market.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSdyJWdTXJI/AAAAAAAAGfA/kJLhdrnRHaI/s400/stockmarketcorrect.gif (http://2.bp.blogspot.com/_H2DePAZe2gA/SSdyJWdTXJI/AAAAAAAAGfA/kJLhdrnRHaI/s1600-h/stockmarketcorrect.gif)

Graphic courtesy of Chartoftheday.com (http://www.chartoftheday.com/)

Posted by Jesse at 9:23 PM (http://jessescrossroadscafe.blogspot.com/2008/11/this-bear-market-is-already-one-for.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4798235495061345824) :verbeug

...andere Rekorde wären mir lieber :rolleyes:o

23.11.2008, 19:47
Where a baby girl is a mother's awful shame

Over the past 20 years in India, 10 million female babies have been aborted. The pressure to have sons is terrifying - mothers who bear daughters are beaten or cast aside by husbands and in-laws desperate to escape the financial burden of a girl's dowry. Now mothers are being urged to 'save the girl child' as the country tries to end decades of tragic abuse

The birth of Rekha's second daughter should have been one of the happiest days of her life. Instead, she lay on the bed of her home on the outskirts of Delhi, the newborn child on the floor, screaming in terror as her mother-in-law poured paraffin over her. :gomad:gomad:gomad

This was her punishment, the older woman said, preparing to strike a match: Rekha had failed again to deliver a son and it would be better for everyone if she were dead. Suddenly the door burst open and her neighbours rushed in, roused by the frantic screaming. They bundled Rekha and her daughter out of the house, never to return.

In a country where boys remain prized and having a daughter is considered by many to be a curse, they were lucky. Many are not so fortunate. India has banned pre-natal scanning to determine the sex of a baby and made aborting a child as a result of such a scan punishable with five years in prison. Poster campaigns urge Indians to 'save the girl child'....

......Her husband maintained that as a priest had told him he would only father one son, the girls could not be his. He demanded a DNA test. Dr Khurana gave birth to the girls, Guddu and Pari, two months prematurely on 11 August, 2005. She maintained that, when one of the girls was four months old, her mother-in-law tried to push the child down the stairs.

Faced with open hostility from her husband and his family, she eventually left her husband in March. 'He threw me out of the house because he wants to remarry someone who can give him a son,' she said. She has filed a complaint, which is being investigated under India's Pre-Conception and Pre-natal Diagnostic Techniques Act. But she said she had struggled to have her allegations taken seriously. 'Even as an educated woman I am pushed around,' she said. 'But my daughters are now my biggest source of happiness, and I am proud that I have saved them.'......

full story: http://www.guardian.co.uk/world/2008/nov/23/india-gender

:dumm:dumm:dumm man glaubt es nicht :gomad

23.11.2008, 20:06
That Money Isn’t Leaving the Vault

By GRETCHEN MORGENSON (http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html?inline=nyt-per)
Published: November 21, 2008
SO goes the old saw about bankers: they loan you an umbrella when the sun is shining, only to ask for it back when it rains......

......A commercial real estate borrower in Texas who owns properties financed by GE Capital said his lender was tightening the screws — despite the fact that all of his loans were current and his properties robust.

He said GE Capital had told him that when his loan comes due, there will be no negotiation; either it must be paid off in full or foreclosure proceedings will begin........

.....“The banks that have taken the taxpayer’s money ought to be part of the solution, but they are acting like war profiteers,” :mad Mr. Rowe said. “If I were in charge, I would haul them all down to Gitmo, put them in a room and say, ‘You have used the taxpayer’s money to pervert our objectives. It is morally wrong and we are not going to stand for it.’

full story: http://www.nytimes.com/2008/11/23/business/23gret.html?_r=1&partner=rss

23.11.2008, 20:26
END THE FED DEMONSTRATION (http://emsnews.wordpress.com/2008/11/23/end-the-fed-demonstration/)

Posted on November 23, 2008 by emsnews
http://emsnews.files.wordpress.com/2008/11/end-fed-22.jpg?w=300&h=285 (http://emsnews.files.wordpress.com/2008/11/end-fed-22.jpg) Across the planet, labor unrest is rising. The managers of most countries are most anxious to restart the Old World Order economic system. Indeed, most people on the planet want to get that old system restarted. But it won’t happen. Instead, we continue down the typical road of a top, global empire going bankrupt while desperately hanging onto power via military suppression of populist uprisings coupled with wild spending based on credit.


.....langsam muss man gespannt sein wer denn dieses "yes we can" sind oder sein werden :gruebel hoffentlich nicht WallstreetMafia bleibt WallstreetMafia :rolleyes

24.11.2008, 08:58
FEDS TO THE RESCUE: CITI (http://www.iht.com/articles/2008/11/24/business/24citibank.php)

24.11.2008, 09:02
http://graphics8.nytimes.com/images/misc/logoprinter.gif (http://www.nytimes.com/) http://graphics8.nytimes.com/ads/spacer.gifhttp://graphics8.nytimes.com/ads/fox/printerfriendly.gif (http://www.nytimes.com/adx/bin/adx_click.html?type=goto&page=www.nytimes.com/printer-friendly&pos=Position1&sn2=336c557e/4f3dd5d2&sn1=921f9ead/4c47680e&camp=foxsearch2008_emailtools_810909e_nyt5&ad=wrestler_120x60_InTheatersDec17&goto=http://www.foxsearchlight.com/thewrestler/)

http://d.yimg.com/us.yimg.com/p/rids/20081118/i/r908393442.jpg?x=241&y=345&q=85&sig=1dxeUOCho.xSlAdMlM3Jsg-- :rolleyes:confused

Virtual Robert Rubin constellation taking shape on Obama team... (http://www.nytimes.com/2008/11/24/us/politics/24rubin.html?hp=&pagewanted=print)

November 24, 2008
Political Memo
Rubinomics Recalculated

By JACKIE CALMES (http://topics.nytimes.com/top/reference/timestopics/people/c/jackie_calmes/index.html?inline=nyt-per)
WASHINGTON — It is testament to former Treasury Secretary Robert E. Rubin (http://topics.nytimes.com/top/reference/timestopics/people/r/robert_e_rubin/index.html?inline=nyt-per)’s star power among many Democrats that as President-elect Barack Obama (http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per) fills out his economic team, a virtual Rubin constellation is taking shape.

The president-elect’s choices for his top economic advisers — Timothy F. Geithner (http://topics.nytimes.com/top/reference/timestopics/people/g/timothy_f_geithner/index.html?inline=nyt-per) as Treasury secretary, Lawrence H. Summers (http://topics.nytimes.com/top/reference/timestopics/people/s/lawrence_h_summers/index.html?inline=nyt-per) as senior White House economics adviser and Peter R. Orszag (http://topics.nytimes.com/top/reference/timestopics/people/o/peter_orszag/index.html?inline=nyt-per) as budget director — are past protégés of Mr. Rubin, who held two of those jobs under President Bill Clinton (http://topics.nytimes.com/top/reference/timestopics/people/c/bill_clinton/index.html?inline=nyt-per). Even the headhunters for Mr. Obama have Rubin ties: Michael Froman (http://topics.nytimes.com/top/reference/timestopics/people/f/michael_froman/index.html?inline=nyt-per), Mr. Rubin’s chief of staff in the Treasury Department who followed him to Citigroup (http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org), and James P. Rubin (http://topics.nytimes.com/top/reference/timestopics/people/r/james_p_rubin/index.html?inline=nyt-per), Mr. Rubin’s son.

All three advisers — whom Mr. Obama will officially name on Monday and Tuesday — have been followers of the economic formula that came to be called Rubinomics: balanced budgets, free trade and financial deregulation, a combination that was credited with fueling the prosperity of the 1990s.

But times have changed since then. On Wall Street, Mr. Rubin is facing questions about his role as director of Citigroup given the bank’s current woes. And in Washington, he and his acolytes are calling for a new formulation to address the global economic crisis that Mr. Obama will inherit — and rejecting or setting aside, for now, some of their old orthodoxies.

Instead of deregulation, Mr. Obama has sworn to usher in a period of re-regulation, to avoid the freewheeling risks that Citigroup and the rest of the financial industry undertook after Mr. Rubin, with Mr. Summers, helped tear down the regulatory walls between banks, brokerages and insurance companies, and freed them to trade in unregulated and little-understood derivatives worth trillions of dollars. Mr. Geithner spent his first years as president of the Federal Reserve Bank of New York (http://topics.nytimes.com/top/reference/timestopics/organizations/f/federal_reserve_bank_of_new_york/index.html?inline=nyt-org) seeking ways to at least monitor those markets better........

full story: http://www.nytimes.com/2008/11/24/us/politics/24rubin.html?_r=1&hp=&pagewanted=print

Rubin :rolleyes:rolleyes:rolleyes

24.11.2008, 09:05
...noch mehr CITI :rolleyes

US Takes a $20 Billion Stake and Guarantees $306 Billion of Risky Loans for Citigroup (http://jessescrossroadscafe.blogspot.com/2008/11/us-takes-20-billion-stake-and.html)

And the hits just keep on coming.

http://3.bp.blogspot.com/_H2DePAZe2gA/SSpFxcVNaVI/AAAAAAAAGfo/fP9xgmob0sA/s320/bankbailout.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SSpFxcVNaVI/AAAAAAAAGfo/fP9xgmob0sA/s1600-h/bankbailout.JPG)International Herald Tribune (http://www.iht.com/articles/2008/11/24/business/24citibank.php)
U.S. to inject $20 billion into Citigroup
The Associated Press
Sunday, November 23, 2008

WASHINGTON: The U.S. government unveiled a plan Sunday to rescue Citigroup, including taking a $20 billion stake in the firm, whose stock has been hammered on worries about its financial health.

In addition, the government will guarantee as much as $306 billion of risky loans and securities backed by commercial and residential mortgages.

The announcement was made by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp.

Posted by Jesse at 12:32 AM (http://jessescrossroadscafe.blogspot.com/2008/11/us-takes-20-billion-stake-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4618818292015402327)

23 November 2008

Citigroup in Emergency Talks with Government for Cash (http://jessescrossroadscafe.blogspot.com/2008/11/citigroup-in-emergency-talks-with.html)

http://4.bp.blogspot.com/_H2DePAZe2gA/SSnZDC2sKiI/AAAAAAAAGfY/vni-p7TbX6Y/s320/De-gaulle-radio.jpgHere we are, behind financial lines, huddled over our shortwave radios, waiting to hear about the true state of of our economy from the BBC... LOL.

BBC News (http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7744814.stm)
Citigroup seeks 'emergency cash'
15:54 GMT, Sunday, 23 November 2008

Executives of Citigroup, one of the biggest banks in the US, are in emergency talks with the US Treasury to gain much-needed funding, reports say.

The bank is also said to have contacted certain shareholders to assess their interest in increasing their stakes as as it faces an uncertain future.

Citigroup stock ended 20% lower on Friday as its board members met.

Last week the company announced 52,000 job losses worldwide on top of 23,000 job cuts previously announced.

No one from Citigroup was immediately available for comment.

There are fears that without further funding the bank might not be able to survive. Any money would be in addition to the $25bn injection it received in October from the US Treasury.

Options being discussed included a government cash injection as well as Citigroup selling some of its business, reported The Sunday Times. (Remember you heard about all of this here first - Jesse)

Chief executive Vikram Pandit told employees on Friday that the firm did not want to change its business model, Reuters reported, citing two employees.

He also reiterated that the firm had a robust capital position. (That seems to be financial CEO-speak for "we are on the brink, mates, and its been good to know you "- Jesse)

But Sean Egan, analyst at ratings agency Egan-Jones Ratings, said, "Citigroup needs a deep-pocketed investor that is ready, willing, and able to step up in the next few days." (Prince Alwaleed has a hole in his pocket? - Jesse)

http://1.bp.blogspot.com/_H2DePAZe2gA/SSnZLygStoI/AAAAAAAAGfg/Y-rlVc3whE8/s200/asiantraders.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/SSnZLygStoI/AAAAAAAAGfg/Y-rlVc3whE8/s1600-h/asiantraders.JPG)"The only one who comes to mind is the government," he said, adding that $50bn might ne needed. (ROFLMAO, you can't make this stuff up. Hmmm, I'm thinking of a bigger fool, and a bigger number.... - Jesse)

In a bid to reassure investors, Citigroup is running advertisements in US and international newspapers on Sunday underlining its stability. (NY global bank with gaping holes in balance sheet desparately seeking a deep-pocketed investor 'just in case' we wish to re-open on Monday - Jesse)

It is widely expected that Citigroup will issue a statement on Monday before the US markets open. (They just said they had a robust cash position and that everything was fine. What are they going to say now, that they expect a cash surge from the Bush Administration to turn the tide? - Jesse)

Posted by Jesse at 4:51 PM (http://jessescrossroadscafe.blogspot.com/2008/11/citigroup-in-emergency-talks-with.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5937639219604521707) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5937639219604521707)

24.11.2008, 09:11
Sun 23 Nov 2008

Oracle Puts Blankfein On The Ropes (http://lolfed.com/2008/11/23/oracle-puts-blankfein-on-the-ropes/)

Posted by alyx under goldman sachs (http://lolfed.com/category/goldman-sachs/)
[4] Comments (http://lolfed.com/2008/11/23/oracle-puts-blankfein-on-the-ropes/#comments)


I thought it would be an interesting exercise this morning to find something, anything, to suggest Citi’s Bandit made a good decision as of late. Found one, maybe. (I will admit to being surprised.)

When Goldman called Citi up after becoming a bank holding company and said plz plz buy us (http://lolfed.com/2008/10/26/best-ceo-ever/), and The Bandit laughed it off, he may have just saved Citi from bearing the brunt of the mother of all margin calls (http://news.goldseek.com/MillenniumWaveAdvisors/1227463539.php):Shares of Warren Buffett’s insurance holding company are on the ropes this month, plunging 30% in part because the famed investor dabbled in an area of the market he has long publicly derided: derivatives. And due to a tangled web of financial relationships, they may be taking Goldman Sachs shares down with them. Investors are concerned about a $37-billion bet that Buffett made last year that U.S. and world equity values would be higher in 15 to 20 years than they were then, when the Dow Jones Industrials were trading around 13,000. Through his firm, Berkshire Hathaway, Buffett sold option contracts, known as “naked puts” to an undisclosed group of investors for around $4.85 billion, reportedly using Goldman as broker…

“Because of its solid-gold credit rating, Berkshire Hathaway was not required to put up collateral to make this trade. But now rumors are flying on Wall Street that the owners of the contracts have demanded that broker Goldman Sachs put up collateral for the rest of the amount due. Since the value of the trade could be enormous, the collateral demands are said to be large, and fears that Goldman will struggle to make good on its obligation has panicked shareholders. Indeed one theory making the rounds this week is that Buffett put $5 billion into Goldman at around $125 per share in September not as an investment but to help provide funds for the collateral.

(Emphasis from the original.)

Buffett - Mr. “Derivatives are weapons of mass destruction” - made a $37 bn derivatives bet? And GoldenSlacks didn’t ask for collateral, because the Oracle can do no wrong? I can’t question the wisdom of the actual bet, because most people would expect Dow > 13000 in 2028, but we’re not talking about 2028, we’re talking about nobody wanting to bear the risk now of such a forward-looking bet. No collateral on an open-ended bet with a downside of [edited] $37 bn? If only my name carried that kind of clout. I can’t even open a bar tab without coughing up a credit card.

While we’re at it, Caroline B sent me a link earlier this week about Lloyd Blankfein possibly getting caught with his shorts down (http://www.bloomberg.com/apps/news?pid=20601087&sid=as3PwfEfBlhk&refer=home), though naked shorting of loans is not (yet) illegal because until recently it was just not done. Expect some kind of regulations in this area now that GS has put it on the radar.

:kopf .....alles ein riesiger faulender Haufen :mad

...einer der Kommentare und Antwort:

Chris Says:
November 23rd, 2008 at 1:37 pm (http://lolfed.com/2008/11/23/oracle-puts-blankfein-on-the-ropes/#comment-910) I’m not sure I understand the reasoning behind GS having to put up collateral against the Berkshire bet. If Berkshire defaults, is Goldman responsible for paying the bet?

And even if that is the case, how could the counterparty require GS to post collateral that they couldn’t in turn force Berkshire to put up? If GS said “no” what would happen?

Also, I disagree with the article’s assertion that this damages Berkshire’s or WB’s record. In the same vein, MSN keeps posting articles that refer to his investment into Goldman at $125 a share, when that isn’t WB’s investment at all. His preferreds are convertible at 125, but financial journalists continue to make his investment seem like its in common stock–which in turn has led some investors (read: fools) to try to ride his coattails and buy the common.

The way that journalists (not you) bandy the Buffett/Berkshire name around at will is evidence of either a) their shameless self-promotion on the back of a famous investor and b) their utter lack of knowledge about WB’s investments (or willful disregard of them)

alyx (http://lolfed.com/) Says:
November 23rd, 2008 at 2:09 pm (http://lolfed.com/2008/11/23/oracle-puts-blankfein-on-the-ropes/#comment-911) My best guess is that the reason GS would have to put up the collateral at this point is because GS can’t ask Berkshire to pay up until the puts expire, bc otherwise Goldman could just ask Berkshire for the collateral now even though they didn’t initially. I suppose the contracts are mark-to-market and there must be a clause/rule that allows the holders to ask for collateral if the contracts are substantially underwater (which they obvs are right now). Hopefully more details will come out soon.

24.11.2008, 10:08
Videos Nov 20/19 ---> Crisis of confidence - Reading the renminbi


24.11.2008, 12:32
NOVEMBER 24, 2008
Builders Make Plea for Federal Aid http://www.prepolino.ch/bildersammlung/lehrer_und_schueler/kopieren%20schlange%20stehen.gifvorschau.jpg

Critics Warn That Propping Up Housing Demand Will Only Prolong Market's Woes

By NICK TIMIRAOS (http://online.wsj.com/search/search_center.html?KEYWORDS=NICK+TIMIRAOS&ARTICLESEARCHQUERY_PARSER=bylineAND)

Struggling U.S. auto makers left Washington empty-handed after weeks of pleading for a handout, but that hasn't deterred home builders from stepping up to lobby Congress for help.

But any federal assistance would require policy makers to figure out how to stimulate demand for housing -- the problem at the root of the global financial meltdown -- without artificially propping up home values.

The builders' lobby is ramping up its sales pitch for a $250 billion stimulus package called "Fix Housing First," arguing that financial markets won't recover until home prices stop falling. They are calling for a generous tax credit for home purchases and a federal subsidy that would lower a homeowner's mortgage rate.

Congress resisted a similar effort to pass a larger tax credit earlier this year, instead creating a $7,500 credit for new-home purchases that had to be paid back over 15 years, effectively extending an interest-free loan.....

full story: http://online.wsj.com/article/SB122748520112251743.html

24.11.2008, 12:55
FEATURES MAIN http://online.barrons.com/img/b.gif Does Extreme Stress Signal an Economic Snapback?


More than a decade's worth of equity gains has evaporated. But history suggests that stocks won't fall much further.

NOT MANY PEOPLE ARE JUMPING OUT OF WINDOWS on Wall Street or selling apples on corners, but investors are getting a bitter taste of what happened in the aftermath of the 1929 market crash.

The brutal 2008 bear market deepened last week as the Dow industrials fell 451 points, or 5.3%, to 8,046, despite a sharp rally Friday that lifted the benchmark average 494 points. The S&P 500 slid 8.4%, to 800, amid deepening fear about the global economy and financial system. Citigroup tottered at week's end after it plunged 60% in the five sessions to just $3.77 a share.........

........FINANCIALS GOT WHACKED last week as Bank of America (http://online.barrons.com/public/quotes/main.html?type=djn&symbol=bac) (BAC) declined 30%, to 11.47; Morgan Stanley (http://online.barrons.com/public/quotes/main.html?type=djn&symbol=ms) (MS) was off 16%, to 10.05, and Goldman Sachs (http://online.barrons.com/public/quotes/main.html?type=djn&symbol=gs) (GS) slid 20%, to 53.31. Morgan Stanley now trades at just 40% of its tangible book value of $26 a share, while Goldman fetches 64% of its tangible book of $82, after briefly falling below its 1999 IPO price of 53.

In the days when Goldman was a partnership, employees toiled for years to make partner and have the opportunity to get Goldman equity at book value. Now, any investor can buy into the company at a fraction of its stated net worth. Citigroup languishes at about half of its tangible book value. There are obvious risks in the financials, but it's rare for investors to be able to buy so many companies -- life insurers, property and casualty insurers, banks and brokers -- below book. Financials within the S&P 500 are down 67% this year.

It has been perilous to call a bottom in financials and the overall stock market this year, but history at least is encouraging.


24.11.2008, 13:10
http://www.newyorker.com/images/elements/print/newyorker_printlogo.gif (http://www.newyorker.com/)
Skip to content (http://www.newyorker.com/reporting/2008/12/01/081201fa_fact_cassidy?printable=true#content)

Anatomy of a Meltdown

Ben Bernanke and the financial crisis.

by John Cassidy (http://www.newyorker.com/search/query?query=authorName:%22John%20Cassidy%22) December 1, 2008

Some are born radical. Some are made radical. And some have radicalism thrust upon them. That is the way with Ben Bernanke, as he struggles to rescue the American financial system from collapse. Early every morning, weekends included, Bernanke arrives at the headquarters of the Federal Reserve, an austere white marble pile on Constitution Avenue in Foggy Bottom. The Fed, which is as hushed inside as a mausoleum, is a place of establishment reserve. Its echoing hallways are lined with sombre paintings. The office occupied by Bernanke, a soft-spoken fifty-four-year-old former professor, has high ceilings, several shelves of economics textbooks, and, on the desk, a black Bloomberg terminal. On a shelf in a nearby closet sits a scruffy gym bag, which in calmer days Bernanke took to the Fed gym, where he played pickup basketball with his staffers....

full story: http://www.newyorker.com/reporting/2008/12/01/081201fa_fact_cassidy?currentPage=all

24.11.2008, 15:31
Fri Nov-21-08 07:13 PM

Original message Weekend Economists--The Nostalgia Weekend November 21-23, 2008

As the holidays approach, we reminisce about events and people long past who, through the dust and glow of history, look so much more lustrous now than they did then. We just didn't know how good we had it (well, those of us who have resisted, kicking and screaming, the gutting of America did know, we just couldn't get any leverage over the pirates). A lot of Americans bought the sizzle of false promises and too-good-to-be-true deals, and here we are!

So, let us gather about Nancy Pelosi's bare naked table, and recall the Past, project the Future, and bitch about the Present. Our emphasis is economics, political economics, but we are open to side trips and non sequitors....

If you haven't guessed by now, I am a daughter of the Motor City, and spent 29 years in exile before returning to my Native Land. I don't live in the city proper, but in the People's republic of Ann Arbor, as my dittohead uncle called it, since the city is a ghost of its former glory. So expect a lot of detail about the Big Three this weekend!

And in that vein, enjoy this special animation by Mark Fiore:

Owner's Manual 11/1908


24.11.2008, 16:07
Fully…Dollar doing what its supposed to… (http://goldtent.com/wp_gold/2008/11/24/fullydollar-doing-what-its-supposed-to/)

-> Posted by Farmboy @ 9:22 am on November 24, 2008
Been filing away some of those greenbacks for hard times.

http://goldtent.com/wp_gold/wp-content/uploads/2008/11/image0066.gif :xyz

24.11.2008, 20:13
CNBC Scores Major Exclusive Interview with Alaweed Bin Talal (http://jessescrossroadscafe.blogspot.com/2008/11/cnbc-scores-major-exclusive-interview.html)

http://3.bp.blogspot.com/_H2DePAZe2gA/SSr1LsG0__I/AAAAAAAAGgI/V58aaFACz8M/s400/alwaleedandmaria.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SSr1LsG0__I/AAAAAAAAGgI/V58aaFACz8M/s1600-h/alwaleedandmaria.JPG)

Posted by Jesse at 12:09 PM (http://jessescrossroadscafe.blogspot.com/2008/11/cnbc-scores-major-exclusive-interview.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3428197380973452931) :verbeug

24.11.2008, 20:24
Federal Reserve and Treasury Offer Half of US GDP to the Wall Street Banks (http://jessescrossroadscafe.blogspot.com/2008/11/federal-reserve-and-treasury-offer-half.html)

http://3.bp.blogspot.com/_H2DePAZe2gA/SSrHs1wjCDI/AAAAAAAAGf4/0Tf5eflFzoU/s320/daboyz.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/SSrHs1wjCDI/AAAAAAAAGf4/0Tf5eflFzoU/s1600-h/daboyz.JPG)Our motto used to be "millions for defense, but not one cent for tribute."

That has changed to "Trillions for the banks, but a few dollars loaned at interest for the real economy."

Hey there all you big strong men,
Time to serve your Uncle Ben,
Don't give up, you must be bold,
Get out there and short some gold.
The Treasury's stash is almost dry,
Oops, the Buck is going to die.

And its one, two, three who are we working for,
Hey hey we know who to thank,
So give your all to Uncle Hank.
And its five, six, seven, don't you dare be late,
Well, there ain't no time to ask them why,
But the Buck is gonna die.

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit
By Mark Pittman and Bob Ivry

Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago. (But there is no money for Social Security, for Medical programs, for real industry, for people - Jesse)

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. (This isn't the New Deal, its the Raw Deal for the people and the Sweet Deal for the banks that caused our problems through their reckless greed - Jesse)

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in. (That's nothing compared to what the public is calling to be done to the Fed and the Bush Treasury - Jesse)

“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones...”.....

full story: http://jessescrossroadscafe.blogspot.com/2008/11/federal-reserve-and-treasury-offer-half.html

24.11.2008, 21:30
Hey there all you big strong men,
Time to serve your Uncle Ben,
Don't give up, you must be bold,
Get out there and short some gold.
The Treasury's stash is almost dry,
Oops, the Buck is going to die.

And its one, two, three who are we working for,
Hey hey we know who to thank,
So give your all to Uncle Hank.
And its five, six, seven, don't you dare be late,
Well, there ain't no time to ask them why,
But the Buck is gonna die.

Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1202201#post1202201)
Die Melodie zum Text. http://www.stock-channel.net/stockselect/stock-board/images/smilies/cool.gif

Fixin'_To_Die_Rag (http://www.youtube.com/watch?v=u0jxHB3E710&feature=related)

24.11.2008, 21:56

24.11.2008, 22:32
Die Melodie zum Text. http://www.stock-channel.net/stockselect/stock-board/images/smilies/cool.gif

Fixin'_To_Die_Rag (http://www.youtube.com/watch?v=u0jxHB3E710&feature=related)

Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1202212#post1202212)
:supi merci

24.11.2008, 22:32
24 November 2008

The Buck Slumps to Support as Stocks Rally Up to Resistance (http://jessescrossroadscafe.blogspot.com/2008/11/dollar-showed-weakness-today-as-us.html)

The dollar showed weakness today as US equities ran the shorts on vaporous hopes of bailouts for the banks.

Notice though that Bucko has not broken any serious support levels so it is too soon to send flowers. So far this is a normal consolidation in a parabolic short squeeze and flight to safety.

We took profits on our long positions today, and went slightly net short when the SP 500 futures hit our intraday target of 866. This rally has a lot of air in it, but this is a light week, with the US markets closing for the Thanksgiving holiday on Thursday.

We are far from a recovery, and will likely go back down and test those lows again, but first things first, and we may see more rally up to the 62% retracement levels.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSsYS0QhMMI/AAAAAAAAGgg/6qFnrC6QY_k/s400/DXLT.PNG (http://2.bp.blogspot.com/_H2DePAZe2gA/SSsYS0QhMMI/AAAAAAAAGgg/6qFnrC6QY_k/s1600-h/DXLT.PNG)

Posted by Jesse at 4:02 PM (http://jessescrossroadscafe.blogspot.com/2008/11/dollar-showed-weakness-today-as-us.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2245295678368361345) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2245295678368361345)

24.11.2008, 22:39
Citi ohne Ende :rolleyes

Mon 24 Nov 2008

Citigroup Under New Management (http://lolfed.com/2008/11/24/citigroup-under-new-management/)

Posted by Jason under all ur bankz (http://lolfed.com/category/all-ur-bankz/) , bailout (http://lolfed.com/category/bailout/) , bandit (http://lolfed.com/category/all-ur-bankz/bandit/) , fail (http://lolfed.com/category/fail/)
[9] Comments (http://lolfed.com/2008/11/24/citigroup-under-new-management/#comments)
Subscribe to this feed (http://feeds.feedburner.com/Lolfed)

http://lolfed.com/wp-content/vikkyyoungman.jpg (http://lolfed.com/wp-content/vikkyyoungman.jpg)

What has two arms, reads LOLFed, and owns Citigroup? That’s right, you do! From Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=aS.IOY3fYuY8&refer=home):Citigroup also will get a $20 billion cash injection from the Treasury Department, adding to the $25 billion the company received last month under the Troubled Asset Relief Program. In return for the cash and guarantees, the government will get $27 billion of preferred shares paying an 8 percent dividend. Citigroup rose as much as 41 percent in German trading today.

