Archive for February, 2009
Bleak Picture in Asia, More Gloomy Thoughts
On Asia, from the Financial Times.. A tidbit: “The figures are further proof that Asia’s economy fell off a cliff in the closing months of 2008 and raise the likelihood that the bad news will continue to flow as the region’s export-dependent nations are forced to cut jobs and manufacturing capacity because of weak western ...Read more.
Warren Buffet Feels the Pain
More from Across the Curve. And here’s what the FT has to say out it: Buffett’s Berkshire has worst results everBy Justin Baer in New YorkPublished: February 28 2009 20:18 | Last updated: February 28 2009 20:18 Warren Buffett conceded that his holding company, Berkshire Hathaway, turned in its worst performance on record as the ...Read more.
Nordic Economies Tanking
Even the virtuous Nordics (including Finland)are feeling the full effect of the crisis. From LSE Macroeconomic News, courtesy of Across the Curve. Remember that especially Swedish banks are heavily exposed in Eastern Europe, with loans there up to the value of some 30% of GDP.WRAPUP_1Financial_crisis_slams_Nordic_economies_in_Q4Macroeconomic NewsSaturday, 28th February, 2009By Niklas Pollard STOCKHOLM, Feb 27 (Reuters) ...Read more.
Essential Reading from Yesterday's FT
In case you missed it, due to Friday night carousing, or whatever… –Whistleblower contacted US regulators (should they even be called this anymore?) on fraudster Sir Allen Stanford five years ago. –Banking editor Peter Thal Larson writes that the UK plan for Royal Bank of Scotland amounts to nationalization in all but name, “maintaining the ...Read more.
Report from Eastern Econ. Assoc. Meetings
I (D&S co-editor Chris Sturr) am in New York City for the annual meetings of the Eastern Economics Association, the sweet kid sister to the Allied Social Sciences Association (which would make the latter the bullying older brother, if we’re going to go with the metaphor), from which I blogged a couple of times back ...Read more.
Obama's ($1.7 Trn Deficit) First Budget
From The Financial Times: Obama forecasts $1,750bn deficitBy Andrew Ward and Edward Luce in Washington Published: February 26 2009 11:24 | Last updated: February 27 2009 09:56Financial Times President Barack Obama on Thursday unveiled the most expansive blueprint for federal government involvement in the US economy in more than a generation in a ten-year budget ...Read more.
US and UK Increase Stakes in Banks
From Reuters, again: Governments tighten grip on banksFri Feb 27, 2009 11:55am EST ReutersBy Steven C. JohnsonNEW YORK (Reuters) Governments on both sides of the Atlantic moved to tighten their grip over banks on Friday to stem a financial crisis that has pushed the U.S. economy into its deepest contraction in more than a quarter ...Read more.
US 4Q GDP Falls 6.2%, Biggest Drop Since '82
From Reuters: U.S. fourth-quarter GDP drop biggest since 1982Fri Feb 27, 2009 12:29pm EST Reuters By Lucia Mutikani WASHINGTON (Reuters) The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending. A month ago, the Commerce ...Read more.
Over 250 Banks On The Edge
The FDIC reports that 252 US banks were on its list of troubled at the end of 2008, meaning they are at high risk of failure. This is the highest number since 1994. The total value of the assets of the banks on the watch list are $159 billion. Fourteen banks have failed so far ...Read more.
US Jobless Claims At Record High
The US shed 600,000 jobs in January alone. It’s looking like we’ll lose another 700,000 in February. From the wires: WASHINGTON (Reuters) – The number of U.S. workers drawing jobless aid jumped to a record high in mid-February, while the recession undercut demand for manufactured goods last month and sent new homes sales to their ...Read more.