The preferred shares come with warrants to buy something around 250m shares of C at $10 per, which if converted would make the US government almost as big a stakeholder in C as Prince Alwaleed. And there’s a fair chance that by the time this is all over, the government is going to own more bad assets than any one entity should, having promised a tiered backstop of $300b worth of sad Citi assets. The breakdown of the backstop is as follows:

The first $40b in losses go to Citi
The next $5b in losses go to US Treasury
The next $10b in losses go to FDIC
The rest goes to the Fed
So with that in mind, I present the following:
http://lolfed.com/wp-content/banditben.jpg (http://lolfed.com/wp-content/banditben.jpg)http://lolfed.com/wp-content/bandithank.jpg (http://lolfed.com/wp-content/bandithank.jpg)

24.11.2008, 23:18

25.11.2008, 09:02
KfW treibt Schulden aus Kaiserzeit ein

Die staatliche Kreditanstalt für Wiederaufbau machte in den vergangenen Wochen vor allem durch hohe Verluste und ihre Millionenüberweisung an die bankrotte US-Bank Lehman Brothers von sich reden. Die Zahlung ist umstritten, ebenso wie ein anderes Geschäftsgebaren der Bank. Sie verlangt nämlich noch immer Altschulden zurück, die eigentlich schon längst verjährt sind.

http://www.mdr.de/IT/210519-high.jpg Karl-Heinz-Fröhlich muss einen Kredit seiner Vorfahren zurückzahlen.

Karl-Heinz Fröhlich soll 4.000 Euro an die Kreditanstalt für Wiederaufbau zahlen. Etwa so viel Geld hatte sein Großvater 1920 als Kredit aufgenommen, um einen Gutshof in der Nähe von Pirna in Sachsen zu betreiben. Doch 30 Jahre später konnte die Familie den Kredit nicht mehr zurückzahlen. Sie wurde enteignet, der Hof und das Land gingen in einer Landwirtschaftlichen Produktionsgenossenschaft (LPG) auf. Seitdem haben andere dort gelebt und den Hof bewirtschaftet. Familie Fröhlich erhielt das Gut nie zurück - trotzdem sollen die Nachfahren nun die alten Schulden begleichen. In ihrem Brief drohte die KfW sogar mit Zwangsmaßnahmen, sollte Karl-Heinz Fröhlich das Geld nicht zahlen. Doch er weigerte sich und zog vor Gericht. Schließlich gibt es ein Urteil des Bundesgerichtshofs aus dem Jahr 2001, das entsprechende Forderungen der KfW-Bank als verjährt bezeichnet.
"Ich klage die Bundesrepublik Deutschland an, wie sie mit den Leuten umgeht, mit denen schon die DDR umgesprungen ist. Da hätte man mit Sicherheit andere Regelungen finden müssen und können."

Karl-Heinz Fröhlich

http://www.mdr.de/IT/210518-high.jpg Der CDU-Bundestagsabgeordnete Manfred Kolbe versteht die KfW-Praxis nicht.

Neues Gesetz hebelt Verjährungsfrist aus

Doch Karl-Heinz Fröhlich verlor mit seiner Klage - und das auch vor dem Bundesgerichtshof. Denn die KfW hatte das Urteil aus dem Jahr 2001 nicht hingenommen und beschlossen, dagegen vorzugehen. Im Bundestag wurde schließlich ein neues Gesetz beschlossen, das die Verjährungsfrist aushebelt. Der sächsische CDU-Bundestagsabgeordnete Manfred Kolbe erinnert sich an das Prozedere. Das Gesetz sei von der damaligen rot-grünen Regierung in den Bundestag eingebracht worden. Und da es sich um eine schwer verständliche Materie handelte, habe es keine große Aufmerksamkeit erregt und sei ohne größere Diskussionen beschlossen worden.

KfW treibt Schulden aus Kaiserzeit ein | Download (http://www.mdr.de/fakt/5940967.html)
http://www.mdr.de/IT/210520-high.jpg Ein altes Dokument unter der Lupe.

Mehr als 700 Altkredite noch offen

Dank des neuen Gesetzes kann die KfW weiter alte Kredite einfordern. Rund 700 Familien sind derzeit bundesweit davon betroffen, das schreibt die KfW auf Anfrage von FAKT. Mehrere tausend Altkredite hat die Bank bereits eingetrieben. So auch von Familie Mai aus dem sächsischen Großenhain. Ihre Vorfahren hatten 1922 eine Hypothek von 18.000 Goldmark für einen Bauernhof aufgenommen. Zu DDR-Zeiten wurden sie enteignet, der Kredit war noch nicht abbezahlt. Die KfW als Rechtsnachfolgerin der DDR-Staatsbank will deshalb jetzt das Geld sehen. Dem Bundestagsabgeordneten Manfred Kolbe ist diese Praxis unverständlich. Sie sei keine Glanzstunde des Rechtsstaats.

"Ich wäre froh, wenn die KfW jetzt endlich zur Einsicht kommt und Uralthypotheken aus der Zeit Kaiser Wilhelms nicht mehr geltend macht und die Menschen, die investiert haben, in Ruhe lässt."

Manfred Kolbe, CDU-Bundestagsabgeordneter

Zuletzt aktualisiert: 25. November 2008, 01:08 Uhr


....soviel zum Thema Rechts(bananen)staat ..... ähnlich wie eine Gestzesänderung über Stiftungen dem zumwinkel zum Verhängnis wurde :rolleyes

Zum Original-Beitrag (http://showthread.php3?p=1202266#post1202266)
...es gibt immer einige Saubermänner die sich über so was freuen :rolleyes

25.11.2008, 09:24
GNOME RESCUE PLAN NOW COSTS OVER SEVEN TRILLION (http://emsnews2.wordpress.com/2008/11/24/gnome-rescue-plan-now-costs-over-seven-trillion/)

Posted in Uncategorized (http://emsnews2.wordpress.com/category/uncategorized/) by emsnews on November 24th, 2008
Oops,’ said the Übergnome of Goldman Sachs as he walked into Congress to give the latest report of the Gnome Raid on the US Treasury. Aka, Ginnungagap (http://en.wikipedia.org/wiki/Ginnungagap) (”magical (and creative) power-filled space”[1] (http://en.wikipedia.org/wiki/Ginnungagap#cite_note-0)) was the vast, primordial void that existed prior to the creation of the manifest universe.[2] (http://en.wikipedia.org/wiki/Ginnungagap#cite_note-1) In the northern part of Ginnungagap lay the intense cold of Niflheim (http://en.wikipedia.org/wiki/Niflheim), to the southern part lay the equally intense heat of Muspelheim (http://en.wikipedia.org/wiki/Muspelheim).

Well, back to Paulson’s little, itty bitty mistake: ‘Sorry, HAHAHA, we made mistake! We made little mistake! We left off some zeros from the rescue fund.’ He rubbed his twisted, old hands, sweat pouring off his naked skull top. ‘Yesss…made mistakes, we did, we did! It is $7 TRILLION, not small, insignificant $700 billion. HAHHAHA. Now, give me the Ring of Power.’

Fed Pledges Exceed $7.4 Trillion in Rescue of Companies With Frozen Credit (http://www.bloomberg.com/apps/news?pid=20601109&sid=an3k2rZMNgDw&refer=home)(Bloomberg) — The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reservelending (http://www.bloomberg.com/apps/quote?ticker=FARBPMDW%3AIND) last week was 1,900 times the weekly average for the three years before the crisis.

When Congress approved the TARP (http://www.ustreas.gov/press/releases/hp1207.htm) on Oct. 3, Fed Chairman Ben S. Bernanke (http://search.bloomberg.com/search?q=Ben%0AS.+Bernanke&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) and Treasury Secretary Henry Paulson (http://search.bloomberg.com/search?q=Henry+Paulson&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

So the gnomes made a bookkeeping mistake! Why belabor them for these missing zeros? They need the money NOW. Today! Or the will see all of the world’s financial systems, all the banks, all the economies will blow up! We are in Ginnungungap territory here: mists and darkness fill all with fear. But the gnomes live in the mists and love fear and will even try to spook dragons......

.........Bloomberg.com: (http://www.bloomberg.com/apps/news?pid=20601087&sid=a60PmQUf33qs&refer=home)Goldman May Lead FDIC-Backed Bond Sales After Ruling Goldman Sachs Group Inc (http://www.bloomberg.com/apps/quote?ticker=GS%3AUS). and Citigroup Inc. (http://www.bloomberg.com/apps/quote?ticker=C%3AUS) may lead banks selling bonds guaranteed by the government as soon as this week, starting a wave of issuance that some analysts said will exceed $400 billion.

Goldman, the biggest U.S. securities firm to convert to a bank, and Citigroup, the bank that received emergency federal aid yesterday, said they plan to issue after the Federal Deposit Insurance Corp. (http://www.fdic.gov/regulations/resources/tlgp/index.html) in Washington last week changed the terms to give the debt the “full faith and credit” of the U.S. government and reduce issuing fees.

The FDIC backing gives the securities an implicit AAA rating and opens a new channel for banks to fund themselves after the seizure in credit markets sapped demand for financial debt and sent yields to record highs of 7.24 percentage points above U.S. Treasuries. Banks, which haven’t sold dollar- denominated bonds since September, may raise $400 billion to $600 billion under the program within six months, analysts at Barclays Capital estimated last month.

“I would not underestimate the importance of government guarantee programs being rolled out globally for commercial banks,” said Jim Esposito (http://search.bloomberg.com/search?q=Jim+Esposito&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), the global head of the investment- grade bond syndicate desk at Goldman in New York.

So, bankrupt Citigroup and criminal organization, Goldman Sachs, will be selling the government bonds being written so these same bankrupt bozos can stay above water…arrest them all! :supi Here is the story we need, next:

FT.com / World / US & Canada - Call for probe into ex-Goldman executives (http://www.ft.com/cms/s/0/47bf32f0-b447-11dd-8e35-0000779fd18c.html?nclick_check=1) A senior Republican senator is seeking an investigation into potential conflicts of interest among former Goldman Sachs (http://markets.ft.com/tearsheets/performance.asp?s=us:GS) executives serving at the US Treasury and whether any officials exceeded their authority by implementing a controversial tax change without the approval of Congress.

Chuck Grassley, the most senior Republican on the Senate finance committee, asked Eric Thorson, inspector-general of the Treasury, to investigate the “independence” of several Treasury officials who formerly worked at Goldman Sachs and serve as advisers to Treasury secretary Hank Paulson, the former chief executive of the Wall Street bank.

Little sneaky monsters. They knew they were giving themselves goodies. They seek to do this at all times. They pray no one will notice so they can feast and make merry before someone stops them. Then they whine and cry and cringe. ‘Poor little gnomes! Hissss….Everyone so mean to poor little gnomes,’ they whimper as they sharpen their knives to attack again. Arrest them all.......

full story: http://emsnews2.wordpress.com/2008/11/24/gnome-rescue-plan-now-costs-over-seven-trillion/

Arrest them all....... die würden selbst im Gefängnis ihre krummen Geschäfte weiter machen :o:mad

25.11.2008, 09:41
Obama's one-trick wizards

One recalls Ferdinand I of Austria (1793-1875), deposed for incompetence after the 1848 Revolution, who apocryphally shot an eagle, and said: "It's got to be an eagle, but it's only got one head!" Ferdinand thought the two-headed bird of his family crest was the norm, just as the pink-shirted, suspender-wearing Ivy Leaguers thought that two-digit returns were the norm for their investments.

Of course, nothing excludes the possibility that Obama's team will come up with something constructive. But there is no reason to expect a drastic change from the crisis response of the same sort of people (starting with Treasury Secretary Paulson) in the Bush administration. They will bail out incompetent, failing firms and drop money from helicopters and call it a stimulus package. And it will turn out no better than it did for the humiliated Republicans.


Zum Original-Beitrag (http://showthread.php3?p=1202252#post1202252)
.....Rubin, a transition advisor to president-elect Barack Obama, was mentor to Treasury secretary designate Timothy Geithner. Even Goldman Sachs, the thoroughbred trading machine that gave us Treasury Secretary Hank Paulson as well as Rubin, is trading at a fifth of its peak value.

These facts came to mind while reading David Brooks' November 21 New York Times panegyric to Obama's prospective cabinet, which gushes, "Its members are twice as smart as the poor reporters who have to cover them, three times if you include the columnists." Brooks added, "... as much as I want to resent these overeducated Achievatrons ... I find myself tremendously impressed by the Obama transition."

Has Brooks checked the markets? The cleverest people in the United States, the Ivy-pedigreed investment bankers, have fouled their own nests as well as their own net worth, and persuaded the taxpayers to bail them out. If these are the best and the brightest of 2008, America is in very deep trouble.......

:supi Artikel sollte man ganz lesen :cool .....ich versteh auch nicht, dass Rubin immer noch von einem fragwürdigen Ruhm zehrt aus vergangenen Zeiten :gruebel:rolleyes:mad

25.11.2008, 09:56
Mon 24 Nov 2008

What Would You Do With 82 Million Liters Of Vodka? (http://lolfed.com/2008/11/24/what-would-you-do-with-82-million-liters-of-vodka/)

Posted by alyx under breaking news (http://lolfed.com/category/breaking-news/)


From Russia, with sobriety (http://www.telegraph.co.uk/news/worldnews/europe/russia/3513268/Russians-turn-away-from-vodka-in-hard-times.html):Official statistics indicate a collapse in demand for vodka over the past two months. November inventories of unsold vodka stock have risen to 82 million litres, a 600 per cent increase from 2007, according to the National Alcohol Association. The vodka lake has grown even as desperate producers have slashed output, which fell by 15 per cent in October according to industry estimates.

Retailers and producers alike attribute the main reason for the collapse in the market to the evaporation of credit, with many suppliers unable to refinance loans from banks to buy new supplies.

First the credit crunch came for your beer, (http://lolfed.com/2008/10/26/playboy-bunnies-and-beer-the-credit-crunch-hits-main-street/) now it’s come for your vodka. Comrades can’t afford it, and markets can’t get a line of credit to have it on the shelves for them even if they could. You know times are hard. If you still trade Russia, I have two recommendations for you: a large quantity of that surplus vodka, and Truth and Beauty (http://nikitskyfund.com/content/blogsection/4/37/).

:rolleyes ...das könnte gut sein für die Gesundheit oder sehr schlecht, weil dann vermehrt billiger Fusel getrunken wird :(

25.11.2008, 10:04
Mon 24 Nov 2008

Mocking Citi: It’s Not Just For LOLFed Anymore (http://lolfed.com/2008/11/24/mocking-citi-its-not-just-for-lolfed-anymore/)

Posted by Jason under links (http://lolfed.com/category/links/)
1 Comment (http://lolfed.com/2008/11/24/mocking-citi-its-not-just-for-lolfed-anymore/#comments)
Subscribe to this feed (http://feeds.feedburner.com/Lolfed)

Newsweek’s Daniel Gross has penned an adorable snarkfest honoring Citigroup (http://www.newsweek.com/id/170692). My favorite snippet:
As we saw in last week’s shambolic Congressional hearings, in which CEOs of the Big Three were chastised for flying their own planes to Washington, jetting in to cry poverty isn’t just expensive, it’s bad form. Citi should ground corporate jets, and instead send execs on the Acela or the Chinatown Bus (roundtrip $35) when they go to Washington to talk with their new stakeholders. The best option for taxpayer-financed travel: a Joad-style flat-bed (U.S.-made) truck (http://lh5.ggpht.com/ltackmann/RxEUATbydFI/AAAAAAAAAi0/4f7Prf1gv7c/s288/grapes_of_wrath.jpg).http://lh5.ggpht.com/ltackmann/RxEUATbydFI/AAAAAAAAAi0/4f7Prf1gv7c/s288/grapes_of_wrath.jpg

25.11.2008, 11:15
Are ETNs Joining the list of Troubled Financial Products? :schwitz

Thursday September 25, 1:34 pm ET
By Ron DeLegge, Editor

SAN DIEGO (ETFguide.com) - While much of the public's attention has been focused on exotic financial instruments like credit default swaps (CDS), collateralized debt obligations (CDOs), and auction rate securities (ARS), the $5 billion exchange-traded note (ETN) business has received little mainstream media attention.
But the stunning collapse of major financial institutions like Lehman Brothers Holdings (Other OTC: LEHMQ.PK) could change that by heightening the scrutiny of these little known financial products called ETNs.

ETN Basics

Exchange-traded notes (ETNs) are unsecured debt instruments that pay a return linked to the performance of an index, a currency or a commodity. In a similar arrangement to investing in bonds, ETN payments rely on the full credit and faith of the institution backing the product. Many ETNs have a long-term maturity date that can be anywhere from 20 to 30 years. (To learn more about ETNs, visit ETFguide.com's ETNEducationCenter)

The iPath Dow Jones-AIG Commodity Index Total Return ETN (NYSEArca: DJP (http://finance.yahoo.com/q?s=djp&d=t) - News (http://finance.yahoo.com/q/h?s=djp)), the iPath S&P GSCI Total Return Index ETN (NYSEArca: GSP (http://finance.yahoo.com/q?s=gsp&d=t) - News (http://finance.yahoo.com/q/h?s=gsp)), and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSEArca: OIL (http://finance.yahoo.com/q?s=oil&d=t) - News (http://finance.yahoo.com/q/h?s=oil)) are among the most popular notes.

Other ETNs track narrow and leveraged indexes.

Examples of this include, the PowerShares DB Gold Double Short ETN (NYSEArca: DZZ (http://finance.yahoo.com/q?s=dzz&d=t) - News (http://finance.yahoo.com/q/h?s=dzz)), the PowerShares DB Crude Oil Double Short ETN (NYSEArca: DTO (http://finance.yahoo.com/q?s=dto&d=t) - News (http://finance.yahoo.com/q/h?s=dto)), and the PowerShares DB Agriculture Double Short ETN (NYSEArca: AGA (http://finance.yahoo.com/q?s=aga&d=t) - News (http://finance.yahoo.com/q/h?s=aga)).

Investors blindly buying these notes may be thrilled by the thought of juicy returns, but less informed about the serious financial risks they carry.

The Sales Pitch

Having portfolio exposure to hard to reach asset classes like commodities, currencies, or other specialized investment strategies is the typical ETN sales pitch. Another benefit is zero tracking error, which basically means obtaining identical performance to the underlying index or security.

Under the current tax law, commodity and equity linked ETNs are taxed as prepaid contracts. This means investors incur tax consequences only upon the sale, redemption, or maturity of their note. However, this tax loophole is likely to disappear in the future.

In late 2007, the Internal Revenue Service issued an adverse tax ruling on currency linked ETNs. The rule stated that any financial instrument linked to a single currency regardless of whether the instrument is privately offered, publicly offered or traded on an exchange should be treated like debt for federal tax purposes. ETNs linked to commodity and stock baskets aren't likely escape IRS rules for much longer.

Beware of Credit Ratings

For investors relying on the safety of credit ratings, think again. The financial strength of institutions like American International Group (NYSE: AIG (http://finance.yahoo.com/q?s=aig&d=t) - News (http://finance.yahoo.com/q/h?s=aig)) and Lehman Brothers deteriorated so fast and unexpectedly, not even the hallowed credit rating agencies could keep up.

While major ETN sponsors like Barclays PLC (NYSE: BCS (http://finance.yahoo.com/q?s=bcs&d=t) - News (http://finance.yahoo.com/q/h?s=bcs)) and Deutsche Bank AG (NYSE: DB (http://finance.yahoo.com/q?s=db&d=t) - News (http://finance.yahoo.com/q/h?s=db)) appear to be financially sound, solid credit ratings are far from a guarantee things will remain the same.

After seven short months of being launched, Lehman ETNs never delivered on their promise and note holders are now waiting to get their money back along with the rest of the defunct company's creditors.


Purposeful investing should be quick to reduce financial risks, but ETNs don't do that. Along with market risk, ETN investors also bear credit risk. As the Lehman ETN blowup illustrates, if the company backing the products goes out of business, ETN investors are left in the lurch.

All of the asset categories that investors need to build a fully diversified portfolio are already being covered by index exchange-traded funds (ETFs) and mutual funds. You don't need exposure to the Japanese Yen or some other specialized investment strategy to be diversified. And you certainly don't need the additional risk of exotic financial products.

Keep it simple.

Stick with broadly diversified index mutual funds and ETFs.


:schwitz ....alle diese tollen Teile haben einen Pferdefuss :rolleyes:mad

25.11.2008, 13:43
Die Finanzkrise - Der SWAP Wahnsinn

- nicht ganz brandneu, dafür auf deutsch erklärt ;)


25.11.2008, 14:53
Tue 25 Nov 2008

BREAKING NEWS: Fed To Buy More Stuff (http://lolfed.com/2008/11/25/breaking-news-fed-to-buy-more-stuff/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/) , bernanke (http://lolfed.com/category/bernanke/) , breaking news (http://lolfed.com/category/breaking-news/)
[3] Comments (http://lolfed.com/2008/11/25/breaking-news-fed-to-buy-more-stuff/#comments)

Continuing the “Another morning, another trillion or so on the balance sheet” game - the Fed creates the Term Asset-Backed Securities Loan Facility (TALF) (http://www.federalreserve.gov/newsevents/press/monetary/20081125a.htm). This will allow the Fed to pile up paper backed by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA) to the tune of $200 billion.

It was also just announced the Fed plans to buy $500 billion worth of mortgage-backed securities and $100 billion worth of direct obligations of the GSEs (http://www.federalreserve.gov/newsevents/press/monetary/20081125b.htm) (government-sponsored entities; think Fannie, Freddie).

Ben Bernanke will soon own your car, college degree, Mastercard, home, and perhaps soul! This is the real Troubled Asset Relief Program.

Aside: I’d like to give a warm welcome this morning to readers of Economix (http://economix.blogs.nytimes.com/2008/11/24/lolfed/) and Rolling Stone (http://www.rollingstone.com/nationalaffairs/index.php/2008/11/24/lolfed/), as well as all our new friends Paul Krugman (http://krugman.blogs.nytimes.com/2008/11/21/lolfed/) sent our way!

25.11.2008, 15:16
Wie die Citi "gerettet" wurde

verfasst von Gaby http://www.dasgelbeforum.de.org/img/email.gif (http://www.dasgelbeforum.de.org/contact.php?id=58690&page=0&category=0&order=time), Südosteuropa, 25.11.2008, 14:58

Interessanter Artikel auf Bloomberg, wie das Meeting ablief. So nach der Machart 24 Stunden....


PS: Ist damit eigentlich die Kuh bei der Citi vom Eis? Das hier lässt mich zweifeln...


Kommt da noch mehr?

Gruß - Gaby

Es kommt noch mehr

verfasst von dottore, 25.11.2008, 15:10

Hi Gaby,

> Kommt da noch mehr?

Klar. Neben ihren Bilanzaktiva (2 Bio) hat die C noch 1,23 Bio USD in "außerbilanziellen Vehikeln" (NZZ heute).

Rest der C (25 Mrd und nochmals 20 Mrd als Treasury-Kapitalspritze (Vorzugsaktien) zu 8 bzw. 5 % Garantiedividende).

Die sonstigen Problemchen (hier ausführlich diskutiert) entfallen, da die C jetzt unbeschränkten Zugang zur Fed hat. Dann kann sie die 1,23 gleich direkt bei der New Yorker Fed-Bank vorfahren lassen und dort auskippen - im Gegenzug Bares.



25.11.2008, 15:42

Tue Nov 25 2008 09:04:22 ET

A leading Russian political analyst has said the economic turmoil in the United States has confirmed his long-held view that the country is heading for collapse, and will divide into separate parts.

Professor Igor Panarin said in an interview with the respected daily IZVESTIA published on Monday: "The dollar is not secured by anything. The country's foreign debt has grown like an avalanche, even though in the early 1980s there was no debt. By 1998, when I first made my prediction, it had exceeded $2 trillion. Now it is more than 11 trillion. This is a pyramid that can only collapse."

The paper said Panarin's dire predictions for the U.S. economy, initially made at an international conference in Australia 10 years ago at a time when the economy appeared strong, have been given more credence by this year's events.

When asked when the U.S. economy would collapse, Panarin said: "It is already collapsing. Due to the financial crisis, three of the largest and oldest five banks on Wall Street have already ceased to exist, and two are barely surviving. Their losses are the biggest in history. Now what we will see is a change in the regulatory system on a global financial scale: America will no longer be the world's financial regulator."

When asked who would replace the U.S. in regulating world markets, he said: "Two countries could assume this role: China, with its vast reserves, and Russia, which could play the role of a regulator in Eurasia."

Asked why he expected the U.S. to break up into separate parts, he said: "A whole range of reasons. Firstly, the financial problems in the U.S. will get worse. Millions of citizens there have lost their savings. Prices and unemployment are on the rise. General Motors and Ford are on the verge of collapse, and this means that whole cities will be left without work. Governors are already insistently demanding money from the federal center. Dissatisfaction is growing, and at the moment it is only being held back by the elections and the hope that Obama can work miracles. But by spring, it will be clear that there are no miracles."

He also cited the "vulnerable political setup", "lack of unified national laws", and "divisions among the elite, which have become clear in these crisis conditions."

He predicted that the U.S. will break up into six parts :eek:rolleyes - the Pacific coast, with its growing Chinese population; the South, with its Hispanics; Texas, where independence movements are on the rise; the Atlantic coast, with its distinct and separate mentality; five of the poorer central states with their large Native American populations; and the northern states, where the influence from Canada is strong.

He even suggested that "we could claim Alaska :rolleyes - it was only granted on lease, after all." Panarin, 60, is a professor at the Diplomatic Academy of the Russian Ministry of Foreign Affairs, and has authored several books on information warfare.


hier noch ein Kommentar von Jesse :verbeug

25 November 2008

Russian Expert Says US Headed for Collapse (http://jessescrossroadscafe.blogspot.com/2008/11/russian-expert-says-us-headed-for.html)

http://1.bp.blogspot.com/_H2DePAZe2gA/SSwaxkvoE1I/AAAAAAAAGhg/k09aBHlJ5cc/s320/boyarmozillo3.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/SSwaxkvoE1I/AAAAAAAAGhg/k09aBHlJ5cc/s1600-h/boyarmozillo3.JPG)Are we going to allow the Russians to have the last laugh?

No way.

So get out there and buy some stocks, rubes, and help to fully fund our oligarchs so they do not fall behind the elite that divided up Russia's wealth after its collapse.

We cannot afford to have an oligarch gap.

If you are not sure what fraudulent stocks to buy, just put your money in the long bond, and the Treasury and Fed will manage the distribution for you.

UPI (http://www.upi.com/Top_News/2008/11/24/Russian_expert_US_headed_for_collapse/UPI-19401227574728/)
Russian expert: U.S. headed for collapse
Nov. 24, 2008 at 7:58 PM

MOSCOW, Nov. 24 -- The United States is heading for collapse amid its financial crisis, a leading political analyst in Russia says.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSwWaMirPxI/AAAAAAAAGhA/o7RDtm5bCr0/s200/bernankeworld.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/SSwWaMirPxI/AAAAAAAAGhA/o7RDtm5bCr0/s1600-h/bernankeworld.JPG) Igor Panarin, a professor at the Diplomatic Academy of the Russian Ministry for Foreign Affairs, said in an interview with Izvestia, published Monday, that the U.S. economy is in dire straits, RIA Novosti reported.

"The dollar is not secured by anything. The country's foreign debt has grown like an avalanche, even though in the early 1980s there was no debt. By 1998, when I first made my prediction, it had exceeded $2 trillion. This is a pyramid that can only collapse," he said.

Asked when the U.S. economy would collapse, Panarin said the process has already begun.

"It is already collapsing. Due to the financial crisis, three of the largest and oldest five banks on Wall Street have already ceased to exist, and two are barely surviving," he said. "Their losses are the biggest in history. Now what we will see is a change in the regulatory system on a global financial scale: America will no longer be the world's financial regulator."

Posted by Jesse at 9:30 AM (http://jessescrossroadscafe.blogspot.com/2008/11/russian-expert-says-us-headed-for.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6420732606011502844)

25.11.2008, 17:44
http://image.linkinn.com/toppic/photo_0805/Before_and_After_Marriage_2.jpg :rolleyes.

25.11.2008, 17:49
Volume 55, Number 20 · December 18, 2008

What to Do

By Paul Krugman

What the world needs right now is a rescue operation. The global credit system is in a state of paralysis, and a global slump is building momentum as I write this. Reform of the weaknesses that made this crisis possible is essential, but it can wait a little while. First, we need to deal with the clear and present danger. To do this, policymakers around the world need to do two things: get credit flowing again and prop up spending.

The first task is the harder of the two, but it must be done, and soon. Hardly a day goes by without news of some further disaster wreaked by the freezing up of credit. As I was writing this, for example, reports were coming in of the collapse of letters of credit, the key financing method for world trade. Suddenly, buyers of imports, especially in developing countries, can't carry through on their deals, and ships are standing idle: the Baltic Dry Index, a widely used measure of shipping costs, has fallen 89 percent this year.

What lies behind the credit squeeze is the combination of reduced trust in and decimated capital at financial institutions. People and institutions, including the financial institutions, don't want to deal with anyone unless they have substantial capital to back up their promises, yet the crisis has depleted capital across the board.

The obvious solution is to put in more capital. In fact, that's a standard response in financial crises. In 1933 the Roosevelt administration used the Reconstruction Finance Corporation to recapitalize banks by buying preferred stock—stock that had priority over common stock in terms of its claims on profits. When Sweden experienced a financial crisis in the early 1990s, the government stepped in and provided the banks with additional capital equal to 4 percent of the country's GDP—the equivalent of about $600 billion for the United States today—in return for a partial ownership. When Japan moved to rescue its banks in 1998, it purchased more than $500 billion in preferred stock, the equivalent relative to GDP of around a $2 trillion capital injection in the United States. In each case, the provision of capital helped restore the ability of banks to lend, and unfroze the credit markets.

A financial rescue along similar lines is now underway in the United States and other advanced economies, although it was late in coming, thanks in part to the ideological tilt of the Bush administration. At first, after the fall of Lehman Brothers, the Treasury Department proposed buying up $700 billion in troubled assets from banks and other financial institutions. Yet it was never clear how this was supposed to help the situation. (If the Treasury paid market value, it would do little to help the banks' capital position, while if it paid above-market value it would stand accused of throwing taxpayers' money away.) Never mind: after dithering for three weeks, the United States followed the lead already set, first by Britain and then by continental European countries, and turned the plan into a recapitalization scheme.

It seems doubtful, however, that this will be enough to turn things around, for at least three reasons. First, even if the full $700 billion is used for recapitalization (so far only a fraction has been committed), it will still be small, relative to GDP, compared with the Japanese bank bailout—and it's arguable that the severity of the financial crisis in the United States and Europe now rivals that of Japan. Second, it's still not clear how much of the bailout will reach the components of the shadow banking system—largely unregulated financial organizations including investment banks and hedge funds—that are at the core of the problem. Third, it's not clear whether banks will be willing to lend out the funds, as opposed to sitting on them (a problem encountered by the New Deal seventy-five years ago).

My guess is that the recapitalization will eventually have to get bigger and broader, and that there will eventually have to be more assertion of government control—in effect, it will come closer to a full temporary nationalization of a significant part of the financial system. Just to be clear, this isn't a long-term goal, a matter of seizing the economy's commanding heights: finance should be reprivatized as soon as it's safe to do so, just as Sweden put banking back in the private sector after its big bailout in the early Nineties. But for now the important thing is to loosen up credit by any means at hand, without getting tied up in ideological knots. Nothing could be worse than failing to do what's necessary out of fear that acting to save the financial system is somehow "socialist."

The same goes for another line of approach to resolving the credit crunch: getting the Federal Reserve, temporarily, into the business of lending directly to the nonfinancial sector. The Federal Reserve's willingness to buy commercial paper is a major step in this direction, but more will probably be necessary.

All these actions should be coordinated with other advanced countries. The reason is the globalization of finance. Part of the payoff for US rescues of the financial system is that they help loosen up access to credit in Europe; part of the payoff to European rescue efforts is that they loosen up credit here. So everyone should be doing more or less the same thing; we're all in this together.

And one more thing: the spread of the financial crisis to emerging markets makes a global rescue for developing countries part of the solution to the crisis. As with recapitalization, parts of this were already in place during the autumn: the International Monetary Fund was providing loans to countries with troubled economies like Ukraine, with less of the moralizing and demands for austerity that it engaged in during the Asian crisis of the 1990s. Meanwhile, the Fed provided swap lines to several emerging-market central banks, giving them the right to borrow dollars as needed. As with recapitalization, the efforts so far look as if they're in the right direction but too small, so more will be needed.

Even if the rescue of the financial system starts to bring credit markets back to life, we'll still face a global slump that's gathering momentum. What should be done about that? The answer, almost surely, is good old Keynesian fiscal stimulus.

Now, the United States tried a fiscal stimulus in early 2008; both the Bush administration and congressional Democrats touted it as a plan to "jump-start" the economy. The actual results were, however, disappointing, for two reasons. First, the stimulus was too small, accounting for only about 1 percent of GDP. The next one should be much bigger, say, as much as 4 percent of GDP. Second, most of the money in the first package took the form of tax rebates, many of which were saved rather than spent. The next plan should focus on sustaining and expanding government spending—sustaining it by providing aid to state and local governments, expanding it with spending on roads, bridges, and other forms of infrastructure.

The usual objection to public spending as a form of economic stimulus is that it takes too long to get going—that by the time the boost to demand arrives, the slump is over. That doesn't seem to be a major worry now, however: it's very hard to see any quick economic recovery, unless some unexpected new bubble arises to replace the housing bubble. (A headline in the satirical newspaper The Onion captured the problem perfectly: "Recession-Plagued Nation Demands New Bubble to Invest In.") As long as public spending is pushed along with reasonable speed, it should arrive in plenty of time to help—and it has two great advantages over tax breaks. On one side, the money would actually be spent; on the other, something of value (e.g., bridges that don't fall down) would be created.

Some readers may object that providing a fiscal stimulus through public works spending is what Japan did in the 1990s—and it is. Even in Japan, however, public spending probably prevented a weak economy from plunging into an actual depression. There are, moreover, reasons to believe that stimulus through public spending would work better in the United States, if done promptly, than it did in Japan. For one thing, we aren't yet stuck in the trap of deflationary expectations that Japan fell into after years of insufficiently forceful policies. And Japan waited far too long to recapitalize its banking system, a mistake we hopefully won't repeat.

The point in all of this is to approach the current crisis in the spirit that we'll do whatever it takes to turn things around; if what has been done so far isn't enough, do more and do something different, until credit starts to flow and the real economy starts to recover.

And once the recovery effort is well underway, it will be time to turn to prophylactic measures: reforming the system so that the crisis doesn't happen again.

Financial Reform

"We have magneto trouble," said John Maynard Keynes at the start of the Great Depression: most of the economic engine was in good shape, but a crucial component, the financial system, wasn't working. He also said this: "We have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand." Both statements are as true now as they were then.

How did this second great colossal muddle arise? In the aftermath of the Great Depression, we redesigned the machine so that we did understand it, well enough at any rate to avoid big disasters. Banks, the piece of the system that malfunctioned so badly in the 1930s, were placed under tight regulation and supported by a strong safety net. Meanwhile, international movements of capital, which played a disruptive role in the 1930s, were also limited. The financial system became a little boring but much safer.

Then things got interesting and dangerous again. Growing international capital flows set the stage for devastating currency crises in the 1990s and for a globalized financial crisis in 2008. The growth of the shadow banking system, without any corresponding extension of regulation, set the stage for latter-day bank runs on a massive scale. These runs involved frantic mouse clicks rather than frantic mobs outside locked bank doors, but they were no less devastating.

What we're going to have to do, clearly, is relearn the lessons our grandfathers were taught by the Great Depression. I won't try to lay out the details of a new regulatory regime, but the basic principle should be clear: anything that has to be rescued during a financial crisis, because it plays an essential role in the financial mechanism, should be regulated when there isn't a crisis so that it doesn't take excessive risks. Since the 1930s commercial banks have been required to have adequate capital, hold reserves of liquid assets that can be quickly converted into cash, and limit the types of investments they make, all in return for federal guarantees when things go wrong. Now that we've seen a wide range of non-bank institutions create what amounts to a banking crisis, comparable regulation has to be extended to a much larger part of the system.

We're also going to have to think hard about how to deal with financial globalization. In the aftermath of the Asian crisis of the 1990s, there were some calls for long-term restrictions on international capital flows, not just temporary controls in times of crisis. For the most part these calls were rejected in favor of a strategy of building up large foreign exchange reserves that were supposed to stave off future crises. Now it seems that this strategy didn't work. For countries like Brazil and Korea, it must seem like a nightmare: after all that they've done, they're going through the 1990s crisis all over again. Exactly what form the next response should take isn't clear, but financial globalization has definitely turned out to be even more dangerous than we realized.

The Power of Ideas

As readers may have gathered, I believe not only that we're living in a new era of depression economics, but also that John Maynard Keynes—the economist who made sense of the Great Depression—is now more relevant than ever. Keynes concluded his masterwork, The General Theory of Employment, Interest and Money, with a famous disquisition on the importance of economic ideas: "Soon or late, it is ideas, not vested interests, which are dangerous for good or evil."

We can argue about whether that's always true, but in times like these, it definitely is. The quintessential economic sentence is supposed to be "There is no free lunch"; it says that there are limited resources, that to have more of one thing you must accept less of another, that there is no gain without pain. Depression economics, however, is the study of situations where there is a free lunch, if we can only figure out how to get our hands on it, because there are unemployed resources that could be put to work. The true scarcity in Keynes's world—and ours—was therefore not of resources, or even of virtue, but of understanding.

We will not achieve the understanding we need, however, unless we are willing to think clearly about our problems and to follow those thoughts wherever they lead. Some people say that our economic problems are structural, with no quick cure available; but I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.

—November 20, 2008


25.11.2008, 19:13
Tue 25 Nov 2008

We Need Bjork In Riot Gear (http://lolfed.com/2008/11/25/we-need-bjork-in-riot-gear/)


Posted by alyx under bailout (http://lolfed.com/category/bailout/)


Protesters in Iceland turn violent over the handling of the economic crisis. This is in sharp contrast to how we react in the United States, which consists mostly of complaining that we are still paying our mortgages and credit card bills and wishing our application to become a bank holding company would get processed already.

Sounds like fun over there, they’re calling for the PMs head and showcasing their sense of black humor (http://www.france24.com/en/20081123-protests-geir-haarde-resignation-financial-crisis-iceland):A young man climbed onto the balcony of the Althing building, where the president appears upon inauguration and on Iceland’s national day, and hung a banner reading: “Iceland for Sale - $″, the amount of the loan Iceland is getting from the IMF.

25.11.2008, 19:15
...es tönt so schön :eek jedoch man lernt nie aus :rolleyes

The Case Against Leveraged ETFs

by: Tristan Yates May 17, 2007 | about stocks: DDM (http://seekingalpha.com/symbol/ddm) / DGP (http://seekingalpha.com/symbol/dgp) / DIG (http://seekingalpha.com/symbol/dig) / DZZ (http://seekingalpha.com/symbol/dzz) / MVV (http://seekingalpha.com/symbol/mvv) / QLD (http://seekingalpha.com/symbol/qld) / ROM (http://seekingalpha.com/symbol/rom) / RXL (http://seekingalpha.com/symbol/rxl) / SAA (http://seekingalpha.com/symbol/saa) / SSO (http://seekingalpha.com/symbol/sso) / UCC (http://seekingalpha.com/symbol/ucc) / UGE (http://seekingalpha.com/symbol/uge) / UKF (http://seekingalpha.com/symbol/ukf) / UKK (http://seekingalpha.com/symbol/ukk) / UKW (http://seekingalpha.com/symbol/ukw) / UPW (http://seekingalpha.com/symbol/upw) / URE (http://seekingalpha.com/symbol/ure) / USD (http://seekingalpha.com/symbol/usd) / UVG (http://seekingalpha.com/symbol/uvg) / UVT (http://seekingalpha.com/symbol/uvt) / UVU (http://seekingalpha.com/symbol/uvu) / UWM (http://seekingalpha.com/symbol/uwm) / UXI (http://seekingalpha.com/symbol/uxi) / UYG (http://seekingalpha.com/symbol/uyg) / UYM (http://seekingalpha.com/symbol/uym)

http://static.seekingalpha.com/wp-content/seekingalpha/images/TristanYates.jpgTristan Yates and Lye Kok (IndexRoll (http://indexroll.com/)) submit: The Leveraged ETF offensive is under way. A year ago, there were no leveraged ETFs in existence. Today, there are at least fifty leveraged ETF products in the marketplace and another fifty in the SEC/AMEX pipeline. By this time next year, perhaps every traded ETF will have a 2x leveraged counterpart. Are these leveraged ETFs suitable for retail investors? No, they are not.

In this article, we lay out the case against these products, based upon popular misconceptions of what exactly these ETFs provide, a hidden trap related to leverage, and the poor performance of related funds and of the ETFs themselves.

Note that this article updates a SeekingAlpha article (http://etf.seekingalpha.com/article/31195) posted about six weeks ago, and we’d like to thank the many readers who were kind enough to provide us with additional research and commentary.

The Daily Double

Leveraged ETFs are exchange-traded funds that are based upon well-known indexes, but that provide investors with additional leverage by using borrowed money. Their goal is to increase the return of the underlying index and provide a better return for the fund’s investors. Typically they provide $1 of debt for every $1 of investor equity, and are marketed as 2X funds.

Leveraged ETFs are implemented using financial derivatives, such as options, swaps, and index futures. All of these tools are available to individual investors, but are much more complex than traditional share buying and selling and require larger amounts of capital. Thus, the advantage of the leveraged ETFs for many investors is a reduction of complexity and lower capital requirements.

Two companies, Rydex and ProShares, dominate the leveraged ETF marketplace. They have offered leveraged investment funds for many years, and have recently repackaged these products into ETFs.

A listing of some of the more popular ProShares leveraged funds:


A widely held misconception about these funds is that they will offer twice the return of the underlying index, which means that if the S&P 500 returns about 10% a year, then the SSO should return 20%. But that’s not true, because these funds only double the daily return, and there’s a big difference between doubling the daily return and doubling the annual return.

What’s the difference? Let’s say that one day the market goes up 10%, and the next day it falls 10%. The two-day loss for the index is 1%, but the loss for the leveraged fund is 4%. Here’s why:

Index: (1 + 10% ) x (1 – 10%) = 1.1 x 0.9 = 0.99, 1% loss
X2 Fund: (1 + 20%) x (1 – 20%) = 1.2 x 0.8 = 0.96, 4% loss

Thus over a two day period, this fund’s losses are 4x the amount of the index, not 2x. This example comes from the ProShares prospectus, and is a clear indication that investors in 2X funds should not expect their investment to provide double the return of the S&P 500 for any period longer than one day.......

full story: http://seekingalpha.com/article/35789-the-case-against-leveraged-etfs

25.11.2008, 20:25

Obama verspricht radikale Haushaltsreform für Multimilliardenprogramm (http://www.spiegel.de/wirtschaft/0,1518,592728,00.html)

Wer viele Milliarden für ein Konjunkturprogramm ausgibt, muss an anderer Stelle sparen: Deshalb kündigte der künftige US-Präsident Obama an, den Staatshaushalt kritisch durchforsten zu lassen. Eine Haushaltsreform ist für ihn ein absolutes Muss. mehr... (http://www.spiegel.de/wirtschaft/0,1518,592728,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=4870) ]

http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifBankenhilfe: US-Notenbank kündigt neues 800-Milliarden-Dollar-Programm an (http://www.spiegel.de/wirtschaft/0,1518,592656,00.html)
http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifKampf gegen Finanzkrise: Obama will Bushs Abschied nicht abwarten (http://www.spiegel.de/wirtschaft/0,1518,592495,00.html)

26.11.2008, 09:23
25 November 2008

Having Trouble With This Market? Highest Volatility in a Century at Least (http://jessescrossroadscafe.blogspot.com/2008/11/having-trouble-with-this-market.html)

Can't seem to hold a position, make a decent return, keep from getting whipsawed, find a trend?

No wonder, because this is one of the most volatile markets in the past century.

Our opinion, for what it is worth, is that the volatility is being turbocharged by the injections of Fed liquidity into the Wall Street banks, who have few options for higher returns than Treasuries. So their trading desks are churning the markets to hammer the hedge funds and skin the small specs who are loss sensitive and unsophisticated in their use of leverage and hedging.

The financial sector needs to be reformed badly. The economy will not recover until real wages start advancing again so consumption and savings can resume. Look for the well-heeled elites to fight that every step of the way, and appeal to the worst in our character as part of a campaign to do it.

If you are not an experienced trader now is a good time to sit in cash and add some precious metals on weakness, and above all, learn to live within your means.

http://2.bp.blogspot.com/_H2DePAZe2gA/SSxf6gn93qI/AAAAAAAAGho/JvSWdSQFCH0/s400/vix-abs-change.png (http://2.bp.blogspot.com/_H2DePAZe2gA/SSxf6gn93qI/AAAAAAAAGho/JvSWdSQFCH0/s1600-h/vix-abs-change.png)

Posted by Jesse at 3:26 PM (http://jessescrossroadscafe.blogspot.com/2008/11/having-trouble-with-this-market.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8720676921237310374) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8720676921237310374)

26.11.2008, 11:35
...hat eben alles zwei Seiten :rolleyes

"Facing something not faced since Depression. No functioning banks - only Congress"


04:46 - Autoindustrie yes or no :gruebel

26.11.2008, 11:37

Eine Stadt macht dicht (http://www.spiegel.de/fotostrecke/fotostrecke-37408.html)

Diese Stadt hatte alles - jetzt steht sie vor dem Nichts. Detroit erlebt im Gleichtakt mit GM, Ford und Chrysler einen beispiellosen Niedergang. Leere Fabriken, ausgebrannte Ruinen, verwahrloste Straßen: Szenen aus einer US-Autometropole, die am Ende ist. Von Stefan Robert Weißenborn mehr... (http://www.spiegel.de/fotostrecke/fotostrecke-37408.html) [ Forum (http://forum.spiegel.de/showthread.php?t=5431) ]

http://www.spiegel.de/static/sys/v8/backgrounds/bg_list_quarter.gifSparprogramm: Nissan sagt Autoshows wegen Wirtschaftskrise ab (http://www.spiegel.de/wirtschaft/0,1518,592531,00.html)

26.11.2008, 15:00
Zitat des Tages - aus Trader's Daily
"Eine gewisse Stumpfheit des Geistes scheint aber eine notwendige Eigenschaft, wenn nicht jedes aktiven Menschen, so doch jedes ernsthaften Geldsammlers zu sein."

- Gelesen in: „Der Idiot" von Fjodor Dostojewski (1821-1888)

aha - mir fehlt wohl diese Eigenschaft :rolleyes beim Geld sammeln :o;):hihi

26.11.2008, 16:13
26 November 2008

AIG Under Investigation for Fraud (http://jessescrossroadscafe.blogspot.com/2008/11/aig-under-investigation-for-fraud.html)

Rogue executive in a rogue company.

Tainting the purity of Wall Street insiders most likely.

Looks like AIG might have to take a hit for the team.

Ex-AIG exec under probe by U.S. prosecutors
Wed Nov 26, 2008 1:35am EST

NEW YORK (Reuters) - Former American International Group Inc executive Joseph Cassano is under investigation by U.S. prosecutors for possibly misleading auditors and investors about subprime mortgage-related losses, according to a Bloomberg report citing people familiar with the probe.

The report said investigators are asking auditors at PricewaterhouseCoopers about memos they wrote last fall on how Cassano and other AIG executives valued contracts protecting $62 billion in mortgage-backed securities.

The U.S. government is also investigating AIG's reliance on valuations that have been questioned by auditors and banks, according to the report.

Cassano previously led AIG Financial Products, the source of billions of dollars of losses which led to the insurance company needing to be rescued by the U.S. government in a $85 billion deal in September.

In October, U.S. lawmakers criticized AIG for giving Cassano a $1 million-a-month consulting contract after he retired in March.

Posted by Jesse at 9:34 AM (http://jessescrossroadscafe.blogspot.com/2008/11/aig-under-investigation-for-fraud.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5063682617795542777) :verbeug
...da hat er bei der Firma schon weiss ich wieviel Schaden angerichtet - und dann das ---> a $1 million-a-month consulting contract:dumm:dumm:dumm

26.11.2008, 16:45
26 November 2008

Chicago PMI Worst Report Since 1982 (http://jessescrossroadscafe.blogspot.com/2008/11/chicago-pmi-worst-report-since-1982.html)

It may seem counterintuitive that US stocks are resilient after a morning of some of the bloodiest economic numbers to date.

Talking heads were on the financial channels proclaiming "Priced In!" and "a bottom is at hand."

It should be noted that this is a holiday-shortened week, heading into the November weekend close. Many financial institutions end their fiscal year in November.

The nation will not recover until the financial sector is brought back into a balance with the real economy.

Increasingly the public is not believing the usual lies and deceptions. A bottom may be in for the willing acceptance of fraud and a tolerance of white collar crime. The backlash could be terrific.

Dollar briefly extends declines vs yen after Chicago PMI
Wed Nov 26, 2008 9:58am EST

NEW YORK, Nov 26 (Reuters) - The U.S. dollar briefly extended declines versus the Japanese yen on Wednesday after a report on business activity in the Midwest fell more than expected...

The Institute for Supply Management-Chicago said its index of Midwest business activity fell in November to 33.8 from 37.8 in October. Economists polled by Reuters had forecast a drop to 36.7.

"The Chicago PMI is the worst number since Feb. 1982 and the numbers continue to show that the economy is still deteriorating," said Andrew Bekoff, chief investment officer at LPB Capital LLC in Doylestown, Pennsylvania.

Posted by Jesse at 10:27 AM (http://jessescrossroadscafe.blogspot.com/2008/11/chicago-pmi-worst-report-since-1982.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8087479556856416577) :verbeug


26.11.2008, 16:50
U.S. Banks May Write Down $44 Billion in Quarter (Update1)

By Ben Livesey

Nov. 26 (Bloomberg) -- U.S. banks including Citigroup Inc. (http://www.bloomberg.com/apps/quote?ticker=C%3AUS) may post about $44 billion in writedowns and charges on bad loans in the fourth quarter, eroding the government's banking bailout plan :rolleyes Oppenheimer & Co.'s Meredith Whitney (http://search.bloomberg.com/search?q=Meredith+Whitney&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date%3Cimg%20src=%22images/smilies/biggrin.gif%22%20border=%220%22%20alt=%22%22%20title=%22Breit%20grinsen%22%20smilieid=%22113%22%20class=%22inlineimg%22%20/%3E:S:d1) said.

Accounting rule changes on how some financial assets are valued may also trigger $25 billion in bad-loan charges over the next 12 months, analysts led by New York-based Whitney wrote in a note today.

Writedowns and other capital pressures, including credit- rating downgrades and the $20-billion bailout of Citigroup this week, have taken much of the funds of the $700 billion bank-rescue plan, Whitney said. Many U.S. lenders will call on the state again for capital over the next 12 months, the analyst said.

``We remain cautious on the financial institutions as they continue to face asset-price declines and a prolonged weak economic environment,'' said Whitney, who cut earnings estimates for banks including Citigroup, JPMorgan Chase & Co. and Bank of America Corp. by an average of 17 percent for this year and 2009.

To contact the reporter on this story: Ben Livesey (http://search.bloomberg.com/search?q=Ben+Livesey&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date%3Cimg%20src=%22images/smilies/biggrin.gif%22%20border=%220%22%20alt=%22%22%20title=%22Breit%20grinsen%22%20smilieid=%22113%22%20class=%22inlineimg%22%20/%3E:S:d1) in London blivesey@bloomberg.net

Last Updated: November 26, 2008 07:55 EST

...diesen Sumpf zu durchwaten braucht wohl noch seine Zeit :schwitz

26.11.2008, 17:48
..das ist ein echter Wert :supi :kiss


26.11.2008, 20:37
Schüsse auf Saakaschwili waren inszeniert

Der angebliche russische Angriff auf das Auto von Georgiens Präsident Michail Saakaschwili und Polens Staatschef Lech Kaczynski war völlig ungefährlich: Die Situation wurde von den Georgiern inszeniert.
Zu diesem Schluss kommt der polnische Geheimdienst AWB, wie heute die polnische Zeitung «Dziennik» schreibt. Der Untersuchungsbericht des AWB zu dem Vorfall am 23. November konstatiert, dass der georgische Geleitschutz der Kolonne auf die ersten Schüsse überhaupt nicht reagiert hat, wie es auf der unabhängigen Nachrichtensite «Russland-Aktuell» heisst.

Ausserdem habe sich Saakaschwili während des Zwischenfalls «locker verhalten und gelächelt». Und: Man hätte kurz vorher den Bus mit den Journalisten vorbei gelassen, damit die «die Möglichkeit hatten, das Geschehen aufzunehmen». Fazit: Georgien hat den Überfall selbst inszeniert.

Kaczynski hatte nach dem Vorfall während seines Georgien-Besuchs Russland beschuldigt, die Schuld für die Schüsse zu tragen; das russische Aussenministerium bezeichnete dies als «Provokation reinsten Wassers».


26.11.2008, 20:51

Anschlagsserie erschüttert Mumbai (http://www.spiegel.de/politik/ausland/0,1518,593001,00.html)

Sie schossen mit Schnellfeuergewehren und warfen Handgranaten: Unbekannte Täter haben in der indischen Finanzmetropole Mumbai mindestens zehn Menschen getötet. Luxushotels, ein Kino und ein Bahnhof wurden angegriffen, eine Tankstelle wurde in die Luft gejagt. mehr... (http://www.spiegel.de/politik/ausland/0,1518,593001,00.html)


Mumbai rocked by deadly shootings

Scene outside a luxury hotel in Mumbai

Gunmen have opened fire at a number of sites in the Indian city of Mumbai (Bombay), killing at least 16 people and injuring others, local reports say.

Police officials said shooting was continuing and that the incidents appeared to be terrorist attacks......


full story mit Video: http://news.bbc.co.uk/2/hi/south_asia/7751160.stm

26.11.2008, 21:12
Wed 26 Nov 2008

Land Of The Free, And The Home Of The Mets (http://lolfed.com/2008/11/26/land-of-the-free-and-the-home-of-the-mets/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/)


Whether we’re talking about GM sawing a year off Tiger Woods’ contract (http://lolfed.com/2008/11/25/tiger-woods-bails-out-gm/) or The Fed assuming AIG’s sponsorship of Manchester United (http://lolfed.com/2008/09/22/does-the-us-government-now-sponsor-manchester-united/), marketing deals are coming under fire as the bailout goes on. Now, some New York City Council members want Citi’s name off the Mets’ new home (http://sports.yahoo.com/mlb/news?slug=ap-mets-citigroup&prov=ap&type=lgns):

Two New York City Council members say that Citigroup should show its thanks for a federal bailout by sharing the naming rights to the new Mets ballpark in Queens.

The struggling bank is slated to pay $400 million over the next 20 years to name the stadium Citi Field.

The bank made the commitment years ago, when it was flush with cash. Now that Citigroup is getting billions of dollars in federal aid, Staten Island Republicans Vincent Ignizio and James Oddo say the ballpark’s name should be changed to Citi/Taxpayer Field.

Even though $400 million is not so much compared to the billions being used to keep C afloat, maybe the city should consider buying back the rights. Remember the debacle of The Field Formerly Known As Enron? (http://en.wikipedia.org/wiki/Minute_Maid_Park)


26.11.2008, 21:52
November 26, 2008
Sarah Palin in dead turkey gaffe


Jenny Booth div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } The annual pardoning of the Thanksgiving turkey has become a colourful part of the US President's year, but Sarah Palin's attempt to imitate the tradition went wrong when she staged a post-pardon press conference in front of a production line where birds were being slaughtered.

The former Republican candidate for vice-president went down to a turkey farm in Wasilla, Alaska, last week to ceremonially spare the life of one 30lb bird that would otherwise have been destined for tomorrow's festive dinner tables.

"Oh my goodness, it weighs a ton! Good job, good job," she said, refusing to dirty her outfit by picking up the flapping white candidate for clemency, which was covered in bird waste.......

full story: http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5236689.ece

diese Frau :rolleyes :dumm

27.11.2008, 09:21
Wed 26 Nov 2008

As Hank Paulson Prepares For Moving Day (http://lolfed.com/2008/11/26/as-hank-paulson-prepares-for-moving-day/)

Posted by alyx under hank paulson (http://lolfed.com/category/hank-paulson/)
1 Comment (http://lolfed.com/2008/11/26/as-hank-paulson-prepares-for-moving-day/#comments)

If you were Hammerin’ Hank, what prank would you play on Tim Geithner, the incoming Treasury Secretary chosen by President Obama? (Poll has a comment option, feel free to use your imagination.)

What Prank Should Hank Paulson Play On Timothy Geithner?

Escapist: Transfer the rest of the TARP money to his personal account, disappear to Costa Rica.
Traditional: "Tarp" the office in post-it notes.
Lowbrow: Flaming "bag of poo and LEHMQ shares" on the front steps.

Vote ---> http://lolfed.com/2008/11/26/as-hank-paulson-prepares-for-moving-day/

jesse Says:

November 27th, 2008 at 12:53 am (http://lolfed.com/2008/11/26/as-hank-paulson-prepares-for-moving-day/#comment-963) All pushbuttons should be replaced with strings.

27.11.2008, 09:50
Mumbai rocked by deadly attacks

Gunmen have carried out a series of co-ordinated attacks across the Indian city of Mumbai (Bombay), killing 101 people and injuring 287 more.....

ful story: http://news.bbc.co.uk/2/hi/south_asia/7751160.stm


27.11.2008, 09:57
Traditionsfirma Woolworths meldet Konkurs an

Aktualisiert um 08:08 Uhr

Die altehrwürdige britische Handelskette Woolworths muss für ihre 800 Läden Insolvenz anmelden. Vor kurzem hatte es noch geheissen, eine Investorengruppe wolle den serbelnden Konzern übernehmen.


Work starts on Woolworths' rescue

Woolworths' administrators have begun efforts to rescue the retailer, after it said its business could no longer operate as a going concern.

All 815 stores will stay open for now, but 30,000 jobs are at risk after the chain buckled under its £385m debt.

Deloitte was last night appointed as administrator and says there are "expressions of interest" for the retail and wholesale businesses......


...bald hat nichts mehr Bestand :( so kurz vor Weihnachten 30'000 jobs at risk :(

27.11.2008, 10:43
Doughnuts served up as City bonuses slump

A quarter of investment bankers working in the City of London will receive no 2008 bonus while pay-outs for all but the very top performers will slump by two-thirds as the impact of the financial crisis on compensation becomes clear.

By Jonathan Sibun
Last Updated: 6:19PM GMT 26 Nov 2008

Forecasts of the scale of zero bonuses or 'doughnuts' will shock many in the City who headhunters warn have yet to "wake up and smell the coffee" over the effect of the credit crisis on remuneration.....

full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3527365/Doughnuts-served-up-as-City-bonuses-slump.html

....nicht scary - immerhin gibt's was zu essen :rolleyes

27.11.2008, 10:52
Rettung des US-Finanzsystems

700 Milliarden? Ha! Es sind 8500 Milliarden :eek


Zum Original-Beitrag (http://showthread.php3?p=1203050#post1203050)
.....Als Bernanke am 18. November vor der US-Finanzaufsicht auftrat, sagte er: "Wir sind gebeten worden mitzuteilen, welche Geschäftsbanken sich Geld bei uns leihen, wie viel sie sich leihen und welche Sicherheiten sie dafür angeben. Wir denken, dies zu veröffentlichen wäre kontraproduktiv." Von dieser Position rückt die Notenbank bislang nicht ab, auch nicht, nachdem Bloomberg eine Klage auf Herausgabe der Informationen einreichte......

.....Das Ergebnis der umfangreichen Recherche: Die tatsächlichen Risiken, die der amerikanische Staat bislang eingeht, übertreffen das im September verabschiedete, 700 Mrd. $ schwere Rettungspaket um mehr als das Zehnfache. Bei der Addition der Einzelposten kommt man auf 8500 Mrd. $, das ist mehr als die Hälfte des amerikanischen Inlandsprodukts. FTD-Online gibt den Überblick.

....vom Staat wird man nach Strich und Faden beschissen - trotzdem sollen wir die andere Backe auch hinhalten :rolleyes:dumm

.....hier ist es noch detailliert:
$3.9 Trillion Was a Drop in the Bucket

By Christopher Barker
November 26, 2008

I remember when $3.9 trillion sounded like a lot of money.

Just weeks after that unfathomable figure (http://www.fool.com/investing/general/2008/10/09/700-billion-was-a-drop-in-the-bucket.aspx) dropped my jaw to the ground as I added up the total cost of the financial crisis, I regret to inform you that the sum has promptly doubled. That's right: While the nation was mired in contentious debate (http://www.fool.com/investing/dividends-income/2008/11/11/why-we-shouldnt-bail-out-detroit.aspx) over a measly $25 billion bailout for the likes of General Motors (NYSE: GM (http://caps.fool.com/Ticker/GM.aspx?source=isssitthv0000001)) and Ford (NYSE: F (http://caps.fool.com/Ticker/F.aspx?source=isssitthv0000001)), my Foolish running tally grew by more than 188 times that amount!

Drawn from independent research and diverse published sources, the following table seeks to provide as precise an accounting of the crisis as the public record currently permits. By my calculations, the combined total of existing and announced outlays from the Federal Reserve and from U.S. government agencies that are directly attributable to the financial crisis has ballooned to more than $8 trillion......

I'm afraid to look …



mit Details: http://www.fool.com/investing/international/2008/11/26/39-trillion-was-a-drop-in-the-bucket.aspx

27.11.2008, 12:49
Weitere UBS-Manager verzichten auf 22 Millionen

Aktualisiert um 11:33 Uhr ---> 9 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Weitere-UBSManager-verzichten-auf-22-Millionen/story/21407424#kommentar)

An der Generalversammlung in Luzern meldete UBS-Präsident Kurer, er habe Zusagen für weitere Rückzahlungen von Boni. Er hofft auf noch mehr Gelder.

Video auf schwiizerdütsch ;) ---> Das sagen die Aktionäre der UBS.

Noch andere ehemalige UBS-Spitzenleute verzichten auf zugesicherte Löhne und Bonuszahlungen im Umfang von 22 Millionen Franken. Dies gab UBS-Verwaltungsratspräsident Peter Kurer heute an der ausserordentlichen Generalversammlung in Luzern bekannt. Die Summe der Verzichte und Rückzahlungen von Boni erhöht sich damit auf knapp 70 Millionen Franken.

Die Namen und die Zahl der weiteren Verzichtenden gab Kurer nicht bekannt. Die Fälle würden vertraulich behandelt. :rolleyes:confused:mad


27.11.2008, 12:55
Wird als Neustes angeboten......hmmmm - hat man so was nicht auch schon einmal gelesen :confused :rolleyes :gruebel

Mit Kapitalschutz :rolleyes in seitwärts tendierende Märkte investieren

Mit den In-the-Money Call Spreads von :bad Goldman Sachs :bad bietet sich dem Anleger die Möglichkeit, 100% :rolleyes kapitalgeschützt in Indizes zu investieren und in seitwärts tendierenden Märkten eine attraktive Rendite zu erzielen. Verändert sich der Stand des Index nicht oder steigt er an, erhält der Investor am Verfalltag die maximale Auszahlung in der Höhe des Cap Level. Selbst wenn der Index an diesem Tag leicht gesunken sein sollte, erhält der Investor eine vom Indexstand abhängige Rendite plus 100% des Nominals. Sollte der Index am Verfalltag stark gesunken sein (unterhalb des Lower Strike), ist das Kapital zu 100% des Nominals geschützt. Ein Beispiel zum Auszahlungsprofil finden Sie hier. (http://www.goldman-sachs.ch/filedb/77efe402bfd728d670ea743fc8a530be8a321c90/GS08890_201108_CashDaily_CallSpreads_11.pdf)


27.11.2008, 13:33

27.11.2008, 17:35
Thu 27 Nov 2008

Follow The Yellow Brick Road (http://lolfed.com/2008/11/27/follow-the-yellow-brick-road/)

Posted by alyx under commodities (http://lolfed.com/category/commodities/)

Telegraph this morning looks at the sound-money symbolism of the Wizard of Oz (http://www.telegraph.co.uk/finance/personalfinance/investing/3525234/Encouraged-by-a-wicked-wizard-Greenspan-Bernanke-toils-at-his-printing-press.html) * with Greenspan as the wicked wizard and his apprentice Ben Bernanke (h/t Caroline B for the link and Mises Institute (http://images.google.com/imgres?imgurl=http://www.mises.org/images4/GoodbyeYBR.png&imgrefurl=http://blog.mises.org/archives/007865.asp&usg=__3VvR6-47CbTY-vBXAiIZXdNnD_4=&h=334&w=330&sz=260&hl=en&start=24&um=1&tbnid=CzeWiohJiRWd4M:&tbnh=119&tbnw=118&prev=/images%3Fq%3Dbernanke%2Byellow%2Bbrick%2Broad%26start%3D18%26ndsp%3D18%26um%3D1%26hl%3Den%26safe%3Doff%26rlz%3D1B3GGGL_enUS284US284%26sa%3DN) for the image):The story would feature an apprentice printer called Bernanke. Encouraged by a wicked wizard, Greenspan, he toils at his printing press night and day producing reams of paper money. At first his monetary accommodation seems to bring unbridled prosperity. Boom follows boom, as the business cycle is seemingly abolished, house prices grow to the sky and his political stock rises. In time, the scarecrow is bought-off by crop subsidy; the tin man vacations in Vegas, having refinanced his mortgage for the 13th time. And the sorcerer’s apprentice is promoted to top wizard.

However, Greenspan, now in retirement, finally reveals his scheme has brought only “bogus riches”. The printing presses have created a “zero-sum game” where dollars lose their purchasing power against God’s brew of precious metals. The populace begins to save. Spending is reined in. Even the corporate sector suffers. With consumers no longer spending, there are no profits. Shares slump and the fiat kingdom collapses in anarchy.

In related news, Citigroup forecasts gold at $2000, nuclear unrest, European leaders toppled (http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3526645/Citigroup-says-gold-could-rise-above-2000-next-year-as-world-unravels.html). We just gave them another $20+ billion, so you’d think they’d turn off the gloom and doom spout for a while, but I guess not. Maybe they’re gonna spend the entire capital injection on gold bars…:eek;)

* 'Encouraged by a wicked wizard, Greenspan, Bernanke toils at his printing press'

The past 30 years of economic history may have produced a daunting sequel to the original Wizard of Oz, written by Frank Baum.

By Hugh Hendry
Last Updated: 10:59AM GMT 27 Nov 2008

Comments 7 (http://www.telegraph.co.uk/finance/personalfinance/investing/3525234/Encouraged-by-a-wicked-wizard-Greenspan-Bernanke-toils-at-his-printing-press.html#comments) | Comment on this article (http://www.telegraph.co.uk/finance/personalfinance/investing/3525234/Encouraged-by-a-wicked-wizard-Greenspan-Bernanke-toils-at-his-printing-press.html#postComment)

http://www.telegraph.co.uk/telegraph/multimedia/archive/01121/PF-Wizrd_1121316c.jpg Follow the yellow brick road to get a picture of where we are

People blame this crisis on cheap money and greedy bankers. They certainly cannot be exempted. But I take a more fatalist point of view. There has to be a reason for humans to die off in their 70s and 80s. I believe it is so that the memory of a generation's mistakes is erased, allowing future ages to repeat the folly of greed and fear.....

27.11.2008, 17:55
Thanksgiving in America

Darryl Robert Schoon
Posted Nov 26, 2008

Collectively and individually, we all learn through crises. But only after a crisis is over do we recognize the lessons learned and become thankful for the fundamental and needed changes such crises bring. When this crisis is over, we too will be thankful for its gifts. But this crisis is not yet over. It has only just begun.

Thanksgiving Menu 2008

Mélange Of Frozen Markets
Tossed Assets With Government Guarantees
Frisée Of Foreclosures And Defaults

main dishes
Évaporation de Credit àla Cold Turkey
House Signature Dish
Seared Investors In Bottomless Pit With Caramelized Investments
Overheated Markets Without Oversight àla SEC
Braised Bankers Rump With Bailout Coulis

Sorbet Trio Of Shock, Disbelief And Insolvency
Off Balance Sheet flambé

Featured wine
Great Depression Grand Siècle 1933 méthode creditoise


Last fall when the crisis caused by the August 2007 credit contraction began to gain momentum, its effects were initially confined to the financial sector. The lives of most individuals were still not affected by the spreading contagion of defaults emanating from investment banks in New York, London, Tokyo, Europe and elsewhere.

In America, Thanksgiving Day occurs in November and begins the autumn holiday season which ends with Christmas and the New Years festivities. At this time last year, the financial crisis had not yet affected America's holiday celebrations although I knew it would soon do so.

Last fall, I predicted that Christmas 2007 would be remembered as "the last happy Christmas". Today, the financial crisis has now reached the lives of those far removed from global financial centers and this holiday season will be unlike those previous. Next year, it will be worse.


In today's credit/debt based economies, the flow of capital, sic debt and credit, between the fast boys, i.e. investment bankers - the packagers of credit, sic merchants of debt, and the slow boys, i.e. pension funds, insurance companies, investment funds, etc. needs to constantly grow.

As the quantity of debt-based money increases so too does the total amount of debt. This dynamic is heightened by the fact that debt is constantly compounding and the amount of debt is increased thereby almost exponentially.

As part of this process, the fast boys sell the slow boys debt-based "investments" on which the return is hoped to be in excess of inflation. Because the constant printing of debt-based money debases the value of previously issued "money", savers are forced to constantly re-bet their savings in a world where the fast boys, the investment bankers, have a systemic advantage.

Because of their proximity to the spigots of credit, the fast boys, the investment banks, are able to bet the money of others (the slow boys) in such a way that they (the fast boys) profit immensely. When their bets are good, the fast boys profit far more than the slow boys whose money they leveraged. However, when the bets go bad, the results are shared more equally.

In credit/debt based economies, the sale of "investment" debt is critical in the confidence game that fiat money has forced on society. If such investment debt is not retired, sold, or rolled forward, the confidence game comes to a halt; and, when the merry-go-round of debt slows sufficiently, the game is over.


This is where we are today. Between 2002 and 2006 when the fast boys sold billions of dollars of subprime AAA rated soon-to default CDOs to the slow boys, the slow boys realized the fast boys had burned them, leaving them, the slow boys, with enormous amounts of bad debt totaling hundreds of billions of dollars.

When this happened, not only did the trust between the slow boys and fast boys disappear, so too did the trust between the fast boys themselves. LIBOR, the London Interbank Offered Rate, moved quickly higher after August 2007 signifying that bankers no longer even trusted each other to repay their debts.


Trust is critically important in financial markets because debt/credit based economies founded on fiat currencies are little more than floating crap games where it is only a matter of time (perhaps a long time) until a crisis occurs that alerts the participants that the value of their paper assets including money can suddenly and without warning disappear.

Bankers by nature are often distrustful and women generally are not; but, in this area, bankers and women have something in common. As many know, when a woman's trust is violated the loss of that trust is often irreparable and the same is true, ironically enough, with bankers.

This is now the main concern of central bankers, the ringmasters of the financial circus masquerading as capital markets. Since August 2007, because the slow boys increasingly have shunned the debt-based offering of the fast boys, capital markets have remained frozen - and capital markets, like bicycles, do not do well at slow speeds.


Bloomberg News noted on November 24, 2008 that the US government has now pledged $7.76 billion of taxpayer money to the banks and capital markets in the hopes of once again moving the sale of debt in now frozen markets.

The central bankers are doing this hoping that the slow boys will again return and begin buying the debt-based investments of the fast boys. This hope may well be in vain because now the underlying economies themselves are in serious danger of collapse.

Buying debt when economies are collapsing is not a good bet and the slow boys know this better than anyone else. More taxpayer money will not move the slow boys to purchase debt in today's market. It will take their belief that debt is once again safe and profitable - and in collapsing markets that belief is highly unlikely.


This year, Thanksgiving in America will be different. The mood will be more serious and the thanks offered for what has been given and received will be more heartfelt; and those who previously warned about an economic collapse may be viewed more seriously by those gathered around the Thanksgiving table.

In early November in Canberra, Australia, participants heard Professor Antal E. Fekete and others discuss, among other topics, how much time remained before markets began their final descent into catastrophic collapse.

The professor said his view has now changed because of the speed and severity of recent events, that such a collapse will now occur sooner than he had previously expected, perhaps in two years.

Those who do not believe in such a collapse are also those who did not foresee the recent collapse of banks, hedge funds, money market funds and insurance companies or the collapse of global equity markets on a scale unseen since the Great Depression.


The world is rebalancing itself and financial markets are not the only institution that will be affected in the coming years. Change is a constant occurrence in the universe and is now in the process of speeding up considerably.

A fundamental rebalancing of universal polarities is now in progress. It will affect economies, nations, religions, societies and all institutions that reflect the current paradigm. A new paradigm is on the way. It will be better than the present one - and that is something to be thankful for.

full story: http://www.321gold.com/editorials/schoon/schoon112608.html


27.11.2008, 18:39
November 27, 2008 -- Updated 1725 GMT (0125 HKT)


4 minutes ago

Blasts, gunfire as Mumbai battle rages (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/india.attacks/index.html)

Violence gripping India's financial capital Mumbai enters its second night as authorities continue to battle with gunmen holding hostages. The death toll now stands at 125 in the attacks that India's PM says may be the work of terrorists from outside his country. full story (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/india.attacks/index.html)

Who was to blame? (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/india.attacks.responsibility/index.html) | Al Qaeda involved? (http://edition.cnn.com/video/#/video/world/2008/11/27/arena.india.terrorist.cnn) http://i.cdn.turner.com/cnn/.element/img/2.0/global/icons/video_icon.gif (http://edition.cnn.com/video/#/video/world/2008/11/27/arena.india.terrorist.cnn)
Witness: 'They came in with guns blazing' (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/mumbai.witnesses/index.html)
Indian media reports (http://edition.cnn.com/2008/WORLD/asiapcf/11/26/mumbai.log/index.html) | World outraged (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/mumbai.world.reaction/index.html)

View all videos from Mumbai (http://edition.cnn.com/2008/WORLD/asiapcf/11/27/india.attacks.videos/index.html) | Special Report (http://edition.cnn.com/SPECIALS/2008/news/mumbai.attacks/)
Why Mumbai targeted? (http://edition.cnn.com/video/#/video/world/2008/11/26/dcl.robertson.india.attack.terrorists.cnn) http://i.cdn.turner.com/cnn/.element/img/2.0/global/icons/video_icon.gif (http://edition.cnn.com/video/#/video/world/2008/11/26/dcl.robertson.india.attack.terrorists.cnn) | Amanpour analysis (http://edition.cnn.com/2008/WORLD/asiapcf/11/26/amanpour.mumbai/index.html)
iReport.com: Images, reports from the scene (http://www.ireport.com/ir-topic-stories.jspa?topicId=%20154184)

27.11.2008, 19:49
Airbus bei Testflug in Frankreich abgestürzt (http://www.spiegel.de/panorama/0,1518,593207,00.html)

Unfall vor der Küste Frankreichs: Ein Flugzeug vom Typ Airbus A320 ist bei einem Übungsflug ins Mittelmeer gestürzt. An Bord der Maschine waren Behörden zufolge sieben Menschen. Armee und Katastrophenschutz haben Rettungskräfte an den Unglücksort geschickt. mehr... (http://www.spiegel.de/panorama/0,1518,593207,00.html)


27.11.2008, 21:23
Mumbai Attack Most Significant Since Sept. 11 Attack on U.S.

The terror assault on Mumbai is in its second day as Indian security forces struggle to regain control of the capital and clear the remaining terrorists from two hotels and a residential complex. Hundreds of Indian Naval and National Security Guards commandos have been rushed into the capital to help end the hostage situations at the Taj and Oberoi Trident hotels and the Nariman House. Reports from India indicate the commando assaults are underway. More than 200 hostages, many foreigners, are still held captive. The Indian Mujahideen have demanded the release of all jihadis currently in Indian jails to end the crisis.

While it is too early to know exactly how the Mumbai strikes were planned and executed, one thing seems clear: This attack is the most significant terrorist attack since the Sept. 11 attack against the United States.

The terrorists launched a sophisticated, multi-pronged attack into a city of 18 million residents. This requires planning, training, funding, and detailed reconnaissance. The targets were chosen carefully to achieve maximum effect. The terrorists hit hotels, a train station, a movie house, a residential complex, and a hospital--all soft targets. They also were able to plant bombs in taxis as well as capture a police van, which was then used in a drive-by shooting spree.

The assault teams--there is no other way to describe them--coordinated and synchronized their attacks to overwhelm Mumbai security. The terrorists were able to take a significant number of hostages. They knew where to find foreigners and wealthy Indians--at the five star hotels.

Past attacks in Indian cities and in other parts of the world may have had higher death tolls, but they failed to achieve the results of Mumbai. The city has been completely shut down for two days, while the Hindustan Times said the country is gripped by a "fear psychosis." India's government has long treated the terrorist problem as a secondary issue. This will change. The mode of attack--assault teams launched into the heart of a major city--is already sending chills down the spines of security officials and governments throughout the world.



28.11.2008, 14:23
November 28, 2008 -- Updated 1248 GMT (2048 HKT)


Fighting rages at Mumbai hotel (http://edition.cnn.com/2008/WORLD/asiapcf/11/28/india.attacks/index.html)

Loud explosions and intermittent gunfire could be heard at Mumbai's Taj hotel, where police commandos are in a standoff with at least one gunman. Some people standing among journalists near the hotel were injured after the blast as the death toll from the crisis reached 146. Armed men are also believed to be holding hostages at a Jewish Center. full story (http://edition.cnn.com/2008/WORLD/asiapcf/11/28/india.attacks/index.html)

....erstaunlich dass die Börse heut höher war

28.11.2008, 14:41
China slashes interest rates as panic spreads

The People's Bank of China cut interest rates by more than 1pc point as the economy crumbles and millions of jobs are predicted to go ahead of Christmas.

By Malcolm Moore in Shanghai
Last Updated: 12:48PM GMT 26 Nov 2008

The move came just one day after the World Bank predicted that China would grow by 7.5pc next year. The level of growth may appear robust by Western standards, but it would represent the slowest economic expansion in China for the last two decades.

It is also perilously close to the 7pc minimum level of growth that Chinese economists believe is necessary in order to create enough jobs for the 6m university graduates who will enter the jobs market next year.

It is the fourth interest rate cut from the Chinese central bank in the last ten weeks as the government desperately battles an evident economic collapse. "China is out to save itself here," said Patrick Bennett, an analyst with Societe Generale in Hong Kong......

......"All my colleagues were shocked by such a big easing. It signals the government may believe the economic situation is really serious for it to call for such a drastic move," said Liu Dongliang, a currency analyst at China Merchants Bank in Shenzhen.......

full story: http://www.telegraph.co.uk/news/worldnews/asia/china/3525052/China-slashes-interest-rates-as-panic-spreads.html

28.11.2008, 19:09
...auf ein hoffentlich friedlicheres Wochende :)

29.11.2008, 09:19
Mumbai attacks: Taj Mahal siege ends as total death toll rises to 195

By Andrew Alderson, Chief Reporter
Last Updated: 7:45AM GMT 29 Nov 2008

At least two more terrorists were killed in the final stages of a battle with Indian commandos, following attacks throughout Mumbai (Bombay).

The official death toll rose significantly today to 195, from 155 yesterday. At least 295 others have been injured in the assault on India's economic capital.

The hotel siege was brought to a close today as security and political sources in the UK tried to play down suggestions that up to seven of the terrorists had strong British links, and that some of them were British-born men of Pakistani origin.

Sources in India are reported to have indicated that some of the men came from the north of England, including from Leeds, Hartlepool and Bradford.

However, a spokesman for the Foreign Office in London said: "We have spoken to Indian authorities at a high level and they have said that there is no evidence that any of the terrorists either captured or dead are British."

Gordon Brown also played down such a link after speaking to Manmohan Singh, the Indian Prime Minister. "At no point has the Prime Minister of India suggested to me that there is evidence at this stage of any terrorist of British origins, but obviously these are huge investigations that are being done and I think it will be premature to draw any conclusions at all," said Mr Brown.

"We remain steadfast and firm, standing with India and all other countries against any form of terrorist activity, and we will be vigilant in both helping the Indian authorities and in making sure that in every part of the world we support those who are fighting terrorism."

Mr Brown said his thoughts were with those who had died, including British yachting tycoon Andreas Liveras. Mr Liveras, the 73-year-old Cypriot-born founder of a luxury yacht business, was pronounced dead on arrival at St George's Hospital in the city.

A team of detectives from Scotland Yard is flying to Mumbai to help Indian authorities with the investigation. Officers are also meeting Britons returning on flights to London's Heathrow Airport and handing out leaflets appealing for information.

More of those Britons caught up in the terror attack were due to fly home to London today.

Some in the Indian government have suggested that the attack could have be planned or launched from Pakistan. Pranab Mukherjee, the Indian External Affairs Minister, said: "According to preliminary information, some elements in Pakistan are responsible for Mumbai terror attacks."

Pakistan has backtracked on a decision to send the chief of its spy agency to India to help with the Mumbai attack investigation, in a move likely to revive questions about who is in charge of the shadowy agency. The Prime Minister's office in Islamabad said today that a representative of its Inter-Services Intelligence (ISI) agency would now go to India instead of its director general.



29.11.2008, 10:31
http://i2.cdn.turner.com/cnn/.element/img/2.0/global/nav/header/header_cnn_com_logo_int.gif Gunman's deadly smile 4:52Victim says a gunman in the Taj Mahal hotel had a "smile on his face as he started to spray the bullets."
:( Video ---> http://edition.cnn.com/video/#/video/world/2008/11/28/tsr.india.karim.taj.witness.cnn



Sicherheitskräfte haben Lage in Mumbai unter Kontrolle (http://www.spiegel.de/politik/ausland/0,1518,593443,00.html)

Heftige Explosionen und Schießereien auch am Samstagmorgen - dann hatten indische Sicherheitskräfte das schwer beschädigte Luxushotel Taj Mahal zurückerobert. Damit ist die brutale Terrorattacke in Mumbai nach fast drei Tagen beendet. Fast 200 Menschen starben bei den Angriffen - darunter mindestens drei Deutsche. mehr... (http://www.spiegel.de/politik/ausland/0,1518,593443,00.html) [ Video (http://www.spiegel.de/video/video-41683.html) | Forum (http://forum.spiegel.de/showthread.php?t=5709) ]

.....und jetzt wieder überall Leid, Misstrauen, Angst, Kontrollen, Verdächtigungen, falsche Anschuldigungen...... :(

29.11.2008, 10:52
Cat Stevens - Peace Train (live)


29.11.2008, 12:50
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7111836606232504684) The Wages of Irrational Greed (http://jessescrossroadscafe.blogspot.com/2008/11/cost-of-irrational-greed.html) :mad

The actual costs of several of the items can be debated, especially in the case of warfare and its soft and collateral costs. Joe Stiglitz has estimated the cost of the total Iraq war to three trillion dollars when all the expenses are considered.

One can quibble with the details, and even make the case that any expenditures financed by debt are of equal economic value, that there is no difference between pure consumption and greed, and productive investment in infrastructure. That there exists no good or evil and that justice has no penalty or value.

But one has to ask what could have been accomplished, what great achievements could we have endowed to posterity, if we had only restrained the greed of Wall Street and the corruption of the world's economy through the US dollar as its reserve currency which permitted the almost unrestrained creation of debt by a succession of narcissists and sociopaths?

If this chart is not shocking, does not sicken you at heart, repulse you, fill you with righteous anger, make you feel ashamed, then you may be emotionally a child, or perhaps no longer human.

http://4.bp.blogspot.com/_H2DePAZe2gA/STAqqdE8CfI/AAAAAAAAGks/WrursaMDRIM/s400/expend.png (http://4.bp.blogspot.com/_H2DePAZe2gA/STAqqdE8CfI/AAAAAAAAGks/WrursaMDRIM/s1600-h/expend.png)

Posted by Jesse at 11:23 AM (http://jessescrossroadscafe.blogspot.com/2008/11/cost-of-irrational-greed.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4254232358242447945) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4254232358242447945)

29.11.2008, 13:07
ppl v. ppl fighting 4 a xbox 360 during black friday. :bad :dumm


30.11.2008, 12:50
1. Advent

30.11.2008, 18:17
30 November 2008

Citigroup Memo Points to Gold as a Safe Haven (http://jessescrossroadscafe.blogspot.com/2008/11/citigroup-memo-points-to-gold-as-safe.html)

http://3.bp.blogspot.com/_H2DePAZe2gA/STLAskJ4-BI/AAAAAAAAGlk/9PJI7fih8o8/s320/sc.png (http://3.bp.blogspot.com/_H2DePAZe2gA/STLAskJ4-BI/AAAAAAAAGlk/9PJI7fih8o8/s1600-h/sc.png)
"Gold has tripled in value over the last seven years, vastly outperforming Wall Street and European bourses."This is perhaps the gem in this article, the reminder that gold has proven to be one of the best stores of value through the turmoil of the turn of the century. People tend to lose sight of this, being preoccupied with the short term up and down of markets.

And it is most probable that it will continue to be an excellent store of value, a safe haven for wealth, over the next twenty to years, as it has been over the past twenty or more centuries.

Why? Because although governments may seek to control it, prohibit it, monopolize it, they cannot create it, or prevent it from being valued by independent minds as genuine wealth.

Posted by Jesse at 11:08 AM (http://jessescrossroadscafe.blogspot.com/2008/11/citigroup-memo-points-to-gold-as-safe.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2695746977311468015) :verbeug

01.12.2008, 08:55
...sehr guter Artikel - kann man leider nicht c/p

US Treasuries reaches break out point

November 25, 2008

...The problem: the settlement system for the US government bond market has broken down....


01.12.2008, 09:17
Sichelmond bedeckt Venus am 1. Dezember

Der hellste Planet (http://javascript%3Cb%3E%3C/b%3E%3Cimg%20src=%22images/smilies/tongue.gif%22%20border=%220%22%20alt=%22%22%20title=%22Zunge%20zeigen%22%20smilieid=%22115%22%20class=%22inlineimg%22%20/%3Eopup%28%27http://lexikon.astronomie.info/keywords/Planet.html%27%29;) Venus wird am Abend des 1. Dezembers vom zunehmenden Mond bedeckt. Während der nautischen Dämmerung (http://javascript%3Cb%3E%3C/b%3E%3Cimg%20src=%22images/smilies/tongue.gif%22%20border=%220%22%20alt=%22%22%20title=%22Zunge%20zeigen%22%20smilieid=%22115%22%20class=%22inlineimg%22%20/%3Eopup%28%27http://lexikon.astronomie.info/keywords/Daemmerung.html%27%29;) verschwindet die mehr als halb beleuchtete Venus hinter dem dunklen, aber vom Erdlicht erhellten Mondrand. 80 Minuten später taucht Venus langsam wieder an der hellen Mondseite auf. Später geht das auffällige Trio bestehend aus Mondsichel, Venus und Jupiter (http://javascript%3Cb%3E%3C/b%3E%3Cimg%20src=%22images/smilies/tongue.gif%22%20border=%220%22%20alt=%22%22%20title=%22Zunge%20zeigen%22%20smilieid=%22115%22%20class=%22inlineimg%22%20/%3Eopup%28%27http://lexikon.astronomie.info/keywords/Jupiter.html%27%29;) unter.

tba. (thomas.baer@astronomie.info) Die Sonne geht am 1. Dezember 2008 in Zürich um 16:37 Uhr MEZ unter. Die Abenddämmerung dauert an diesem Wintertag nur knapp zwei Stunden. Über dem Südsüdwesthorizont leuchtet gegen 16:45 Uhr MEZ 16° hoch die dreieinhalb Tage junge Mondsichel, nur knappe 6 Bogenminuten östlich von ihr strahlt brillant hell (-4.1 mag) Venus und 2° über dem Duo funkelt der -2 mag helle Jupiter! Auch der Laie dürfte beim Blick durch das Fernglas bemerken, dass der Venus in der Rolle des "Abendsterns" bald das Licht ausgehen wird, respektive, sich der Mond mit dem dunklen, schwach im Erdlicht schimmernden Teil voran, vor die Venus schieben wird. Immer näher rückt der Mondrand an den funkelnden "Abendstern (http://javascript%3Cb%3E%3C/b%3E%3Cimg%20src=%22images/smilies/tongue.gif%22%20border=%220%22%20alt=%22%22%20title=%22Zunge%20zeigen%22%20smilieid=%22115%22%20class=%22inlineimg%22%20/%3Eopup%28%27http://lexikon.astronomie.info/keywords/Abendstern.html%27%29;)" heran und ab 17:04.7 Uhr MEZ wird das Leuchten von Venus auch freisichtig immer schwächer, um pünktlich um 17:05.4 Uhr MEZ ganz auszugehen. So lange braucht der Mond, um die zu Dreivierteln beleuchtete Venus an der Mondkante verschwinden zu lassen. Der Himmel ist schon dunkler; die bürgerliche Dämmerung geht langsam zu Ende. Gegen 17:45 Uhr MEZ ist die Mitte der Venusbedeckung erreicht.

Austritt bei dunkler Nacht
Spannend wird es kurz vor 18:25 Uhr MEZ........
Weiterführende Links

Zeittabelle der Venus-Bedeckung für Ihren Standort (http://www.calsky.com/cs.cgi/Moon/13&interval=0.5&date=01.12.2008&time=12)
Planetenbedeckungen für Ihren Standort (http://www.calsky.com/?Moon=&sec=13&onlyOccultations=on)
ganzer Artikel: http://news.astronomie.info/ai.php/200811055

...leider bewölkt heute :( wegen © nur ein Teil des Artikels.....

01.12.2008, 09:40
Sat 29 Nov 2008

Rubinesque (http://lolfed.com/2008/11/29/rubinesque/)

Posted by alyx under all ur bankz (http://lolfed.com/category/all-ur-bankz/)
[4] Comments (http://lolfed.com/2008/11/29/rubinesque/#comments)
Subscribe to this feed (http://feeds.feedburner.com/Lolfed)


Proof that denial is not just a river in Africa (http://online.wsj.com/article/SB122791795940965645.html?mod=googlenews_wsj):
Under fire for his role in the near-collapse of Citigroup Inc., Robert Rubin said its problems were due to the buckling financial system, not its own mistakes :rolleyes and that his role was peripheral to the bank’s main operations even though he was one of its highest-paid officials.

“Nobody was prepared for this,” Mr. Rubin said in an interview. He cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the crisis.

Got that? Neither Robert Rubin nor Alan Greenspan had anything to do with where we are today. Bob said it so it must be true. Carry on.

(h/t Chris @ thosedamnbankers (http://thosedamnbankers.blogspot.com/))

01.12.2008, 12:35
RT Guest http://www.russiatoday.com/media/guests/4/4792fa906b253.jpg November 27, 2008, 9:36 Ron Paul

Behind the scenes at the G20 summit in Washington, world leaders discussed not only future financial regulations, but also the possibility of an international central bank, according U.S. congressman Ron Paul.

Click the VIDEO button to watch the interview.



01.12.2008, 14:33
Märkte und Meinungen
Wenn Anlagefonds Wertschriften ausleihen

Märkte und Meinungen

Securities Lending – das Ausleihen von Wertschriften gegen eine Gebühr – ist ein riskanteres Geschäft als auch schon geworden. Noch in guter Erinnerung ist der Fall der britischen Beteiligungsgesellschaft Olivant, die einen grossen Teil ihrer UBS-Aktien an Lehman Brothers ausgeliehen hatte und diese seit dem Konkurs der Investmentbank nicht mehr auffinden kann. Vielen Anlegern ist kaum bewusst, dass auch Anlagefonds einen beträchtlichen Teil ihres Wertschriftenbestandes ausleihen und dafür Gebühren erhalten. Zwar sind diese Ausleihungen per Gesetz viel stärker reguliert als im Fall Olivant: Beispielsweise muss die Gegenpartei umfangreiche Sicherheiten stellen, die hohen Bonitätskriterien genügen müssen. Doch auch Bonitäts-Ratings haben im Zuge der Finanzkrise viel an Verlässlichkeit verloren, und manch ein Anleger fragt sich nun, ob das Securities Lending den Anlagefonds Verluste bescheren könnte.

Pikant ist, dass einige Fondsanbieter das Securities Lending seit kurzem eingestellt haben. So verzichten etwa Vontobel und die Raiffeisen-Gruppe bis auf Weiteres auf die Ausleihung von Wertschriften bei ihren Anlagefonds. Bei Vontobel heisst es dazu, dass man das Verlustrisiko derzeit für zu gross halte – vor allem angesichts der Tatsache, dass die Einnahmen aus dem Securities Lending den Anlagefonds meist nur eine geringe Zusatzrendite von wenigen Basispunkten brächten. Andere Anbieter, etwa der Branchenführer UBS, sehen die Lage anders und führen die Wertschriften-Ausleihungen fort. Das Risiko von Ausfällen schätzt man dort als gering ein, weil die strikten Schweizer Vorschriften für genügend Sicherheit sorgten......

ganzer Artikel: http://www.nzz.ch/nachrichten/wirtschaft/boersen_und_maerkte/wenn_anlagefonds_wertschriften_ausleihen_1.1335090.html

....ausgerechnet die UBS welche ja die Lage immer so gut beurteilen konnte :rolleyes:mad

01.12.2008, 14:36
...das ist :supi und nicht scary :o

Grounding der Offroader

Bis vor kurzem boomte der Verkauf schwerer Geländewagen – jetzt sind sie nur noch Ladenhüter......

ganzer Artikel: http://www.sonntagszeitung.ch/wirtschaft/

01.12.2008, 14:41
«Wir lebten in einer Frivolitätsepoche»

Ein Gespräch mit dem Philosophen Peter Sloterdijk über die Finanzmarktkrise

Die gegenwärtige Finanzkrise hält die Welt in Atem. Peter Sloterdijk hat eine philosophisch-literarische Theorie der Globalisierung vorgelegt. Im Gespräch mit Paul Jandl denkt er über riesenhafte Pseudovermögen, Panikökonomie und die neue Stärke des Staates nach.

Herr Sloterdijk, Ihr Buch «Im Weltinnenraum des Kapitals» beschreibt die Entstehung der globalen Ökonomie im Zeichen der Seefahrt. Ist, was wir gegenwärtig erleben, ein gigantischer Schiffbruch?
Peter Sloterdijk: In den frühen Jahrhunderten der Globalisierung war der Schiffbruch der Inbegriff von Kapitalvernichtung. Man schickte Schiffe auf den Ozean, von denen man wusste, dass sie unter einem enormen Havarierisiko segeln. Bis heute lässt sich die Denkfigur des «return on investment» auch nautisch darstellen. Ihr liegt die Vorstellung zugrunde, dass die entsandten Schiffe mit reichen Schätzen beladen zurückkehren: Das Geld läuft um die Erde und kommt vermehrt wieder an seinem Ausgangspunkt an. Darum steht der klassische Unternehmer am Hafen und schaut in den Risikoraum hinaus. Der grosse Profit hängt am schwimmenden Kapital. Aber zugleich mit der Bejahung des Risikos wurde die Vorsicht die Unternehmertugend par excellence. Von der war im letzten Jahrzehnt wenig zu spüren......

......Die Rolle Obamas

Es gibt altmodische Begriffe, die jetzt zu neuen Ehren kommen. «Gemeinwohl» wäre so ein Wort.
Das englische Wort «commonwealth» und das deutsche «Gemeinwohl» drücken die moralische Intuition aus, dass es Formen von Wohlergehen gibt, die man nur gemeinsam erlangt. Beide Wörter spielen auf eine immunsystemische Bedeutung des Sozialen an, in ihnen klingt der Zusammenhang zwischen Gesundheit, Wohlstand und Gemeinsamkeit mit. Leider sind in der Ära des eingeschüchterten Staats und der blühenden individualistischen Illusion Politiker selten, die hieran mit Autorität erinnern könnten.

Wie sehen Sie die Rolle Barack Obamas, des neuen amerikanischen Präsidenten?
Der britische Journalist James Forsyth hat die Sache auf den Punkt gebracht: «Barack Obama hat die Welt verändert, einfach indem er gewählt wurde.» Der Obama-Effekt war bisher ein rein performatives Phänomen. Der psychologische Bonus, der ihn ins Amt mitgebracht hat, wird sich abschwächen, sobald die Arbeit begonnen hat. Er steht vor einem Gebirge von Problemen, und ob er so ein guter Kletterer ist, wie man hofft, lässt sich schwer vorhersagen. Doch anders als sein Vorgänger, bei dem man von vornherein wusste, er werde mehr Probleme schaffen als lösen, hat Obama Kredit als Problemlöser........

ganzer Artikel: http://www.nzz.ch/nachrichten/kultur/aktuell/wir_lebten_in_einer_frivolitaetsepoche_1.1326434.html

01.12.2008, 18:11
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=9045325522763806787) Armageddon Trade: Credit Default Risk Premiums on 10 Year Treasuries Hit Record (http://jessescrossroadscafe.blogspot.com/2008/12/armageddon-trade-credit-default-risk.html)

US Treasury 10-yr CDS hits record high
By Emelia Sithole-Matarise
Dec 1, 2008 6:19am EST

LONDON (Reuters) - The spread or risk premium on 10-year U.S. Treasury credit default swaps hit a record high on Monday, extending a recent trend as market participants continued to fret about the scale of the government's financial rescue programmes.

Ten-year U.S. Treasury CDS widened to 68.4 basis points from Friday's close of 60 basis points, according to credit data company CMA DataVision.

Five-year Treasury CDS widened to 52.5 basis points from 46 basis points at Friday's close, it said.

Posted by Jesse at 9:49 AM (http://jessescrossroadscafe.blogspot.com/2008/12/armageddon-trade-credit-default-risk.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7178444044288513868) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7178444044288513868)

01.12.2008, 20:47
Credit - Card Industry May Cut $2 Trillion Lines: Analyst

Published: December 1, 2008
Filed at 12:38 p.m. ET

(Reuters) - The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.

The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted.

"In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent."

Bank of America Corp (http://topics.nytimes.com/top/news/business/companies/bank_of_america_corporation/index.html?inline=nyt-org) <BAC.N>, Citigroup Inc (http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org) <C.N> and JPMorgan Chase (http://topics.nytimes.com/top/news/business/companies/morgan_j_p_chase_and_company/index.html?inline=nyt-org) & Co <JPM.N> represent over half of the estimated U.S. card outstandings as of September 30, and each company has discussed reducing card exposure or slowing growth, Whitney said.

Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults.

A consolidated U.S. lending market that is pulling back on credit is also posing a risk to the overall consumer liquidity, Whitney said.....

........SUGGESTIONSIn a column in the Financial Times, Whitney suggested four adoptable changes to make a difference......

full story: http://www.nytimes.com/reuters/business/business-us-finance-research-oppenheimer.html?_r=4

....hört wohl nie auf mit den Hiobsbotschaften :rolleyes

01.12.2008, 21:40
...sobald Herr Paulson rumstottert sausen die Kurse in die Tiefe :gomad

Dow Jones Industrial Average

Index Value:8,291.26Trade Time:3:37PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/down_r.gif 537.78 (6.09%)

Bernanke says Fed has more arrows in quiver :rolleyes
1:46 PM ET, Dec 01, 2008

....ob es sich um Bumerangs handelt :confused

grossartig wie der :bad Paulson das schafft ---> http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/down_r.gif 616.39 (6.98%)

er sollte Redeverbot erhalten :rolleyes am besten :reiter

01.12.2008, 22:08

Dow (http://finance.yahoo.com/q?s=%5EDJI) 4:04PM ET 8,149.09 - 679.95 - 7.70%

01.12.2008, 22:30
01 December 2008

Its Official: National Bureau of Economic Research Says US Recession (http://jessescrossroadscafe.blogspot.com/2008/12/its-official-nber-says-us-recession.html)

Recession in U.S. Started in December 2007, NBER Says
By Timothy R. Homan and Steve Matthews

Dec. 1 (Bloomberg) -- The U.S. economy entered a recession in December 2007, the panel that dates American business cycles said today.

The declaration was made by the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.

We feel vindicated in our prediction of this in February of this year.

Here is the chart we used at the time to mark the top, and to forecast the coming decline.

http://4.bp.blogspot.com/_H2DePAZe2gA/STQeHfWIwuI/AAAAAAAAGl8/YCxy4pgq56M/s400/spchart2.GIF (http://4.bp.blogspot.com/_H2DePAZe2gA/STQeHfWIwuI/AAAAAAAAGl8/YCxy4pgq56M/s1600-h/spchart2.GIF)

Here is a chart with the monthly actuals added to it. The decline has progressed more quickly than anticipated.

http://3.bp.blogspot.com/_H2DePAZe2gA/STQgAWFDdMI/AAAAAAAAGmM/TAbsif5F5nc/s400/spchart4.PNG (http://3.bp.blogspot.com/_H2DePAZe2gA/STQgAWFDdMI/AAAAAAAAGmM/TAbsif5F5nc/s1600-h/spchart4.PNG)

If you start reading the blog entries in 2007, one can see how the case for recession was carefully built up based on the indicators, and the probability steadily increased from an estimate of 65% in early December.

Although fundamentals don't work in the short term, in the longer term the markets work, and the fundamentals count, probabilities pay off, and there is a reversion to the means. The trick in trading is not to be trapped by leverage, timeframes and capital risk.

Once again a special thanks to our friend Elvis_Knows for his excellent graphics.

Posted by Jesse at 12:06 PM (http://jessescrossroadscafe.blogspot.com/2008/12/its-official-nber-says-us-recession.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5234440783063523962) :verbeug

Coming To A Town Near You (http://goldtent.com/wp_gold/2008/12/01/coming-to-a-town-near-you/)

December 1st, 2008 and not too long in the distant future at this rate.

http://goldtent.com/wp_gold/wp-content/uploads/2008/12/gd8.thumbnail.gif (http://goldtent.com/wp_gold/wp-content/uploads/2008/12/gd8.gif)

Oh yeah, seen today where someone is now fessing up to the US being in a recession since Dec 07. Figure by this time next year, they will announce there is a depression. Glad thier opinion is free…would hate to know I paid even fiat dollars for such uptodate and timely advice.

01.12.2008, 22:48
We need some serious laughter (http://goldtent.com/wp_gold/2008/12/01/we-need-some-serious-laughter/)

-> Posted by Truth @ 14:43 pm on December 1, 2008
check this out


:supi steckt Paulson da rein :cool

02.12.2008, 08:54
Schwarzenegger declares fiscal emergency

Rau and Patrick McGreevy
December 2, 2008
Reporting from Sacramento -- Gov. Arnold Schwarzenegger ordered the new Legislature in to work on its first day, declaring a fiscal emergency Monday in response to the state's deteriorating finances and urging lawmakers to "get off of their rigid ideologies."......

.......Schwarzenegger said immediate action is essential because although the state projects a $28-billion deficit by mid-2010, California is on track to run out of cash by February or March. He said that if lawmakers fail to act within 45 days as required under his declaration of a fiscal emergency (http://gov.ca.gov/pdf/press/Fiscal_Emergency_Proclamation_December_1%2C_2008.pdf), they will have to find an additional $1.5 billion to $2 billion in savings or new revenue above what is needed right now. He said the administration is already drawing up plans to lay off state workers........

......Schwarzenegger implied that legislators were resisting his compromises out of fear. He told reporters that in his attempts to end the impasse, "I even proposed to them that they should pass a law to give me all the power for one hour, I'd make all the decisions so that they don't have to be blamed for anything."

Lawmakers turned him down, he said.

Schwarzenegger had to declare the fiscal emergency in Los Angeles instead of in Sacramento as planned because the fog in the capital was too dense to allow planes to land.

He quickly departed for Philadelphia, where most of the governors will meet today with President-elect Obama. In a tacit rebuke to Democrats such as Bass who have emphasized seeking federal aid to help the state out of its financial plight, Schwarzenegger told reporters: "The federal government shouldn't give us a penny until we straighten out our mess and we can live within our means."

Rau and McGreevy are Times staff writers.


patrick.mcgreevy - @latimes.com

full story: http://www.latimes.com/news/local/la-me-budget2-2008dec02,0,280439.story

:schwitz ....da wo die Reichen und Schönen wohnen :rolleyes

02.12.2008, 09:17
Overseas markets (http://goldtent.com/wp_gold/2008/12/02/overseas-markets/)

-> Posted by safehaven @ 0:18 am on December 2, 2008
I find it a little odd that lately gold has not risen in the overseas markets. If this were truly a global battle for gold, why would we not see gold rise in the overseas markets?

Is there a possibility of an arrangement between central banks including those of oil rich nations?

safehaven @ 0:18 am - oh I don’t know… (http://goldtent.com/wp_gold/2008/12/02/safehaven-018-am-oh-i-dont-know/)

-> Posted by cannuckgold @ 0:27 am on December 2, 2008
could it be this?

goldman sucks gold trading on the tocom (http://marketforceanalysis.com/Published_Articles07_assets/goldman%20Sachs%20trading%20on%20TOCOM-%20The%20Achilles%20heel.pdf) ---> .....Considering that the Goldman Sachs LV on TOCOM of their gold position has
almost never been in a net profit it would appear that their motivations have not
been related to making a profit! Their operation has been run as a loss but in a
controlled manner. We know that keeping a lid on the gold price has been the
key to making big profits in the currency, stock and bond markets, which is
probably why the $100 million loss on TOCOM gold has been allowed.

We are at a critical juncture. Is GS going to be forced to cover their short position
or will they attempt to a dangerous gamble and try to bring down the gold price?
Or will the market escape from the chains of the gold Cartel suppression as it did
for a short while last May? Considering that the ECB dumped 57 tons of gold on
the market last month, only to see the gold price continue to rise must have the
Cartel sweating. It is no wonder that they want to get their hands on IMF gold.

From my proprietary analysis work all the key commodities of gold, silver, oil and
copper are synchronously at BUY points and the dollar has broken key support.
The Cartel has now an Achilles Heel and the bulls have the high ground.

Adrian Douglas
April 22, 2007

....da stinkt's :mad


02.12.2008, 10:52
02 December 2008

Worst Fifteen Dow Days in Percentage Decline (http://jessescrossroadscafe.blogspot.com/2008/12/worst-fifteen-dow-days-in-percentage.html)

http://1.bp.blogspot.com/_H2DePAZe2gA/STTamkpYC5I/AAAAAAAAGmc/Z-82Bz0pm9c/s400/WORST_FIFTEEN_DOW.png (http://1.bp.blogspot.com/_H2DePAZe2gA/STTamkpYC5I/AAAAAAAAGmc/Z-82Bz0pm9c/s1600-h/WORST_FIFTEEN_DOW.png)

Posted by Jesse at 1:46 AM (http://jessescrossroadscafe.blogspot.com/2008/12/worst-fifteen-dow-days-in-percentage.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3023177445367130724) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3023177445367130724)

02.12.2008, 11:05
Mon 1 Dec 2008

Shocked, Shocked I Say (http://lolfed.com/2008/12/01/shocked-shocked-i-say/)

Posted by Jason under fail (http://lolfed.com/category/fail/) , subprime (http://lolfed.com/category/subprime/)
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Are you sitting down? You should be sitting down. This is stunning and unexpected news. Apparently, pressure from banks caused the Bush administration to ease up on regulating certain types of mortgages (http://www.msnbc.msn.com/id/28001417/).
Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.

I know! Apparently, sometimes, Republicans side with businesses. Next you’ll be telling me Democrats are in the pocket of labor unions. But wait, there is more fail:
“These mortgages have been considered more safe and sound for portfolio lenders than many fixed rate mortgages,” David Schneider, home loan president of Washington Mutual, told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history.

And more:
“An open market will mean that different institutions will develop different methodologies for achieving this goal,” Joseph Polizzotto, counsel to now-bankrupt Lehman Brothers, told U.S. regulators in a March 2006.

Remember Countrywide?
Countrywide Financial Corp., at the time the nation’s largest mortgage lender, agreed. The proposal “appears excessive and will inhibit future innovation in the marketplace,” said Mary Jane Seebach, managing director of public affairs.

So yes, here we have proof once and for all that the market will regulate itself, and the nation and its economy will benefit as a result of lessened government intervention. Also, lobbyists are soulless reptiles who will destroy us all. I hereby designate December 27th as National Kick A Lobbyist Day.

...es gäbe noch so manchen zum kicken :o

02.12.2008, 13:03
Bankdirektor bereicherte sich schamlos

Von Andreas Flütsch. Aktualisiert um 06:31 Uhr

Ernst Imfeld habe aus Geldgier und Geltungssucht bei der Bank Leumi 100 Millionen Franken veruntreut. Dafür soll der Ex-Direktor 8 Jahre hinter Gitter.....

.....Für sich habe Imfeld, so das Gericht, 2,2 Millionen Franken abgezweigt. Er habe aus Geldgier und Geltungssucht gehandelt. Ausgerechnet ein Bankdirektor habe sich schamlos aus den Geldern der Kunden bedient und sich auf deren Kosten ein luxuriöses Leben mit Bentley und Ferrari geleistet. Sein Verhalten zeige bedenkliche Charakterzüge. Eine menschenverachtende Gesinnung habe er gezeigt, als er eine trauernde Witwe um 5 Millionen Franken hintergangen habe......:bad


....noch etliche Wallstreeter könnten ihm Gesellschaft leisten :o

02.12.2008, 13:16
Wayne County Foreclosures Nov2008 :(


02.12.2008, 13:30
Bailout Monitor Sees Lack of a Coherent Plan

Jodi Hilton for The New York Times
Elizabeth Warren, head of the oversight panel, promised a report by Dec. 10.

By DIANA B. HENRIQUES (http://topics.nytimes.com/top/reference/timestopics/people/h/diana_b_henriques/index.html?inline=nyt-per)
Published: December 1, 2008
The head of a new Congressional panel set up to monitor the gigantic federal bailout (http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/bailout_plan/index.html?inline=nyt-classifier) says the government still does not seem to have a coherent strategy for easing the financial crisis (http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/index.html?inline=nyt-classifier), despite the billions it has already spent in that effort.

http://graphics8.nytimes.com/images/2008/12/02/business/02tarp-2.190.jpg Andrew Councill for The New York Times
Senator Judd Gregg, Republican of New Hampshire, quit the TARP oversight panel.

Elizabeth Warren, the chairwoman of the oversight panel, said in an interview Monday that the government instead seemed to be lurching from one tactic to the next without clarifying how each step fits into an overall plan.

“You can’t just say, ‘Credit isn’t moving through the system,’ ” she said in her first public comments since being named to the panel. “You have to ask why.”

If the answer is that banks do not have money to lend, it would make sense to push capital into their hands, as the Treasury has been doing over the last two months, she continued. But if the answer is that their potential borrowers are getting less creditworthy with each passing day, “pouring money into banks isn’t going to fix that problem,” she said.

The new panel has held only a few briefings with Treasury officials so far, and Ms. Warren acknowledged that she and the other panel members were still in the early stages of their research......

.....Created with the law’s passage on Oct. 3, it existed only in theory until Nov. 14, when its first three members were appointed by the Democratic leadership in Congress.....:rolleyes (...obwohl Herr Paulson damals versicherte, die Welt gehe unter ohne Bailout :mad)

full story: http://www.nytimes.com/2008/12/02/business/02tarp.html

..bis jetzt also nur Leerlauf :rolleyes:confused:mad

02.12.2008, 13:38
:kotzBush: `I'm sorry' economic crisis is occurring http://www.msnbc.msn.com/id/28000264/

...hoffentlich auch sorry für die vielen Toten und sonstigen Opfer die Herr Bush auf dem Gewissen hat :gomad diese Leuten machen es sich wirklich zu einfach :gomad :dumm

02.12.2008, 13:43
Airline industry prospects bleaker now than after 9/11, says analyst

By Hilary Johnson (http://www.financialweek.com/apps/pbcs.dll/personalia?ID=HJOHNSON)
December 1, 2008 3:44 PM ET

The airline industry is facing an even more bleak future than it did after the events of 9/11, according to research firm Friedman Billings Ramsey.

“We see no positive catalysts on the horizon,” Scott Valentin, a banking and specialty finance analyst at the firm, wrote in a note....

full story: http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081201/REG/812019967

....vielleicht sollte man mal die Drahtziehern dieses FinanzDesasters belangen :o

02.12.2008, 13:54
Tuesday, December 2, 2008

Big layoffs at WaMu; will Bank of America follow suit? (http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081202/REG/812029995/1036)
...darum das viele Geld für die Banken :rolleyes:confused:mad

Goldman to report first loss ever: report (http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081202/REG/812029997/1036)
.....troz des engmaschigen Netzes der vielseitigen Beziehungen :rolleyes :kopf

U.S. regulatory system ‘not up to the job,’ says Paulson (http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081202/REG/812019963/1036)
By Neil Roland

...ist wohl eher Herr Paulson welcher not up to the job ist :mad

02.12.2008, 14:34
Mon 1 Dec 2008

CNBC Tries To Stay Relevant (http://lolfed.com/2008/12/01/cnbc-tries-to-stay-relevant/)

Posted by alyx under cnbc (http://lolfed.com/category/cnbc/)
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Maybe you’ve seen some of the new “I am CNBC” commercials already - I caught one of the anchors this morning talking about brushing his teeth at his desk. It’s just part of the campaign to keep CNBC afloat (http://www.broadcastingcable.com/CA6618023.html), which also includes raunchy humor and rampant cost-cutting:
Now seated behind the Squawk anchor desk, [Erin] Burnett says: “There were 2½ million hits on Google for ‘Hogan’s bottom.’ I just thought you’d like to know that.”

Trying to suppress a grin, [Mark] Haines adds: “Art Hogan is really glad his bottom hasn’t been violated.”

This kind of ribald humor is tolerated—even encouraged—on CNBC. The network is understandably seeing record ratings, thanks to everyone from anxious office drones to stay-at-home moms who wouldn’t necessarily know the Libor (London Interbank Offered Rate) from a Labrador, all tuning in to monitor the nation’s financial meltdown—and its effect on the value of their 401(k) accounts.

While the gallows humor continues, CNBC isn’t exactly laughing all the way to the bank. Despite the yuks and the huge numbers, the network is now in the process of slashing as much as 10% from its budget. People at the network, says one staffer, “are scared s—less.”

Ratings are good, which you might expect in a time of economic turmoil. But none of that changes how NBC Universal and parent company GE are strapped for cash, so the anchors are trying to make themselves inseparable from the news by showing you more of their personality — and interspersing a lot of black humor, for which they have realized there is an audience. Hey, I could’ve told ‘em that!

It makes sound business sense, both for viewers and CNBC executives. Given the encroaching financial picture, it's a format shift the network may soon have to adopt as well.

I Am CNBC: Maria Bartiromo (http://vimeo.com/2391441) from Broadcasting & Cable (http://vimeo.com/bandc) on Vimeo (http://vimeo.com/)

I Am CNBC: Charles Gasparino (http://vimeo.com/2391583) from Broadcasting & Cable (http://vimeo.com/bandc) on Vimeo (http://vimeo.com/)

I Am CNBC: Joe Kernen (http://vimeo.com/2391687) from Broadcasting & Cable (http://vimeo.com/bandc) on Vimeo (http://vimeo.com/)

02.12.2008, 15:35
...trübe :(

02.12.2008, 18:28
Tue 2 Dec 2008

Alan Mulally To Receive Food Stamps (http://lolfed.com/2008/12/02/alan-mulally-to-receive-food-stamps/)

Posted by Jason under bailout (http://lolfed.com/category/bailout/) , fail (http://lolfed.com/category/fail/)
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Ford wants that industry bailout money BAD, y’all. Their essay to Congress on Why We Deserve Free Money, or as the kids are calling it these days, a “business plan (http://media.ford.com/article_display.cfm?article_id=29505)” details just how the company isn’t going to fail in the next six months - and is even so optimistic as to think that it will stop losing money by 2011, which when you step back and think about that is a pretty horrible goal to set for yourself. Anyway, Ford wants $9b from the government, Or Else, and they mean srs bizniss.

Highlights of this “business plan” include:

Selling those pesky corporate jets, because the company MAKES transportation so it is dumb to pay for jets
Accelerating its electric car plan, so that the nation’s woefully inadequate power grid can melt down sooner rather than later
No more bonuses for anybody in the US, or for management anywhere
CEO Alan Mulally takes a salary of $1, supplemented only by the stack of $100 bills someone keeps dropping outside his office door every morning and since he can’t find who lost them he might as well keep them, right?
Pay lip service to reducing labor costs but actually continuing to take it in the keister from the UAW
Other such nonsense

It all sounds very fancy, and will likely sway members of Congress who were never really going to not give them the money anyway.

02.12.2008, 20:04
Charlie Nenner (http://goldtent.com/wp_gold/2008/12/02/charlie-nenner/)

-> Posted by AuGirl @ 12:17 pm on December 2, 2008
on CNBS this am

www.cnbc.com/id/15840232?video=947497626 (http://www.cnbc.com/id/15840232?video=947497626)

Nenner (http://goldtent.com/wp_gold/2008/12/02/nenner/)

-> Posted by aurum @ 13:14 pm on December 2, 2008
I find the interviews with Charles Nenner very interesting. I have watched all those on his website from this year (2008). I also believe that the course of the markets is set in advance by whatever forces. He describes that as knowing where and when but not really ever trying to question why. After the where and when have happened then the why will become apparent. I don’t necessarily agree with that part - but that is for another post.

What I find troublesome is with the view that these cycles are set in advance, one should not have to equivocate about what will happen. Yet he seems to do that in today’s interview in terms of whether we will follow the Japanese model. Also, if you watch other recent interviews - if I have heard him correctly (he is sometimes hard at least for me to follow and the interviewers don’t ask for clarification) - he has called for another leg down in 2009 (a wave 5). Perhaps this is not contradictory - in that he is getting his clients in for just for a short term bounce but if so that should have been mentioned. The deflation/inflation argument he seems to have changed sides a bit. First saying a rise in gold would show that deflation is no longer a threat and we had that rise. Also in that recent interview saying gold was where to be. But now in this interview possibly going back to deflation. If these cycles are set in advance and one can tell when and where (at least when) then there should be no doubt whether we will have inflation or deflation.

Of course analysts can and do change their minds. But his changes are in a short span and go against the idea that this is all determined in advance by cycles.

I would urge you all to listen to the interviews posted on his site. I find his record to be remarkable but his switching outlooks to belie his explanation of how it works.

aurum Nenner

charlesnenner.com/ (http://charlesnenner.com/)

aurum (http://goldtent.com/wp_gold/2008/12/02/aurum-371/)

-> Posted by AuGirl @ 15:10 pm on December 2, 2008
This interview from April 08 is not on his web

www.cnbc.com/id/15840232?video=705812193 (http://www.cnbc.com/id/15840232?video=705812193)

I wonder why .. ya win some and ya lose some http://goldtent.com/wp_gold/wp-includes/images/smilies/icon_smile.gif

AuGirl @ 15:10 pm on December 2, 2008 (http://goldtent.com/wp_gold/2008/12/02/augirl-1510-pm-on-december-2-2008/)

-> Posted by aurum @ 15:54 pm on December 2, 2008
He is somewhat consistent on crude. While he may not have anticipated the low - he still gives the outlook that crude will go back to the old highs into next year (2009) and then in May or mid-year will collapse and the May or mid-year high will be a very important high for crude.

I have other chart and cycle ideas that correspond to this outlook. That an important correction is oil will occur in April of 2009. I think of this rally in crude - if we get it - will be a high degree B wave and that crude will go lower into 2010 maybe 2012.

I have always found it dangerous to try to correlate markets - but this idea of crude could have implications.

aurum oil crude

02.12.2008, 21:16

STAY AWAY, TOURISTS TOLD AS VENICE IS SUBMERGED... (http://www.timesonline.co.uk/tol/news/world/europe/article5266829.ece)


Venedig steht komplett unter Wasser

Von Thomas Migge, 01.12.08, 21:16h, aktualisiert 02.12.08, 09:45h

In den frühen Morgenstunden kam das Wasser ganz schnell. Montagmittag hatte es bereits den historischen Höchststand von 1,56 Meter erreicht. Ein Hochwasser dieser Dimension bringt aber nicht nur nasse Keller und Erdgeschosse mit sich. Gefahr bedeutet das Wasser für die Statik der alten Gebäude.

VENEDIG - „In nur 20 Minuten kam das Wasser! Franzina del Monte läuft durch das Wasser in ihrem Laden, in dem sie Glaswaren und Karnevalsmasken verkauft, ganz in der Nähe der Rialto-Brücke. „Ich bin ruiniert, schauen Sie sich das doch nur an, und niemand hat uns vorgewarnt!“......


02.12.2008, 21:24
Zoloft online kaufen : Zoloft gegen Depression : Zoloft rezeptfrei (http://www.hexmed.com/zoloft-bestellen.htm)

Zoloft online bestellen. Zoloft ist zuverlässig und wirksam in der Behandlung von Depressionen. Zoloft gegen Depressionen rezeptfrei online kaufen bei ...

aus den Internet ---> Zoloft - gegen Depression Zoloft ist ein Antidepressivum mit dem Wirkstoff Sertalinum. Es ist ein s elektiver Serotonin-Wiederaufnahme-Hemmer und wird zur Behandlung von Depressionen eingesetzt. Zoloft kann auch bei Zwangs- und Panikstörungen, posttraumatischen Belastungsstörungen und bei sozialer Phobie eingesetzt werden.

Kaufen Sie Zoloft rezeptfrei online. Schluss mit Depressionen durch Zoloft.


ZDF - Frontal 21
berichet - der Nebeneffekt von Zoloft kann Selbstmord sein, ist geschehen - jetzt wird auf dem Beipackzettel darauf hingewiesen

02.12.2008, 22:46
Sir Evelyn de Rothschild calls for action

Sir Evelyn de Rothschild

All of us - countries, corporations and consumers - have neglected basic principles.

http://newsimg.bbc.co.uk/media/images/45250000/jpg/_45250081_29e49655-f9de-4998-95c4-b48cfa0d5c2f.jpg Sir Evelyn: "action has to be taken and action must be taken very soon".

Ethics - we have lost sight of an honest day's work for an honest day's pay.

Careful management - we have indulged our wants without the taxes or the prices or the cash to pay for them.

Oversight - public relations and spin have replaced disclosure and transparency; casual yet complex accounting and accommodating rating agencies left us blissfully unaware of the problems, and we revelled in our ignorance...........

.....Where is the shame of those who only months earlier boasted of ever increasing profits, of ever more clever products, of ever easier loans?....

......If the US government uses up its remaining credit to help the auto industry carry on as usual, who will lend the country the money to repair its bridges, build its power stations, clean its water, fuel its navy?

Slow revival

Thirty years ago, New York City found itself in a position similar to GM, Ford and Chrysler today.

They asked Washington for help. The government refused.

The Daily News summed it up in its front page headline - Ford to City: Drop Dead

Instead New York balanced its budget, taxed itself, reduced hiring, negotiated better labour contracts and gradually worked itself back to fiscal health.

It took more than 10 years.

Take responsibility

This era of struggle may last as long.......But in the end action has to be taken and action must be taken very soon if we are not going to see this stretched out over many years.

full story: http://news.bbc.co.uk/2/hi/business/7754768.stm

über Evelyn de Rothschild:http://en.wikipedia.org/wiki/Evelyn_de_Rothschild


03.12.2008, 09:43
Tue 2 Dec 2008

GM Has Plan, Is Saved (http://lolfed.com/2008/12/02/gm-has-plan-is-saved/)

Posted by Jason under bailout (http://lolfed.com/category/bailout/) , fail (http://lolfed.com/category/fail/)

Like Ford (http://lolfed.com/2008/12/02/alan-mulally-to-receive-food-stamps/) before it, GM also has one of those “business plan (http://www.msnbc.msn.com/id/28012984/)” things that, had it created some years ago, might have saved the company from its current sorry state. This “business plan” is filled with fantastic ideas that GM’s management stole from WSJ opinion pieces on what it needs to do, but the company is not without its own doom and gloom and no-pressure statements: it needs $4b by the end of the year or it will fail and we are all going to die, in fire.

GM would also like $12b by the end of March, and access to another $6b. I woud like a helicopter and a three-breasted woman, so let’s see which one of us gets our wish first. In exchange for the suitcases of money, GM has promised to cut 20,000 to 30,000 jobs, chop a quarter of its dealerships, pay Rick Wagoner $1, and shutter or backburner all but four of its brands. There were also token promises to tell the UAW to get stuffed, which is about as likely as it is at Ford.

Chrysler came in with a request for $7b, and provided few enough details so as not to warrant a separate post. So Ford’s $9b plus GM’s $12b plus Chrysler’s $7b plus the $6b GM might need comes out to…$34b, which is one metric buttload more than the $25b they were offered. Of course, if the Medium 3 possessed even a third-grader’s grasp on basic mathematics, one suspects they would not be in their current pickle.


Pelosi Says Bankruptcy by Automakers ‘Not an Option’ (Update2)
By Laura Litvan and Lorraine Woellert


Dec. 2 (Bloomberg) -- U.S. House Speaker Nancy Pelosi (http://search.bloomberg.com/search?q=Nancy+Pelosi&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) said she believes either Congress or the Bush administration will step in to aid domestic automakers because bankruptcy is “not an option.”

“I believe that an intervention will happen,” Pelosi said at a briefing in Washington. “Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option.”.....



Cycling (usagold.com 02December2008; 20:22)
Cycling (http://www.usagold.com/cpmforum/?p=167789) My first post after about ten years, but.
Did anyone else notice today, that the Speaker of the House , Nancy Pelosi was totally unprepared, and in Total Panic mode in her address to the national TV reporters, and nobody asked any hard Questions???? It’s time for the Blame Game to start

.....das ist mir gestern auch aufgefallen - sie machte den Eindruck als ob sie nicht mehr ganz alle Tassen im Schrank hätte :rolleyes

03.12.2008, 09:48
02 December 2008

UN Economic Team Warns of a Dollar Crash (http://jessescrossroadscafe.blogspot.com/2008/12/un-economic-team-warns-of-dollar-crash.html)

http://2.bp.blogspot.com/_H2DePAZe2gA/STX5iZUpmfI/AAAAAAAAGnM/Yz5tGC9wH0Y/s400/armageddon.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/STX5iZUpmfI/AAAAAAAAGnM/Yz5tGC9wH0Y/s1600-h/armageddon.JPG) "Denial is the most predictable of all human responses. But, rest assured, this will be the sixth time we have destroyed it, and we have become exceedingly efficient at it."
The Architect of the MatrixWe have an hypothesis that what is learned from this series of financial crises, from 2000 to 2012, and the failure of the dollar reserve currency experiment, is going give rise to a new school of economics as the Great Depression lifted Keynesianism over classical economics, and the bear market and stagflation of the 1970's sparked the ascendancy of monetarism.

2009 is going to be a pivotal, volatile year, and most likely, interesting.

The Financial Times (http://www.ft.com/cms/s/0/12eab3b4-bf06-11dd-ae63-0000779fd18c.html?nclick_check=1)
UN team warns of hard landing for dollar
By Harvey Morris in New York
December 1 2008 08:48

The current strength of the dollar is temporary and the US currency risks a hard landing in 2009, according to a team of United Nations economists who foresaw a year ago that a US downturn would bring the global economy to a near standstill.

In their annual report on the world economy published on Monday, the economists said the dollar’s sharp rebound this autumn had been driven mainly by a flight to the safety of the international reserve currency as the financial crisis spread beyond the US.

The overall trend remained a downward one, however, reflecting perceptions that the US debt position was approaching unsustainable levels. An accelerated fall of the dollar could bring new turmoil to financial markets.

“Investors might renew their flight to safety, though this time away from dollar-denominated assets, thereby forcing the US economy into a hard landing and pulling the global economy into a deeper recession,” the report said.

Publication of the annual survey by the UN’s Department of Economic and Social Affairs, its trade organisation Unctad and UN regional bodies, was brought forward by a month in the light of the financial crisis. It was launched in Doha to coincide with the UN-sponsored development financing conference in the Qatari capital.


The UN team said that, as the financial crisis spread beyond the US, there had been a massive shift of global financial assets into US Treasury bills, driving their yields almost to zero and pushing the dollar sharply higher. At the same time, however, the US’s external debt had risen to new heights that could provoke a dollar collapse.

The report recommends reform of the international reserve system away from almost exclusive reliance on the dollar and towards a globally backed multi-currency system.

Rob Vos, a Dutch economist who heads the UN’s policy and analysis division and who is responsible for the annual economic review, said the global economic pain could be eased if governments co-ordinated a spate of stimulus packages that were already under way.

“There has been a sea change in attitudes in favour of intervention and concerted action,” he told the Financial Times. He welcomed statements from US president-elect Barack Obama’s transition team in support of spending on infrastructure.

Posted by Jesse at 8:41 PM (http://jessescrossroadscafe.blogspot.com/2008/12/un-economic-team-warns-of-dollar-crash.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7111202105185408591) :verbeug

....was wird da wohl ausgebrütet :confused:rolleyes:gruebel

03.12.2008, 09:53
Tue 2 Dec 2008

The Only One Left Out (http://lolfed.com/2008/12/02/the-only-one-left-out/)

Posted by alyx under goldman sachs (http://lolfed.com/category/goldman-sachs/)

Who was the only man left out of today’s rally? It wasn’t The Bandit, as C closed up over 11%. Not John Stumpf, same deal. Not Jamie Dimon, he saw a nice rally too.

Nope, it was Lloyd Blankfein who had to sit in the corner all alone and try to blend in with the wallpaper. Goldman closed off its lows, but still ended down for the day, unlike its banking compatriots who were off to the races. Sorry, Lloyd (http://online.wsj.com/article/SB122818833059071519.html):

Goldman Sachs Group Inc., known for avoiding many of the blowups that have battered its Wall Street rivals, now is likely to report a net loss of as much as $2 billion for its quarter ended Nov. 28, according to industry insiders.

The loss, equal to about $5 a share, would be more than five times as steep as the current analyst consensus for the Wall Street firm, as it faces write-downs on everything from private equity to commercial real estate.

Look out for the poachers: (http://www.thestreet.com/_yahoo/newsanalysis/on-the-brink/10450966.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA)

One headhunter, who says he is working for a couple of the more prestigious smaller investment banks, says he believes some of Goldman’s top M&A bankers are poachable for the first time in many years. If he is right — and brand-name bankers like Jack Levy and Warren Buffett favorite Byron Trott were to leave — that could cause some of Goldman’s other lesser-known stars to consider a move. A string of such defections, coupled with Goldman’s badly beaten-down share price, would likely spell disaster for the firm. Calls to Levy and Trott were not returned.

Lately, the time it takes to go from “golden child” to “on the brink” is, roughly, the blink of an eye, it seems. (....überfällig bei GS :bad)

03.12.2008, 10:52
Ein interessanter Artikel zum Thema Wirtschaftsjournalismus

verfasst von harryinfo http://www.dasgelbeforum.de.org/img/email.gif (http://www.dasgelbeforum.de.org/contact.php?id=61002&page=0&category=0&order=time), 03.12.2008, 10:33

Fundierter und kritischer Beitrag zum Thema Wirtschaftsjournalismus. Dieser Beitrag zeigt deutlich, wie wichtig das Internet mit seinen Blogs und Foren in Bezug auf Informations- und Meinungsfreiheit ist.

"Wirtschaftsjournalismus hat versagt" (http://meedia.de/nc/details/article/wendehlse-im-wirtschaftsjournalismus_100014077.html)

Gruß Harryinfo

Gruner + Jahr zentralisiert seine Wirtschaftsredaktionen in Hamburg, beim "Handelsblatt" werden Stellenstreichungen befürchtet und die Wochenendbeilage wird abgeschafft. Die "FAZ" hat ein Einstellungsstopp verkündet. Wirtschaftsmedien berichten nicht nur über die Finanzkrise, sie stecken mitten drin. MEEDIA sprach mit dem Hamburger Journalistik-Professor Siegfried Weischenberg darüber, wie die Krise den Wirtschaftsjournalismus verändert. Seine Diagnose: "Der Wirtschaftsjournalismus hat versagt."..........

03.12.2008, 14:48
3. Dezember 2008, Neue Zürcher Zeitung

Private-Equity-Beteiligungen nur noch die Hälfte wert

feb. In der Finanzkrise stehen die Bewertungen von Private-Equity-Beteiligungen deutlich unter Druck, und die Renditen der Fonds der Beteiligungsgesellschaften dürften weiter sinken. Das jüngste Anzeichen hierfür ist, dass zunehmend Unternehmensbeteiligungen auf den Markt kommen und zu Abschlägen von bis zu 50% angeboten werden. Laut der Nachrichtenagentur Bloomberg plant beispielsweise die als Investor mit grosser Anlagequote in Private Equity bekannte amerikanische Universität Harvard Anteile an Buyout-Fonds im Wert von 1,5 Mrd. $ zu verkaufen.

Ausserdem dürften bald grössere Beteiligungsblöcke auf den Markt kommen, weil einige Marktteilnehmer aufgrund ihrer schwierigen Lage zu Verkäufen gezwungen sind. Beispiele sind laut Bloomberg der vor dem Konkurs gerettete US-Versicherer AIG, der sein Private-Equity-Programm zurückfährt, und die kollabierte Bank Lehman Brothers.....
ganzer Artikel: http://www.nzz.ch/nachrichten/wirtschaft/boersen_und_maerkte/private-equity-beteiligungen_nur_noch_die_haelfte_wert_1.1346864.html

03.12.2008, 15:07
100-Year Bonds ? (http://www.ritholtz.com/blog/2008/12/100-year-bonds/)

By Barry Ritholtz - December 3rd, 2008, 5:43AM

Today’s WTF article is this clever funding idea, via former Treasury undersecretary (now at BlackRock) Peter Fisher: Issue 100-year bonds.“If you issued a 100-year bond and had principal and interest pay down smoothly over the last 50 years, you create a great borrowing device for the Treasury that would let us move this hump of borrowing over the generational retirement that’s coming up,” Fisher, managing director and co-head of fixed income at BlackRock in New York, said in a Bloomberg Radio interview.

The Treasury last month tripled its estimate of planned debt sales in the final three months of the year to a record $550 billion as it attempts to fund bailouts for banks and fiscal stimulus programs to jump start economic growth. Treasury Secretary Henry Paulson told a conference in Washington Nov. 17 that the U.S. will issue some $1.5 trillion worth of Treasury securities in the fiscal year that began Oct. 1.

Fisher, Treasury undersecretary from August 2001 to October 2003, eliminated 30-year bond auctions in 2001 to reduce government borrowing costs after four years of federal budget surpluses. The U.S. hasn’t been in the black since. The government revived sales of the security in February 2006.

Treasury yields have plummeted as investors have flocked to the safety of U.S. government debt during the worst financial crisis since the Great Depression. Bonds rallied for a fourth day yesterday, sending yields on two-, 10- and 30-year debt to the lowest since the Treasury began regular sales of the securities.

That’s right — the idiot who eliminated the 30 year bond, just as the US entered its most irresponsible deficit creating spending spree in history, is now proposing the 100 year.

I am struck speechless.



Wed 3 Dec 2008

Long Bond Is Long (http://lolfed.com/2008/12/03/long-bond-is-long/)

Posted by alyx under markets (http://lolfed.com/category/markets/)
[2] Comments (http://lolfed.com/2008/12/03/long-bond-is-long/#comments)
Subscribe to this feed (http://feeds.feedburner.com/Lolfed)


When you don’t want to pay for something, the best possible thing you can do is find a way to make someone else pay for it. Thus the idea of 100-year Treasury bonds (http://ftalphaville.ft.com/blog/2008/12/03/18999/the-really-long-bond/):

BlackRock’s Peter Fisher is recommending the US Treasury start selling 100-year bonds.

His reasoning? From Bloomberg:

“If you issued a 100-year bond and had principal and interest pay down smoothly over the last 50 years, you create a great borrowing device for the Treasury that would let us move this hump of borrowing over the generational retirement that’s coming up,” Fisher, managing director and co-head of fixed income at BlackRock in New York, said in a Bloomberg Radio interview.

This effectively sloughs off your debts to the next generation, and the one after that. A good idea, and I think I will soon be transferring all my credit cards to the names of those kids I don’t have, and their heirs - I think it’ll work.

03.12.2008, 15:08
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Wed Dec-03-08 06:21 AM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3628478&mesg_id=3628478) 8. U.S.-Liechtenstein Pact Will Dim Tax Haven’s Allure to Wealthy (ya think?) http://upload.democraticunderground.com/discuss/images/avatars/earth.gif Dec. 3 (Bloomberg) -- The United States and Liechtenstein plan to sign an agreement to share information on banking clients that will erode the principality’s allure to rich Americans trying to hide assets behind impenetrable bank-secrecy laws.

The accord culminates two years of negotiations, and follows a U.S. Senate committee probe this year of tax avoidance by clients of Swiss and Liechtenstein banks, including LGT Group, which is controlled by the principality’s ruling family.

The agreement will be signed Dec. 8 in Liechtenstein’s capital of Vaduz, Matthew Keller, an official at the principality’s Washington embassy, said in an interview. That will leave only Monaco and Andorra as havens without formal procedures for exchanging information with the U.S. Internal Revenue Service, according to the Paris-based Organization of Economic Cooperation and Development.


The Liechtenstein accord takes effect in 2010, according to a statement from the principality’s embassy in Washington. It covers financial information for 2009 and later tax years. Americans are required to disclose most offshore assets to the IRS, although some take advantage of bank-secrecy standards in places such as Liechtenstein and Switzerland to hide money from tax collectors.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aew... (http://www.bloomberg.com/apps/news?pid=20601109&sid=aewltPzw8E7Q&refer=exclusive)

03.12.2008, 16:52
Nick Russo on “the big rollover” recent KFNN appearance (http://goldtent.com/wp_gold/2008/12/03/nick-russo-on-the-big-rollover-recent-kfnn-appearance/)

-> Posted by overton @ 10:14 am on December 3, 2008
lots more pain (years) but likes gold in January. Russo was only a 15% in gold guy


....ziemlich lang - aber schon interessant oder eher beunruhigend zu hören :cool

baby-boomers no key-spending any more, the are mostly in a horrible shape
you get a 2nd chance - a modest upside

03.12.2008, 17:46
Der Mann schaut ja immer so ein bisschen drein, als könne er kein Wässerchen trüben. Paul Krugman, Nobel-Preisträger 2008, lässt sich bei CNBC über die Plagen der (amerikanischen) Wirtschaft aus, und über die Maßnahmen, die ergriffen werden müssen.

Einige Kernpunkte:

Die Wirtschaft ist im freien Fall
Es sieht schlimmer aus als in Japan in den 90ern
Die Konsumenten fallen aus, Investments fallen aus
Wir brauchen noch mehr staatliche Eingriffe
Und last but not least:

Die Banken müssen verstaatlicht werden. Das will keiner, aber es müsse sein, zumindest temporär.
Tja, wie sehr der harmlose Look täuschen kann. Hier gehts zum Video (http://www.cnbc.com/id/15840232?video=946519750&play=1)

http://finanzen-blog.net/wp-content/uploads/2008/12/bild-8.png (http://finanzen-blog.net/wp-content/uploads/2008/12/bild-8.png)


Zum Original-Beitrag (http://showthread.php3?p=1204589#post1204589)
merci :)

03.12.2008, 18:10
03 December 2008

Is Goldman Sachs Managing Its Earning Expectations? (http://jessescrossroadscafe.blogspot.com/2008/12/is-goldman-sachs-managing-its-earning.html)

An interesting theory from the Columbia School of Journalism regarding the Goldman Sachs story featured at The Wall Street Journal the other day.

Did Goldman Sachs leak its own results? Are they accurate? Or was this a setup to dampen expectations on the results?

Or merely to provide 'guidance' to the Street? Note the story at the bottom that shows analysts turning increasingly bearish on Goldman in October, and following the Wall Street Journal story with steep increases in projected losses due to larger than expected writedowns.

Let's see how Goldman's numbers and follow-on stories come out, and judge accordingly.

The Audit
Columbia Journalism Review
December 02, 2008 10:06 PM
Weird Goldman Sourcing at the Journal
By Ryan Chittum

A [Wall Street] Journal scoop this morning—or at least its sourcing—may have confused some readers.

The paper reported that Goldman Sachs’s loss this quarter would be much worse than expected, news it attributed to “industry insiders.”

That’s funny attribution, but okay. But scan the rest of the story and you’ll find that it appears nobody from Goldman was ever given an opportunity to comment. (Odd because the follow on stories indicate Goldman declined comments to other news outlets - Jesse)

Now, it’s highly unlikely that these experienced reporters got a story on A1 in the WSJ without calling the company for comment.

What the lack of a Goldman attribution signals to us is that Goldman Sachs itself leaked this to the Journal as a way to feed hungry beat reporters and get bad news into its stock price before it reports earnings.

The Journal has a nearly iron-clad internal rule that says a story can’t say a source declined to comment if that source is quoted elsewhere in the story. That can make for awkward negotiations if a reporter is trying to protect the identity of a source who doesn’t want to be named. (Apparently the WSJ broke that rule because Goldman declined to comment, so who leaked the insider information? - Jesse)

I don’t know why Goldman was so finicky that it wouldn’t let the Journal use its standard “people familiar with the matter” phrasing, but I’ve dealt with similarly skittish/irrational sources.

But for what it’s worth as an insiderism, that’s your likely explanation.

Posted by Jesse at 11:34 AM (http://jessescrossroadscafe.blogspot.com/2008/12/is-goldman-sachs-managing-its-earning.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6212789180389480257) :verbeug

and more ---> http://jessescrossroadscafe.blogspot.com/2008/12/is-goldman-sachs-managing-its-earning.html

03.12.2008, 19:08
CIC Won’t ‘Dare’ Invest in Financial Firms, Lou Says (Update2)

By Nipa Piboontanasawat and James Peng


Dec. 3 (Bloomberg) -- China’s sovereign wealth fund said it wouldn’t “dare” invest in foreign financial firms after losing $6 billion on stakes in Morgan Stanley (http://www.bloomberg.com/apps/quote?ticker=MS%3AUS) and Blackstone Group LP.

“I don’t dare to invest in financial institutions now,” Lou Jiwei (http://search.bloomberg.com/search?q=Lou+Jiwei&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), chairman of China Investment Corp. (http://www.bloomberg.com/apps/quote?ticker=CHIVCZ%3ACH), said today at a conference in Hong Kong. “The policies of the developed nations on these institutions are not clear. Until they are clear, I don’t dare to invest in them. What if they go bust? I will lose everything.”.......

......CIC, with $200 billion, invested $5 billion last year for 9.9 percent of Morgan Stanley (http://www.bloomberg.com/apps/quote?ticker=MS%3AUS) and $3 billion in Blackstone (http://www.bloomberg.com/apps/quote?ticker=BX%3AUS), the world’s largest private-equity firm. Both New York-based companies have lost more than three-quarters of their market values since the investments were made.......

full story: http://www.bloomberg.com/apps/news?pid=20601208&sid=a4qkZDueQTwA&refer=finance

03.12.2008, 19:19
Originally Posted by dariusf https://www.kitcomm.com/images/buttons/viewpost.gif (https://www.kitcomm.com/showthread.php?p=442950#post442950)
Hi sorry about what might be an obvious answer but which DAX are you referring to? DAX:IND ?


Most important german stoxx indices ... besides FTSE one of the most important of europe ... same for germany as is dow for US



03.12.2008, 20:02
Surfen auf dem Markusplatz

Reuters - Duncan Zuur aus den Niederlanden hat die Rekordflut in Venedig die Erfüllung eines langjährigen Traums beschert


03.12.2008, 20:57
Quote of the day (http://maruthecrankpot.blogspot.com/2008/12/quote-of-day.html)

[Preznit CrashTest Dummy] says he will leave office with 'head held high.' Good. It will be easier to throw tomatoes at him.

-- BuzzFlash (http://www.buzzflash.com/).


Posted by maru at 12/02/2008 04:40:00 PM (http://maruthecrankpot.blogspot.com/2008/12/quote-of-day.html) 2 comments (https://www.blogger.com/comment.g?blogID=3330328&postID=8102737817928852215&isPopup=true)

03.12.2008, 21:03
Wed 3 Dec 2008

You Just Got Served (http://lolfed.com/2008/12/03/you-just-got-served/)

Posted by Jason under bandit (http://lolfed.com/category/all-ur-bankz/bandit/)

LOLFed hero Paul Krugman awesomely spoke with Newsweek (http://www.newsweek.com/id/171871) today about matters economic, as Krugman is wont to do, when the inevitable subject of “worst banker in the world” came up. I have already cast my ballot (http://lolfed.com/2008/10/26/best-ceo-ever/) but it might be worthwhile to hear the opinion of someone who, you know, actually knows what he is talking about.

I’ve written a column this week on who is the worst banker in the world. I’m wondering if you have any thoughts.
Just because he’s easy to hate, I’d say Angelo Mozillo. Citigroup, also. They didn’t have the worst behavior, but just because they’re so big. When you have somebody that big doing things that bad, then it’s way up there on the list. There’s a lot of naked emperors out there these days. (emphasis mine, all mine)

Okay, fine, he didn’t call out the Bandit by name, and he said Countrywide’s Mozillo first, but I know what he was really driving at: Vikram Pandit is the worst human being who ever lived, and has cooties.

For his part, the Bandit responded by accusing Krugman of having a “slightly unkempt beard” and then spitefully foreclosed on one of his properties. The two are expected to meet in the playground after school, to settle this like men.

04.12.2008, 09:05
petruchio2100 (https://www.kitcomm.com/member.php?u=14388) https://www.kitcomm.com/images/statusicon/user_offline.gif
...The most fundamental reason people buy stocks is to buy earnings. Earnings are plummeting and so should stock prices. That they are not yet, is a testament to investors' high degree of unfounded optimism, or ignorance, or both. Actually, 300 is a best case scenario since it assumes we've already hit the earnings bottom. Since earnings are likely to continue to get worse, a 6 P/E may mean 100 for the S&P, but I'll be conservative and just stick with my 300 projection.....


04.12.2008, 09:28
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8024212743961780389) 03 December 2008

US Mint to Issue the Perfect Silver Dollar for 2009 (http://jessescrossroadscafe.blogspot.com/2008/12/us-mint-to-issue-perfect-silver-dollar.html)

Sometimes history and great moments just come together with a certain perfect resonance.

http://1.bp.blogspot.com/_H2DePAZe2gA/STdKQ-PICgI/AAAAAAAAGo8/RmtVwfFwiQA/s400/Battlefield-Gettysburg.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/STdKQ-PICgI/AAAAAAAAGo8/RmtVwfFwiQA/s1600-h/Battlefield-Gettysburg.jpg)

http://3.bp.blogspot.com/_H2DePAZe2gA/STdDe9TO7DI/AAAAAAAAGok/pCrtAFAjaDo/s400/Abraham.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/STdDe9TO7DI/AAAAAAAAGok/pCrtAFAjaDo/s1600-h/Abraham.jpg)

"The only sure bulwark of continuing liberty is a government strong enough to protect the interests of the people,
and a people strong enough and well enough informed to maintain its sovereign control over the government." Franklin Delano Roosevelt
"Let us resolve to be masters, not the victims, of our history, controlling our own destiny
without giving way to blind suspicions and emotions." John Fitzgerald Kennedy Posted by Jesse at 9:41 PM (http://jessescrossroadscafe.blogspot.com/2008/12/us-mint-to-issue-perfect-silver-dollar.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5103037617809714257) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5103037617809714257)

04.12.2008, 09:35
US Dollar Long Term Chart (http://jessescrossroadscafe.blogspot.com/2008/12/us-dollar-long-term-chart.html)

http://2.bp.blogspot.com/_H2DePAZe2gA/STdzmR5vXjI/AAAAAAAAGpM/SR6MTOop3NM/s400/DXVLT.png (http://2.bp.blogspot.com/_H2DePAZe2gA/STdzmR5vXjI/AAAAAAAAGpM/SR6MTOop3NM/s1600-h/DXVLT.png)

Posted by Jesse at 1:02 AM (http://jessescrossroadscafe.blogspot.com/2008/12/us-dollar-long-term-chart.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8024212743961780389) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8024212743961780389)

04.12.2008, 09:37
04 December 2008

Credit Crisis Storms the Walls of Fortress the Hedge Fund (http://jessescrossroadscafe.blogspot.com/2008/12/hedge-fund-fortress-starting-to-roll.html)

http://4.bp.blogspot.com/_H2DePAZe2gA/STeKTids1nI/AAAAAAAAGpw/T0uzi-OS91M/s400/Attack_to_the_Helms_deep.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/STeKTids1nI/AAAAAAAAGpw/T0uzi-OS91M/s1600-h/Attack_to_the_Helms_deep.jpg)

NY Times (http://www.nytimes.com/2008/12/04/business/04place.html?partner=rss&emc=rss)
Fortress, the Hedge Fund, Is Crumbling
December 4, 2008

When Wesley R. Edens and his partners founded their investment firm a decade ago, they chose a name that evoked unshakeable bastions: Fortress.

But now their stronghold is under siege — and some of its investors are running for cover.

Cracks are spreading throughout the Fortress Investment Group, once a leading player in the worlds of hedge funds and leveraged buyouts. On Wednesday, Fortress’s shares fell 25 percent to $1.87, a new low, after the company temporarily suspended withdrawals from its largest hedge fund. Investors had asked to withdraw $3.51 billion from the money-losing fund, Drawbridge Global Macro.

But Wednesday’s slide was just the latest turn in a long, downward spiral for Fortress. The once-celebrated company has lost 89 percent of its market value over the last year as hedge funds and private equity, once lucrative businesses that helped define an era of unrivaled Wall Street wealth, have crumbled in the credit crisis.

It is a remarkable turnabout for Fortress, which less than two years ago was soaring along with the rest of Wall Street. Its debut as a public company, in February 2007, was heralded as the dawn of a new age of big hedge funds and buyout firms. Mr. Edens, a former executive at Lehman Brothers and BlackRock, and his fellow founders became instant billionaires. Their deal paved the way for even splashier initial public offerings by the likes of the Blackstone Group.

But life as public companies has proved treacherous for Fortress, Blackstone and the other so-called alternative investment firms that sold stock to the public shortly before the credit crisis erupted. They have had to contend with the harsh judgment of stockholders as the credit on which they depend has grown increasingly scarce.

“Frankly, it’s very difficult to say anything other than that I would have no interest as an investor in holding or buying these shares,” Jackson Turner, an analyst at Argus Research, said. Mr. Turner has a sell rating on Fortress shares.

A Fortress spokeswoman declined to comment.

Fortress’s plight reflects the ills plaguing much of high finance. Investors are abandoning hedge funds in growing numbers, and the industry, once so profitable, is now in the midst of a wrenching shakeout.

Even before Fortress lowered the gates on redemptions at its Drawbridge Global Macro fund, other big-name hedge funds had done so. More are expected to follow suit. Some investors fear that a rush of withdrawals could force funds to dump investments en masse, unsettling already shaky financial markets.

Fortress’s biggest fund is withering. In a regulatory filing on Wednesday, Fortress said that Drawbridge Global would have about $3.7 billion in assets under management as of Jan. 1, compared to the $8 billion it reported having as of Sept. 30.

But while Fortress’s earnings will suffer because of the redemptions — hedge funds earn fees based on both the amount of assets they manage and the performance of those funds — the withdrawals alone do not necessarily spell the company’s doom. Less than 30 percent of Fortress’s $34 billion in assets under management are subject to investor redemptions. Most are locked up in private equity funds that do not allow quick withdrawals of capital.

Still, private equity firms have been hurt by the near-freeze in the credit markets, which has limited their ability to strike new deals and dealt a severe blow to many of the debt-laden companies they own.

Fortress dodged a major setback when it managed to refinance IntraWest, the big Canadian ski resort. But investors worry that Fortress has taken damage from its exposure to the commercial real estate market, which is coming under severe stress. Fortress was a major lender to Harry Macklowe, the real estate mogul, who had to sell off trophy properties like the General Motors Building in Manhattan to pay back his creditors.

Just as it was the first major alternative-investment manager to go public, Fortress is now being watched closely as a canary in the coal mine. The Drawbridge fund’s nearly 50 percent redemption rate far outpaces the 20 to 30 percent that the market had expected at hedge funds on average, said Roger Freeman, an analyst at Barclays Capital.

“From my standpoint, I wonder how many other funds are seeing similar redemption rates,” he said. “This is definitely a negative indicator for the industry.”

For months, Fortress has been the subject of gallows humor suggesting that it might simply buy back its shares and take itself private once more. While the company’s executives have asserted their commitment to remaining public, several analysts said that Fortress’s problems were clearly intensified by the brighter light that comes with being a public company.

“It forces their problems to be out in the open,” Mr. Turner said. “It made the issues that they have much more amplified.”

Posted by Jesse at 1:38 AM (http://jessescrossroadscafe.blogspot.com/2008/12/hedge-fund-fortress-starting-to-roll.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8411060864088070897) :verbeug

04.12.2008, 09:44
..da er uns so viel :supi liefert :)


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04.12.2008, 09:52
Wed 3 Dec 2008

Treasury’s Housing Stimulus Will Probably Result In Musical Chairs (http://lolfed.com/2008/12/03/treasurys-housing-stimulus-will-probably-result-in-musical-chairs/)

Posted by alyx under bailout (http://lolfed.com/category/bailout/)


Treasury considers market manipulations to bring the rate for NEW mortgages down to 4.5% (http://online.wsj.com/article/SB122833771718976731.html):
The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.

Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.

Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration.

Useless, as we all know. There is no point in trying to stimulate NEW lending in the US - over the last few years, everyone who was qualified to own a home (and a lot of people were not) inevitably bought one (or ten) - so basically, there are not very many qualified buyers left to benefit from this plan, with the exception of new college graduates who might be sniffing around for a domicile but are unlikely to be able to find a job in this environment and so are bound for Mom and Dad’s basement regardless.

If this does come to fruition, the only question is what games can people play to bring down their rate. Probably the easiest is to trade houses with the guy down the street from you :rolleyes who has pretty much the same floor plan, because 90% of the houses in the US are built by the same five builders. You both get “new” mortgages at 4.5%, the National Association of Realtors is happy because it looks like two houses “sold”, and some bureaucrat gets to keep his job filing paper. Win-win-win.

Bernanke’s laughing ‘cuz he knows it won’t work.

....hoffentlich vergeht denen das lachen endlich :mad

04.12.2008, 10:13
China, US dialogue of global significance (http://www.chinadaily.com.cn/china/2008-12/04/content_7272114.htm)

Beijing has called on Washington to stabilize its precarious economy and protect its investments in America as the two sides opened strategic economic dialogues.

http://www.chinadaily.com.cn/china/images/attachement/jpg/site1/20081204/0013729e45180aa1898028.jpg (http://www.chinadaily.com.cn/china/2008-12/04/content_7271061_2.htm) Delegates attend the opening session of the 5th China-US Strategic Economic Dialogue in Beijing, December 4, 2008. China's pursuit of fast, stable growth is the country's contribution to restoring global financial stability, Vice-Premier Wang Qishan said on Thursday. [Agencies]

http://www.chinadaily.com.cn/china/images/attachement/jpg/site1/20081204/0013729e45180aa1869c25.jpg (http://www.chinadaily.com.cn/china/2008-12/04/content_7271061_5.htm) US Treasury Secretary Henry Paulson (R) speaks during the opening session of the 5th China-US Strategic Economic Dialogue in Beijing, December 4, 2008. Paulson, at the beginning of two days of economic talks with top Chinese officials, praised China on Thursday for its help in trying to tamp down global economic turbulence. [Agencies]

http://www.chinadaily.com.cn/china/images/attachement/jpg/site1/20081204/0013729e45180aa186a626.jpg (http://www.chinadaily.com.cn/china/2008-12/04/content_7271061_6.htm) China's Vice-Premier Wang Qishan (front C) gestures as he and US Treasury Secretary Henry Paulson (front 3rd R) attend the opening session of the 5th China-US Strategic Economic Dialogue in Beijing, December 4, 2008. US Treasury Secretary Henry Paulson, at the beginning of two days of economic talks with top Chinese officials, praised China on Thursday for its help in trying to tamp down global economic turbulence. [Agencies]


US Treasury Secretary Henry Paulson (2nd L), as special representative of president of the U.S., shakes hands with a Chinese representative before the opening ceremony of the Fifth China-US Strategic Economic Dialogue in Beijing, capital of China, Dec. 4, 2008. [Xinhua]

Herr Paulson wird wohl etwas bescheidener auftreten müsen als die letzten Male :rolleyes

04.12.2008, 11:08
updated 1 hour, 16 minutes ago
Zimbabwe troops on streets as cash limits ease

(CNN) -- Armored cars patrolled the streets of Zimbabwe's capital and residents flocked to banks Thursday after limits on cash withdrawals were lifted in the inflation-ravaged African nation.

http://i2.cdn.turner.com/cnn/2008/WORLD/africa/12/04/zimbabwe.protests/art.zimbabwe.currency.afp.gi.jpg With prices rising even more than once a day, shopping is a mathematical proficiency test for Zimbabweans.

The Reserve Bank of Zimbabwe had capped maximum daily withdrawals at 500,000 Zimbabwean dollars -- about 25 U.S. cents, and about a quarter of the price of a loaf of bread :rolleyes But faced with mounting chaos in a country already in economic free fall, the bank decided last week to raise that limit to 100 million dollars ($50 U.S.) per week.

Soldiers were deployed to all banks in anticipation of throngs of people lining up to withdraw money Thursday, when the increase took effect. Wednesday, police chased depositors away and arrested union leaders who planned to protest the limits.

Zimbabwe (http://topics.edition.cnn.com/topics/Zimbabwe)'s inflation rate of 231 million percent is the world's highest. In addition, the country is faced with a growing outbreak of cholera that its government declared a national emergency Thursday.......

full story: http://edition.cnn.com/2008/WORLD/africa/12/04/zimbabwe.protests/index.html

04.12.2008, 15:32
...bei DU gesehen :)


04.12.2008, 15:37
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Thu Dec-04-08 06:19 AM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3630175&mesg_id=3630175) 21. Paulson Still Doesn’t Understand Housing’s Problems (wants to re-inflate the bubble) http://upload.democraticunderground.com/discuss/images/avatars/earth.gif Treasury Secretary Hank Paulson once again reveals his appalling misunderstanding of the Housing market and its problems today when he floated his latest idea to “Stem Home-Price Declines.”

There are two problems with Housing:1. Ultra low rates and an abdication of lending standards put 3 - 4 million people in homes they could not afford. The real costs of home ownership have been forcing many of these people to move back into more affordable quarters (i.e., rentals).

2. By just about every measure, home prices remain significantly elevated over historic metrics.And given the chain of sales that accompanies any existing home sale — the starter home/move up home/bigger house/even nice home/downsize retiree — anything that keeps home prices out of reach of the starter and move up buyers damages the entire chain fo purchasers.Excerpt:
“The Treasury Department is considering a plan to revitalize the U.S. housing market by reducing mortgage rates for new loans, according to people familiar with the matter.

The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.

Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.

Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration. Fannie and Freddie guarantee a large proportion of all new home loans made in the U.S.

http://www.ritholtz.com/blog/2008/12/paulson-still-does... (http://www.ritholtz.com/blog/2008/12/paulson-still-doesnt-understand-housings-problems) /

Again I ask: How did this fool become the head of Goldman Sachs? (...bin nicht alleine mit meiner Abneigung zu diesem Paulson :o)

04.12.2008, 16:36
20. November: Arbeitswillige Chinesen – Diese Menschen suchen Arbeit an einer Stellenmesse in der chinesischen Stadt Nanjing.

28. November 2008: Schwere Überschwemmungen im südindischen Gliedstaat Tamil Nadu haben bereits 32 Menschenleben gefordert. Im Bild: Eine Strasse in der Stadt Chennai.

Angehörige einer Minenräumungs-Frauenorganisation im Einsatz in einem Landminen-Gebiet in Jordanien.

Drei Millionen Muslime werden zur am Samstag beginnenden fünftägigen «Hajj» in Mekka erwartet. Die ersten Pilger sind bereits da und umkreisen die Kaaba.

04.12.2008, 18:10
04 December 2008

Breaking the ZIRP barrier (http://jessescrossroadscafe.blogspot.com/2008/12/breaking-zirp-barrier.html)

From Across the Curve:

T Bills
December 4th, 2008 11:42 am

I just spoke to a bill trader who noted that a large chunk of the bill list is trading at zero percent. He mentioned a point that I had forgotten but is worth noting. Bills always trade well in December because at year end there is demand for them as investors of every ilk dress up their balance sheets. He has seen that demand to a far greater extent than normal.

He says that given all that has transpired this year there will be enormous demand for bill through the entire month of December. He has seen demand from an eclectic group of investors from around the globe. He expects the treasury to announce shortly a series of cash management bills which would total about $100 billion.

In his opinion if they do not issue bills will scream through zero.

So get used to these low rates they are here for a while.

Let's revisit the current situation.

http://4.bp.blogspot.com/_H2DePAZe2gA/STgClsOPATI/AAAAAAAAGqI/_ZYbLBwzs0Q/s400/sc.png (http://4.bp.blogspot.com/_H2DePAZe2gA/STgClsOPATI/AAAAAAAAGqI/_ZYbLBwzs0Q/s1600-h/sc.png)

The comparisons are not quite focused with today in terms of bills and bonds, since the funding preferences of Treasury are different now than they were back then, but you get the general idea of 'Treasuries' and their role in a flight to safety in a portfolio allocation.

http://2.bp.blogspot.com/_H2DePAZe2gA/STf_0fjn_bI/AAAAAAAAGqA/S0KaZhmukF8/s400/1929longbond.GIF (http://2.bp.blogspot.com/_H2DePAZe2gA/STf_0fjn_bI/AAAAAAAAGqA/S0KaZhmukF8/s1600-h/1929longbond.GIF)

Posted by Jesse at 10:58 AM (http://jessescrossroadscafe.blogspot.com/2008/12/breaking-zirp-barrier.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8716956592415318374) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8716956592415318374)

04.12.2008, 22:03
04 December 2008

A Fair and Reasonable Proposal for Federal Bailouts (http://jessescrossroadscafe.blogspot.com/2008/12/fair-and-reasonable-proposal-for.html)

Senator Chris Dodd made an interesting proposal this afternoon, and on thinking further it seems to be one of the most reasonable and practical suggestions that we've heard during this crisis.

The Senator proposed that whatever givebacks, restrictions, haircuts, penalties, oversight, pay cuts and equity arrangements that are written into the bridge loans and funds to the automakers be applied in principle to all recipients of Federal bailout money including the Wall Street banks, and financials institutions like AIG and GE. This would include requiring written proposals for the restructuring and the use of this money and the adoption of a set of business reforms of the financial industry without exception.

This should include any funds provided by the Federal Reserve and Treasury. The Fed does not have any independent funds, all of them being provided and sustained by the US taxpayers through their debt and tax obligations. Oversight for this program would be conducted by an independent board set up by the GAO, and not the Fed or Treasury to avoid a conflict of interest.

We think that is a superb idea, and would like to solicit the support of other senators and congressmen for it.

We suggest your write to your Senators about this today and express your support for a more even treatment of all businesses and people including the Wall Street banks.

Write to Your Senator (http://www.senate.gov/general/contact_information/senators_cfm.cfm)

Posted by Jesse at 2:13 PM (http://jessescrossroadscafe.blogspot.com/2008/12/fair-and-reasonable-proposal-for.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3477080160891073509) :verbeug

04.12.2008, 22:07
Citigroup and Key Officers including Prince and Rubin Named in Suit Charging Fraud (http://jessescrossroadscafe.blogspot.com/2008/12/citigroup-and-key-officers-including.html)

NY Post (http://www.nypost.com/seven/12042008/business/ponzi_scheme_at_citi_142511.htm)
December 4, 2008

A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking.

Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.

Investor-plaintiffs in the suit accuse Citi management of overseeing the repackaging of unmarketable collateralized debt obligations (CDOs) that no one wanted - and then reselling them to Citi and hiding the poisonous exposure off the books in shell entities.

The lawsuit said that when the bottom fell out of the shaky assets in the past year, Citi's stock collapsed, wiping out more than $122 billion of shareholder value.

However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in "suspicious" stock sales "calculated to maximize the personal benefits from undisclosed inside information," the lawsuit said.

The latest troubles for Rubin, Prince and others emerged in a 500-page investigation by Citigroup investors represented by law firm Kirby McInerney.

The probe was used to amend and add new details to a blanket investor lawsuit filed against Citigroup a year ago. The amended suit called the actions of Citi leaders "a quasi-Ponzi scheme" to hide troubles - and keep Citi stock afloat while insiders unloaded about 3 million shares between Jan. 1, 2004 and Feb. 22, 2008 for huge profits.

In addition to Citigroup, Rubin and Prince, the complaint names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor CFO Gary Crittenden.

Rubin cleared $30.6 million on his stock sales, while Prince got $26.5 million, former COO Robert Druskin got nearly $32 million and former Global Wealth Management unit chief Todd Thomson got $25.7 million, the suit said.

Citi denied the allegations and said it "will defend against it vigorously."

Posted by Jesse at 2:00 PM (http://jessescrossroadscafe.blogspot.com/2008/12/citigroup-and-key-officers-including.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6992053723436170609) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6992053723436170609)

04.12.2008, 22:17
Indian airports on high alert after new warning

By RAMOLA TALWAR BADAM, Associated Press Writer Ramola Talwar Badam, Associated Press Writer – 3 mins ago

http://d.yimg.com/us.yimg.com/p/abc/20081204/videolthumb.7e56be076e8de58ecf364ff5e89b6428.jpg?x=213&y=141&xc=1&yc=1&wc=220&hc=146&q=100&sig=Ee0Kecb4J.dIXTWtFKnX2g-- Play Video (http://cosmos.bcst.yahoo.com/up/ynews;_ylt=AgAVV824b28vphvrSiQG4tr9xg8F?ch=4226714&cl=10956457&lang=en) ABC News (http://news.yahoo.com/i/2614;_ylt=AvAHOrdLAXeJfATH0TiXpbv9xg8F) – India on High Alert

http://d.yimg.com/us.yimg.com/p/afp/20081204/thumb.cps.okl12.041208214057.photo04.photo.default-512x355.jpg?x=50&y=50&xc=21&yc=1&wc=90&hc=90&q=100&sig=djgDgdeRpWSRcAFcttOiSA-- (http://news.yahoo.com/nphotos/Mumbai-Terror-Attacks/ss/events/wl/112608mumbaiterroris;_ylt=Ag5TCRB3gYTVu1ycs.63jUD9xg8F) Slideshow: Mumbai Terror Attacks (http://news.yahoo.com/nphotos/Mumbai-Terror-Attacks/ss/events/wl/112608mumbaiterroris;_ylt=AioGEGXVxYu_4wmRkntCOjj9xg8F)
http://d.yimg.com/us.yimg.com/p/fox/20081204/vidlthumb.45b84034b453cb799ac6ff732a709ce8.jpg?x=50&y=50&xc=24&yc=1&wc=58&hc=58&q=100&sig=sAPapZmQDUMee9LSi00bNg-- Play Video (http://cosmos.bcst.yahoo.com/up/ynews;_ylt=AqcqWchY9NQaMQmKt.iwVMP9xg8F?ch=4226714&cl=10958039&lang=en) Video: 'Strong Action' (http://cosmos.bcst.yahoo.com/up/ynews;_ylt=AgHqEjebFhNj7kRfZoA1Dlj9xg8F?ch=4226714&cl=10958039&lang=en) FOX News (http://news.yahoo.com/i/3062;_ylt=AuAPMD2iaV1gIBHV509ppmT9xg8F)
http://d.yimg.com/us.yimg.com/p/reuters/20081204/videolthumb.4736f184a434063d6f98965d01104675.jpg?x=50&y=50&xc=41&yc=1&wc=240&hc=240&q=100&sig=Xjs2t7sQE0Asd9zD7.0awg-- Play Video (http://cosmos.bcst.yahoo.com/up/ynews;_ylt=AjBmCfOi.tpELPuooFqcYlb9xg8F?ch=4226714&cl=10957245&lang=en) Video: Pakistan gives Rice Mumbai assurance (http://cosmos.bcst.yahoo.com/up/ynews;_ylt=Aj0muyRaZk12Pv5ncm4d.1r9xg8F?ch=4226714&cl=10957245&lang=en) Reuters (http://news.yahoo.com/i/2704;_ylt=AhVV22_zvHVSMfGtKcxo6Rb9xg8F)
http://d.yimg.com/us.yimg.com/p/ap/20081204/capt.18760fe3daea4026b5050ef21b512281.aptopix_india_shooting_xsd102.jpg?x=213&y=135&xc=1&yc=1&wc=409&hc=259&q=100&sig=jZc8V2Lkthes4VrrOSzRMQ-- (http://news.yahoo.com/nphotos/Special-Forces-Saurabh-Chhatrapati-Shivaji-Terminus-Mumbai/photo//081204/481/18760fe3daea4026b5050ef21b512281//s:/ap/20081204/ap_on_re_as/as_india_shooting;_ylt=Atm8_eqh6EiYClR40wmpZ4D9xg8F) AP – A Railway Special Forces personnel keeps guard at Mumbai's main train station, Chhatrapati Shivaji Terminus, …

MUMBAI, India – Airports in India went on high alert Thursday following fresh attack warnings as officials said India suspects two senior leaders of a banned Pakistani militant group orchestrated the deadly Mumbai attacks.

The alert came as Pakistani President Asif Ali Zardari promised the U.S. secretary of state his country would take "strong action" against any elements in Pakistan involved in last week's siege.

The new alert that warned of possible airborne attacks focused on three major airports — New Delhi, Bangalore and Chennai — but security was stepped up across India. No details about the threat were released.

"This is a warning which we have received. We are prepared as usual," India's air force chief, Fali Homi Major, told reporters.

The British Broadcasting Corp. cited unconfirmed reports from airport officials as saying late Thursday that up to six gunmen had been shot and killed at New Delhi's international airport. But Indian police told The Associated Press there was a minor incident and no deaths. "It was not a terrorist incident. No one was killed," said police spokesman Rajan Bhagat. He gave no further details.....

full story: http://news.yahoo.com/s/ap/20081204/ap_on_re_as/as_india_shooting

05.12.2008, 08:52
Trader Dan Comments On The Dire Condition Of The International Monetary System (http://jsmineset.com/index.php/2008/12/04/trader-dan-comments-on-the-dire-condition-of-the-international-monetary-system/)

Posted: Dec 04 2008 By: Dan Norcini Post Edited: December 4, 2008 at 10:05 pm
Filed under: Trader Dan Norcini (http://jsmineset.com/index.php/category/traderdannorcini/)

Dear CIGAs,

Linked below are a few charts showing the custodial account treasury holdings and agency holdings. If there is any wonder why the bond market is experiencing a once-in-a-generation bubble, just look at the Treasury Holdings chart. It is going vertical. Meanwhile, the chart showing the Agency debt holdings such as Fannie Mae and Freddie Mac continues its “fall off a cliff” imitation. Foreign Central Banks are dropping Fannie and Freddie debt like a bad habit and rushing into US Treasuries. I keep wondering just who it is that is supposed to provide the capital for Fannie and Freddie to function! The feds supposedly dumped $200 billion into them if I recall correctly but foreign Central Banks have already unloaded $120 billion. At the rate the FCB’s are ditching the debt, it looks like it is a wash and we are back to where Fannie and Freddie were in July.

I read these charts as an indicator as to just how dire is the condition of the world’s current monetary system. If any of these foreign Central Banks balks at buying US Treasuries or even whisper about selling them, Katie bar the door on the US Dollar. Still, I think it is just a matter of time before the US has to devalue the dollar if it ever hopes to make good on these ever-increasing obligations. It reminds me of one of those old biology films we used to watch back in school when the virus would divide and just keep on dividing and dividing and dividing. Maybe we could rename US Treasury bonds to US Treasury viruses - They just keep on multiplying until they suck the life out of their host.

Also, note the yield charts on the 3 month and the 10 year. The three month is effectively at zero. I have not shown them but the one month is at 0.01% and the one year is at 0.61%.

Talk about zero bound… Quantitative Easing, here we come with a vengeance. They have no other choice.

Trader Dan

Click here to view today’s Custodial Holdings, 3 Month Money and Ten Year Treasury charts with commentary from Trader Dan Norcini (http://www.jsmineset.com/wp-content/uploads/2008/12/charts-for-12-4-2008.pdf)

Zum Original-Beitrag (http://showthread.php3?p=1205336#post1205336)

05.12.2008, 09:57
Die reichsten Schweizer (.....sind gar nicht immer Schweizer :rolleyes:o;)) haben 70 Mrd. Franken weniger

http://img.cash.ch/news/235/3007_Kamprad%5FIngvar%5Fikea.jpg 05.12.2008 06:27

Die Finanzkrise lässt die Vermögen der reichsten Schweizer schmelzen. Innert eines Jahres verdampften 70 Mrd. Franken. Es handelt sich aber praktisch nur um Buchverluste.

Die 300 Reichsten der Schweiz besitzen zusammen immer noch 459 Mrd. Franken. Ihre Vermögen gingen um 13,2 Prozent zurück, wie das Wirtschaftsmagazin "Bilanz" berechnet hat. Damit kamen sie vergleichweise gut weg. Zum Vergleich: Der SMI stürzte in der gleichen Zeit um 40 Prozent ab.

Angeführt wird die von der "Bilanz" seit nunmehr 20 Jahren erstellte Hitparade vom Gründer des Möbelkonzerns Ikea, Ingvar Kamprad. Der im Waadtland lebende Schwede kommt auf ein Vermögen von 35 bis 36 Mrd. Fr. und steht seit Jahren an der Spitze der Liste.

Auf dem zweiten Rang liegen die Familien Hoffmann und Oeri, die Besitzerinnen des Pharmakonzerns Roche. Sie kommen auf ein Vermögen von 16 bis 17 Mrd. Franken. Den dritten Rang belegt die Familie Brenninkmeijer, die Besitzerin von C&A, mit einem Vermögen von 12 bis 13 Mrd. Franken.

Viktor Vekselberg liegt mit einem Vermögen von 11 bis 12 Mrd. Fr. auf dem vierten Rang der Hitparade. Der russische Oligarch mit Schweizer Wohnsitz kontrolliert den Technologiekonzern OC Oerlikon.

Der ehemalige UBS-Präsident Marcel Ospel, der im Steuerparadies Wollerau SZ lebt, kommt auf ein Vermögen von 100 bis 200 Mio. Franken (....na also - da könnte man ja noch einiges holen :rolleyes). Ende November hatte er der UBS rund 22 Mio. Fr. zurückbezahlt.

Dieses Jahr weist die "Bilanz"-Hitparade 16 Neuzugänge aus, die mindestens 100 Mio. Fr. besitzen. Darunter ist der Tennis-Star Roger Federer - nicht in erster Linie wegen seiner Preisgelder, sondern dank eines Werbevertrags mit Nike. Federers Vermögen beläuft sich auf 100 bis 200 Mio. Franken.

(Quelle: SDA)

05.12.2008, 10:27
China lectures US on economy ;)

By Geoff Dyer in Beijing

Published: December 4 2008 04:32 | Last updated: December 4 2008 19:10

The US was lectured about its economic fragilities on Thursday as senior Chinese officials urged the administration to stabilise its economy, boost its savings rate and protect Chinese investments.

The message went to Hank Paulson, the US Treasury secretary, in Beijing for the strategic economic dialogue he helped launch to discuss long-term issues between the two countries.

As expected, Mr Paulson urged Beijing not to abandon efforts to let the renminbi appreciate, said US officials, amid fears China might want to let its currency weaken to help local exporters weather the global slowdown.

But Mr Paulson also found himself facing calls for the US to address its own economic problems. Wang Qishan, a vice-premier and leader of the Chinese delegation at the two-day talks, called on the US to take swift action to address the crisis.

“We hope the US side will take the necessary measures to stabilise the economy and financial markets as well as guarantee the safety of China’s assets and investments in the US,” he said.....

......“Over-consumption and a high reliance on credit is the cause of the US financial crisis,”.......

full story: http://www.ft.com/cms/s/0/48ac15fc-c1bc-11dd-831e-000077b07658.html

Talks take on global dimension (http://www.chinadaily.com.cn/china/2008-12/05/content_7273137.htm)

http://www.chinadaily.com.cn/china/images/attachement/jpg/site1/20081205/0013729e47710aa2c56041.jpg (http://www.chinadaily.com.cn/china/2008-12/05/content_7273137.htm) Restoring global confidence and preventing the current financial crisis from spreading, especially to developing countries, are key tasks facing the world now, Vice-Premier Wang Qishan told top officials from China and US on Thursday.

"For the first time during an SED, the US and China will focus on how we can work together through international forums to strengthen the global economic system," said US Treasury Secretary Henry Paulson, who leads the US delegation.

Wang said China has made important contributions to the global economy by keeping its economic growth steady, adopting pro-active fiscal and monetary policies, and raising domestic demand. [Full Text (http://www.chinadaily.com.cn/china/2008-12/05/content_7273137.htm)]


....bissle verkrampftes Grinsen des Herrn Paulson :o

05.12.2008, 11:35
Harzius (http://www.eldorado-edelmetalle.de/include.php?path=userinfo&id=71) In der Krise googeln die Menschen mehr
Habe gerade was interessantes entdeckt,hoffe es passt hier rein....

Seit einigen Monaten lässt sich auf den Internetseiten der Suchmaschine Google ablesen, wonach in den verschiedenen Regionen der Welt gesucht wird. In Zeiten der Krise ist diese Statistik besonders interessant. Denn sie zeigt, wie die finanzielle Situation das Leben jedes einzelnen beeinflusst.
In Bayern und Baden-Württemberg suchen die Verbraucher in den Zeiten der Krise vor allem nach Bundesschatzbriefen oder erfragen den aktuellen Goldpreis.



Die Bayern habs mir ja schon fast gedacht das sich hier die meisten Goldbugs rumtummeln,sind ja hier im Forum auch stark vertreten,und was machen die gehirngewaschene Baden-Würtenberger Bundesschatzbriefe is ja auch so sicher..http://www.eldorado-edelmetalle.de/images/smilies/biggrin.gif http://www.eldorado-edelmetalle.de/images/smilies/biggrin.gif http://www.eldorado-edelmetalle.de/images/smilies/biggrin.gif

MFG Harzius

Rheinland-Pfalz :supi;)

05.12.2008, 12:05
Gedicht des Tages - aus Trader'sDaily

Im Nebel

Seltsam im Nebel zu wandern
einsam ist jeder Busch und Stein
Kein Baum sieht den andern
Jeder ist allein.
Voll von Freunden war mir die Welt
Als noch mein Leben licht war
Nun da der Nebel fällt
Ist keiner mehr sichtbar.
Wahrlich, keiner ist weise
Der nicht das Dunkel kennt
Das unentrinnbar und leise
Von allen ihn trennt.
Seltsam im Nebel zu wandern
einsam ist jeder Busch und Stein
Kein Mensch kennt den andern
Jeder ist allein.

- Hermann Hesse

05.12.2008, 15:32
Employers in U.S. Cut 533,000 Jobs, Most in 34 Years, as Recession Deepens (http://www.bloomberg.com/apps/news?pid=20601103&sid=aQfR8NFxWXqg&refer=news) U.S. employers eliminated jobs in November at the fastest pace in 34 years and the unemployment rate jumped as the yearlong recession engulfing the world’s largest economy deepened.

U.S. Stock Futures Extend Losses as Plunge in Payrolls Exceeds Forecasts (http://www.bloomberg.com/apps/news?pid=20601103&sid=auuOm0WXdt9g&refer=news) U.S. stock-index futures tumbled after employers cut more jobs than economists forecast in November, spurring concern that the recession is deepening.

05.12.2008, 15:44

In his first interview since the world financial crisis, Gao Xiqing, the man who oversees $200 billion of China’s $2 trillion in dollar holdings, explains why he’s betting against the dollar, praises American pragmatism, and wonders about enormous Wall Street paychecks. And he has a friendly piece of advice:

“Be Nice to the Countries That Lend You Money”

by James Fallows (http://www.theatlantic.com/doc/by/james_fallows)

Image credit: Nelson Ching/Bloomberg News/Landov

Americans know that China has financed much of their nation’s public and private debt. During the presidential campaign, Barack Obama and John McCain generally agreed on the peril of borrowing so heavily from this one foreign source. For instance, in their final debate, McCain warned about the “$10 trillion debt we’re giving to our kids, a half a trillion dollars we owe China,” and Obama said, “Nothing is more important than us no longer borrowing $700billion or more from China and sending it to Saudi Arabia.” Their numbers on the debt differed, and both were way low. One year ago, when I wrote about China’s U.S. dollar holdings, the article was called “The $1.4 trillion Question.” When Barack Obama takes office, the figure will be well over $2 trillion........

......About the financial crisis of 2008, which eliminated hundreds of billions of dollars’ worth of savings that the Chinese government had extracted from its people, through deliberately suppressed consumption levels:

We are not quite at the bottom yet. Because we don’t really know what’s going to happen next. Everyone is saying, “Oh, look, the dollar is getting stronger!” [As it was when we spoke.] I say, that’s really temporary. It’s simply because a lot of people need to cash in, they need U.S. dollars in order to pay back their creditors. But after a short while, the dollar may be going down again. I’d like to bet on that!

full story: http://www.theatlantic.com/doc/200812/fallows-chinese-banker

05.12.2008, 16:02
Canadian Leader Shuts Parliament :kopf

By IAN AUSTEN (http://topics.nytimes.com/top/reference/timestopics/people/a/ian_austen/index.html?inline=nyt-per)
Published: December 4, 2008
OTTAWA — Canada (http://topics.nytimes.com/top/news/international/countriesandterritories/canada/index.html?inline=nyt-geo)’s parliamentary opposition reacted with outrage on Thursday after Prime Minister Stephen Harper (http://topics.nytimes.com/top/reference/timestopics/people/h/stephen_harper/index.html?inline=nyt-per) shut down the legislature until Jan. 26, seeking to forestall a no-confidence vote that he was sure to lose and, possibly, provoking a constitutional crisis....

full story: http://www.nytimes.com/2008/12/05/world/americas/05canada.html?_r=1&hp

...ja wo sind wir denn :mad dass das überhaupt möglich ist :rolleyes

05.12.2008, 17:27

05.12.2008, 19:03
Fri 5 Dec 2008

Another Automaker In Trouble….Wait, Honda?!? (http://lolfed.com/2008/12/05/another-automaker-in-troublewait-honda/)

Posted by Jason under fail (http://lolfed.com/category/fail/)

Honda is bailing out of Formula One racing (http://nbcsports.msnbc.com/id/28066396/). Honda is supposed to be made from money and physically incapable of fail, but things must be looking bleaker if the manufacturer is pulling out of the world’s most popular autoracing league altogether, to focus more on its core business. Honda’s “core business” must also consist of being the sole engine supplier for IRL, as it extended its contract with that league through 2013 earlier this year.

In related racing fail news, Petty Enterprises - the company founded and (until recently) owned by the Petty family, who are kind of like the Mannings of NASCAR - is essentially no more, having merged with another racing team. For those of you who don’t follow NASCAR, this is something like the Windsors abandoning the British throne.

05.12.2008, 19:07
05 December 2008

Euro/Yen and the US Equity Markets Bubble: A Monetary Phenomenon (http://jessescrossroadscafe.blogspot.com/2008/12/euroyen-and-us-equity-markets.html)

Here is an interesting comparison which we believe has some validity in that the credit and asset bubble
was significantly a Yen and Dollar, and possibly a Renminbi, monetary phenomenon.

The broadly manipulated currency markets in a fiat regime are the tail wagging the dog of the world economy.

The ultimate question might be who, if anyone, is doing the wagging?

http://4.bp.blogspot.com/_H2DePAZe2gA/STloqDtcLnI/AAAAAAAAGro/_U1vrD_vZVw/s400/euroyensp.PNG (http://4.bp.blogspot.com/_H2DePAZe2gA/STloqDtcLnI/AAAAAAAAGro/_U1vrD_vZVw/s1600-h/euroyensp.PNG)

Just to keep it interesting, and to drive home the point that these relationships are rarely simple and straightforward,
this chart shows the sharp decline in the euro/dollar cross with the decline of US financial assets.
We think we have previously shown a tight correlation between US asset values held by European banks and the eurodollar.
There may also be some 'flight to home currency' phenomenon amongst US investors.

http://2.bp.blogspot.com/_H2DePAZe2gA/STlsA9W_oOI/AAAAAAAAGrw/Bf26Fz8jU4U/s400/eurosp.png (http://2.bp.blogspot.com/_H2DePAZe2gA/STlsA9W_oOI/AAAAAAAAGrw/Bf26Fz8jU4U/s1600-h/eurosp.png)

Posted by Jesse at 12:45 PM (http://jessescrossroadscafe.blogspot.com/2008/12/euroyen-and-us-equity-markets.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6577597310491821578) :verbeug :supi

05.12.2008, 21:21
Former Treasury chief O'Neill issues warning of potential economic disaster

Thursday, December 04, 2008
By Bill Toland, Pittsburgh Post-Gazette

If the United States doesn't get its finances in order, the coming years will make the current recession "look like a child's birthday party," said former Treasury secretary and Alcoa chairman Paul O'Neill.

"We're headed for the wall at lightning speed. And every day that we don't deal with that set of problems is another day closer to absolutely vaporizing our economy," he said.

"Not to overstate the problem."

Mr. O'Neill, in his typically pointed and outspoken manner, assessed the state of America's economy at length yesterday in an interview with the Post-Gazette. Regarding the "vaporizing" of our economy, he was referring to the country's estimated $53 trillion in unfunded liabilities, coming due over several decades. But he didn't paint a much rosier picture for the short term, outlining the series of mistakes that have left the American finance, auto and housing industries in shambles, and have poisoned the markets from Europe to Asia, from South America to Russia.

"We've been building the problem for a very long time," he said, and much of the problem can be traced to an overall loosening of American standards when it comes to debt. It used to be that home mortgages were limited to people who could afford a 20 percent down payment; it used to be that a company would as a matter of principle, not to mention financial health, minimize its debt.

Now, over-leveraging is the norm, from Wall Street companies to homeowners to Americans subsisting on credit spun out of their home equity or, worse, borrowed outright from the credit card companies.

It all happens to have come to a head in 2008, and the system-wide philosophy of favoring debt over savings is manifesting itself in many ways. "What was initially one kind of a problem has turned into 20 different types of problems," he said.

The financial industry turmoil has led to locked-up consumer credit, which has led to a sinking demand for automobiles.

Detroit's "troubled" Big Three automakers are no longer merely troubled; they are teetering on the edge of insolvency, and the falling demand has exacerbated labor-cost and legacy-cost issues that have been handicapping Ford, GM and Chrysler for decades against Toyota and Honda.

The Detroit automakers now say they need $34 billion in loans in order to survive.

Mr. O'Neill examined the problems, but offered no easy answers. Take General Motors' labor costs -- forcing GM to, say, reduce its pay scale to resemble Toyota's in order to qualify for the federal loans might seem to make sense on the first pass, until you consider how the pay cuts would ripple through the economy.

"That sounds pretty simple," said Mr. O'Neill, who sat on GM's board of directors for two years in the 1990s.

But "think about the implications for the people on the other end of that bargain. They have a lifestyle that's consistent with what they've been getting paid for a long time. They own a home that's more home than they could afford" after a big pay cut.

"Their kids go to schools that are more pricey than they could afford at $90,000. Their credit cards are supported by a much higher" level of income. Pay cuts for all of those workers would lead to credit card defaults for some, or mortgage defaults, or car payment defaults -- or all of the above.

Still, Mr. O'Neill said he'd want some assurances that the Big Three were serious about fixing problems that "have been building for 40 years" before extending billions in loans.

On the subject of President-elect Obama's plan to create or preserve 2.5 million new American jobs by January 2011, Mr. O'Neill, a Republican, said those new jobs won't even be enough to employ the estimated 3.2 million new people who will enter the U.S. work force in 2009 and 2010.

The mechanism by which Mr. Obama hopes to create those jobs, a $500 billion infrastructure stimulus package, is folly as well, Mr. O'Neill said, when you consider that the math works out to $200,000 spent per each job created.

The money could be better spent, he said, by sending part of it to places like Pittsburgh to create labor-intensive, low-overhead, public works programs -- tearing down derelict buildings, for example, helping cities clean up neighborhoods and return properties to the tax rolls.

"I don't think it would cost very much money to facilitate a major community improvement project," he said.

Mr. O'Neill was the secretary of the Treasury from 2001 to 2002, when he resigned following public and private disagreements with the Bush administration. He was Alcoa's chairman from 1987 to 1999.


06.12.2008, 13:09
December 5, 2008 Commentary with John Grant & Tony Cherniawski

sehr interessant - Vix, interest rates, oil, CRB, stock market..... - aber sehr anstrengend zu hören (Tonqualität und in englisch) lohnt sich aber wirklich :supi

hier die Quelle: http://www.cyclesman.info/Articles.htm

...people feel better being wrong in a crowd than being right alone....:rolleyes:eek

06.12.2008, 19:11
Breaking: Obama unveils 21st Century New Deal

By MIKE ALLEN (http://www.politico.com/reporters/MikeAllen.html) & JONATHAN MARTIN (http://www.politico.com/reporters/JonathanMartin.html) | 12/6/08 9:30 AM EST


On Saturday, Barack Obama pledged the largest new investment in roads and bridges since President Dwight D. Eisenhower built the Interstate system in the 1950's.
President-elect Barack Obama added sweep and meat to his economic agenda on Saturday, pledging the largest new investment in roads and bridges since President Dwight D. Eisenhower built the Interstate system in the late 1950s, and tying his key initiatives – education, energy, health care –back to jobs in a package that has the makings of a smaller and modern version of FDR's New Deal marriage of job creation with infrastructure upgrades.

The president-elect also said for the first time that he will “launch the most sweeping effort to modernize and upgrade school buildings that this country has ever seen.”

“We will repair broken schools, make them energy-efficient, and put new computers in our classrooms,” he said in the address.

The president-elect is bringing new elements of his domestic agenda into his economic recovery plan, committing to a path toward giving every American access to an electronic medical record as part of an “economic recovery plan ... that won’t just save jobs, it will save lives.”

Obama had talked in the campaign about lowering health care costs by investing in electronic information technology systems, but not in the context of the economy.

Now, his key initiatives – education, energy, health care – are all being tied back to jobs.

“When Congress reconvenes in January, I look forward to working with them to pass a plan immediately,” Obama says in the address. “We need to act with the urgency this moment demands to save or create at least two and a half million jobs so that the nearly two million Americans who’ve lost them know that they have a future. And that’s exactly what I intend to do as president of the United States.”

Obama had committed just before Thanksgiving to saving or creating 2.5 million jobs in the next two years, more than twice his campaign promise of 1 million new jobs over an unspecified period. But he didn’t say how he would do it. On Saturday, he began to spell it out, offering "five key parts" of his economic plan:

—ENERGY: “[W]e will launch a massive effort to make public buildings more energy-efficient. Our government now pays the highest energy bill in the world. We need to change that. We need to upgrade our federal buildings by replacing old heating systems and installing efficient light bulbs. That won’t just save you, the American taxpayer, billions of dollars each year. It will put people back to work.”

—ROADS AND BRIDGES: “[W]e will create millions of jobs by making the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s. We’ll invest your precious tax dollars in new and smarter ways, and we’ll set a simple rule – use it or lose it. If a state doesn’t act quickly to invest in roads and bridges in their communities, they’ll lose the money.”

—SCHOOLS: “[M]y economic recovery plan will launch the most sweeping effort to modernize and upgrade school buildings that this country has ever seen. We will repair broken schools, make them energy-efficient, and put new computers in our classrooms. Because to help our children compete in a 21st century economy, we need to send them to 21st century schools.”

—BROADBAND: “As we renew our schools and highways, we’ll also renew our information superhighway. It is unacceptable that the United States ranks 15th in the world in broadband adoption. Here, in the country that invented the Internet, every child should have the chance to get online, and they’ll get that chance when I’m president – because that’s how we’ll strengthen America’s competitiveness in the world.”

(Incoming White House Chief of Staff Rahm Emanuel had talked about expanding broadband access, but this is the first time the transition has formally proposed it.)

—ELECTRONIC MEDICAL RECORDS: “In addition to connecting our libraries and schools to the Internet, we must also ensure that our hospitals are connected to each other through the Internet. That is why the economic recovery plan I’m proposing will help modernize our health care system – and that won’t just save jobs, it will save lives. We will make sure that every doctor’s office and hospital in this country is using cutting edge technology and electronic medical records so that we can cut red tape, prevent medical mistakes, and help save billions of dollars each year.”


06.12.2008, 19:13

MILITARY CONDUCTS SUCCESSFUL MISSILE DEFENSE TEST... DEVELOPING... (http://www.reuters.com/article/topNews/idUSTRE4B46NB20081205?feedType=RSS&feedName=topNews&rpc=22&sp=true)

08.12.2008, 09:27
....also etwas muss man den Amis lassen - aus jeder Situation machen einige Kreative was :supi

'Project Runway' winner Christian Siriano inks deal with Payless ShoeSource


Wednesday, December 3rd 2008, 2:35 PM

http://assets.nydailynews.com/img/2008/12/04/amd_christian_siriano.jpg Harrison/Getty "Project Runway" winner Christian Siriano is going low-budget with a new line of shoes and bags for Payless ShoeSource.

Living on the cheap just got a little more luxe.

"Project Runway" winner Christian Siriano has inked a deal with Payless ShoeSource to design a line of inexpensive handbags and footwear – his first ever.

The collection will debut during New York's fashion week in February at Siriano's runway show and will be available for Payless shoppers by fall 2009.....

.....This new line – which ranges in price from $25-$45 – will enable regular gals to look a little more glamorous......

full story: http://www.nydailynews.com/gossip/2008/12/03/2008-12-03_project_runway_winner_christian_siriano_.html


At SoHo store, they're gonna retail like it's 1929


Saturday, December 6th 2008, 5:34 AM

http://assets.nydailynews.com/img/2008/12/06/alg_shoes.jpg Braganti for News Check out the apparel and the grub "The 1929," at 174 Mott Street, in Manhattan.

What do you get when you mix racks of designer clothing with hot vegetable soup?

A new SoHo boutique named The 1929 - after the Depression - and a place where fashionistas and the down-and-out soon could be rubbing shoulders.

The street level store on MottSt. is decked out with racks of snazzy dresses, pants and tops by independent designers....

......"There's a feeling that people getting together can make things better on a local level, like we are doing here, and in a greater sense for the whole country," Genuth said.

The store is one of a growing number of "popup retailers" moving into vacant storage spaces around the city on short-term leases......

full story: http://www.nydailynews.com/lifestyle/fashion/2008/12/05/2008-12-05_at_soho_store_theyre_gonna_retail_like_i.html

08.12.2008, 09:31
Sun 7 Dec 2008

American (ex-)Worker Win (http://lolfed.com/2008/12/07/american-ex-worker-win/)

Posted by Jason under Uncategorized (http://lolfed.com/category/uncategorized/)


Laid-off employees of a recently-closed vinyl window assembly plant in Chicago are an occupying force (http://www.google.com/hostednews/ap/article/ALeqM5ildwrFjwHYjvJPX2edZgBnNb8EEQD94TID980) in the plant until they get their severance and vacation pay, and are just in general all grouchy because the company did not give them the required 60-day notice before shutting the place.

The company, Republic Windows and Doors, says it can’t pay the employees because its creditor, Bank of America, won’t let them. Somehow, this is Angelo Mozilo’s fault.

A peaceful sit-in is all well and good, but it’s no riot, as Chinese workers did last month (http://www.dailymail.co.uk/news/worldnews/article-1089544/Chinese-factory-workers-riot-world-economic-downturn-forces-closures-lay-offs.html). But what do you expect, we Americans are too fat and lazy to do anything but sit.

08.12.2008, 09:33
Congress, White House Work to Forge Aid Package for U.S. Automakers Today (http://www.bloomberg.com/apps/news?pid=20601103&sid=aqdaATboKkDA&refer=news) U.S. lawmakers are working to reach an agreement today on automaker aid, as they decide conditions such as when to name a so-called “car czar” and whether to replace executives.

08.12.2008, 09:39
The Last Laugh - George Parr - Subprime - subtitulos


08.12.2008, 10:02
In The News Today (http://jsmineset.com/index.php/2008/12/08/in-the-news-today-55/)

Posted: Dec 08 2008 By: Jim Sinclair Post Edited: December 8, 2008 at 1:33 am
Filed under: In The News (http://jsmineset.com/index.php/category/in-the-news/)

Dear CIGAs,

Check out the following video of Fred Thompson commenting on the economy.



08.12.2008, 10:04
International: 8. Dezember 2008, 09:24
Lage in Griechenland beruhigt sich wieder (http://www.nzz.ch/nachrichten/international/griechenland_krawalle_jugendliche_1.1368502.html)

Protestwelle nach Tod eines Jugendlichen durch Schüsse aus einer Polizeipistole (http://www.nzz.ch/nachrichten/international/griechenland_krawalle_jugendliche_1.1368502.html)

Die Lage in Griechenland hat sich am frühen Morgen beruhigt. Wie das griechische Fernsehen berichtete, hätten fast alle Autonome das Universitätsgebäude in Athen verlassen, in dem sie sich verbarrikadiert hatten. Bei den Strassenkämpfen waren seit Samstagabend 40 Menschen verletzt worden. (http://www.nzz.ch/nachrichten/international/griechenland_krawalle_jugendliche_1.1368502.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/international/griechenland_krawalle_jugendliche_1.1368502.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Griechenland: Krawalle und Ausschreitungen (http://www.nzz.ch/nachrichten/international/krawalle_erschuettern_griechenland_1.1372410.html)

http://www.nzz.ch/images/unruhen%20athen_small_1.1372532.jpg (http://www.nzz.ch/nachrichten/international/griechenland_krawalle_jugendliche_1.1368502.html)

08.12.2008, 10:08
Irland ruft verseuchtes Schweinefleisch zurück

Fleischprodukte offenbar in 25 Länder exportiert – Die Schweiz nicht betroffen

http://www.nzz.ch/images/Schwein_lead_1.1370244.jpg (http://javascript%3Cb%3E%3C/b%3E:showPopup%28%27popup-zoom0%27%29)http://www.nzz.ch/static-images/popup-open.gif (http://javascript%3Cb%3E%3C/b%3E:showPopup%28%27popup-zoom0%27%29)

Der irische Fleischskandal weitet sich aus. Mit krebserregendem Dioxin verseuchtes Schweinefleisch ist nach jüngsten Angaben der irischen Veterinärbehörde in bis zu 25 Länder geliefert worden. Die Schweiz ist offenbar nicht betroffen.

(sda) Irland hat alle Schweinefleischprodukte wegen einer möglichen Verseuchung mit krebserregenden Stoffen zurückgerufen. In mehreren Ländern sollte Fleisch vom Markt genommen werden; EU-Experten gaben auch die Schweiz als Importland von irischem Schweinefleisch an....

......Im Fleisch einiger irischer Farmen sei eine Konzentration chemischer Substanzen gefunden worden, die bis zu 200 Mal höher war als erlaubt, teilte die Lebensmittelschutzbehörde FSAI in Dublin mit. In Tierfutter war PCB (Polychlorierte Biphenyle) entdeckt worden, das an irische Bauernhöfe geliefert worden war.....

Seit langem verboten :rolleyes:gomad


08.12.2008, 10:13
6. Dezember 2008

Die wahren Totengräber der Austrian Airlines sitzen in der Politik

M. K. (Wien) Die rot-weiss-rote Heckflosse war ein österreichisches Identitätsmerkmal. Sie musste immer dann herhalten, wenn Politiker und Sozialpartner die betriebswirtschaftliche Logik in Sachen Austrian Airlines (AUA) ausser Kraft setzten. Noch im August hatte SPÖ-Chef Faymann die Suche nach einem strategischen Partner an eine österreichische Sperrminorität gebunden. Jetzt dämmert es wohl auch Neokanzler Faymann, dass der lange politische Widerstand nicht nur viel Geld gekostet, sondern auch die Chance genommen hat, aus einer besseren Position heraus einen Partner zu suchen. Nicht, dass die AUA nicht selbst Fehler um Fehler gemacht hätte. Sie hat, nicht nur, weil sie klein ist, viel zu teuer produziert. Das Streckennetz war zu dicht, der Maschinenpark ein Sammelsurium. Dazu kamen die Nachteile der Kleinheit beim Einkauf von Benzin und Fliegern. Viel schlimmer aber waren Kuckuckseier wie die politisch erzwungene Übernahme der bankrotten Lauda Air oder die schamlose Ausbeutung in Form viel zu hoher Gebühren durch den von den Ländern Wien und Niederösterreich beherrschten Flughafen Wien. Die AUA hätte an sich selbst nicht scheitern müssen, sie ist vor allem ein Opfer schlampiger Verhältnisse (Rahmenbedingungen) und politischer Instrumentalisierung. Hoffnungen, dass mit staatsnahen Pleiten wie von ORF und AUA die ordnungspolitische Einsicht in Rot-Weiss-Rot steigen wird, sind wenig realistisch. Da arrangiert man sich zur Not mit schwarz-rot-goldenen Heckflossen, als am Glauben an die Unfehlbarkeit des Staates rütteln zu lassen.


.....ist wohl exemplarisch :rolleyes für die Politik :mad nicht nur in Österreich :o

08.12.2008, 10:19
UPDATE: Bush's New Neighborhood Barred Non-Whites Until 2000 (http://www.huffingtonpost.com/2008/12/06/new-bush-neighbor-in-dall_n_148978.html)

http://images.huffingtonpost.com/gen/52423/thumbs/s-GEORGE-AND-LAURA-BUSH-large.jpg :bad
.....Until 2000, the neighborhood association's covenant said only white people were allowed to live there, though an exception was made for servants. The document, enacted in 1956, reads (http://llnw.static.cbslocal.com/station/ktvt/docs/2008/december/meaders_estates_covenant.pdf):

"Said property shall be used and occupied by white persons only except these covenants shall not prevent occupancy by domestic servants of different race or nationality in the employ of a tenant."