naked capitalism Tue 2009-09-01 19:06 EDT

More Bogus Bailout Reporting: ``As Big Banks Repay Bailout Money, U.S. Sees a Profit''

Clearly, the spin is in...The fact that we have such patent garbage running as a front page New York Times story says either the reporter and his editors lack the ability to think critically (or find sources who could do that for them) or that we have a controlled press. Bogus NYT reporting.

Big Banks Repay Bailout Money; Bogus Bailout Reporting; naked capitalism; profits; U.S. Sees.

The Guardian World News Sun 2009-08-30 14:43 EDT

Iceland votes to repay UK savings

Iceland's parliament today approved a plan to repay Britain and the Netherlands £3.4bn they used to compensate depositors after the collapse of an Icelandic bank. Johanna Sigurdardottir, the prime minister, said the "Icesave" bill was an important step in her country's economic recovery, paving the way for it to receive financial help from the International Monetary Fund and other countries and keeping open the option to join the EU. "It's obviously best for all three nations to reach an amicable agreement on this for it is in no one's interest to see Iceland economically unable to meet its obligations," Sigurdardottir told Reuters after the vote, which followed an acrimonious national debate. Critics objected to paying for mistakes made by private banks under the watch of other governments and for...

Guardian World News; Iceland votes; repay UK savings.

Satyajit Das's Blog - Fear & Loathing in Financial Products Sun 2009-08-30 12:20 EDT

El-dollardo Economics

In the 1980s, the Japanese were taking over the world. In the 1990s, it was going to be an ?Asian? century. These days the pundits are betting on the ?Chinese Age?. Like all such glib predictions, despite their superficial appeal, they mask complex undercurrents and issues that require careful study. Business journalist Michael Schuman's The Miracle: The Epic Story of Asia's Quest for Wealth. Paul Midler's Poorly Made in China; quality fade. Underlying both `The Miracle' and `Poorly Made in China' is a view of the emerging world best captured by the term `Orientalism', associated with Edward Said...the West's view of the East was shaped by political power and unequal commercial exchange. Said's work built on George Orwell's criticism of colonialism. Former Chinese premier Zhao Ziyang's secret journal `Prisoner of the State' provides antidote to a Western view of East Asia.

El-dollardo Economics; fears; financial products; loath; Satyajit Das's Blog.

Mish's Global Economic Trend Analysis Wed 2009-08-26 16:00 EDT

Critically Under-Capitalized Banks Direct Result Of "Wonderful Chain of Stupidity"

Michael Shedlock

Last week the Wall Street Journal ran an article about how trust securities sank Guaranty Financial Group and six family-controlled Illinois banks in early July. Please consider In New Phase of Crisis, Securities Sink Banks. Federal officials on Thursday were poised to seize Guaranty Financial Group Inc., in what would be the 10th-largest bank failure in U.S. history. Guaranty's woes were caused by its investment portfolio, stuffed with deteriorating securities created from pools of mortgages originated by some of the nation's worst lenders. Delinquency rates on the holdings have soared as high as 40%, forcing write-downs last month that consumed all of the bank's capital. Guaranty is one of thousands of banks that invested in such securities, which were often highly rated but ultimately hinged on the health of... Security losses are a non-operating item and are listed after pre-tax operating income on the call report. This is very unusual and possibly reveals another cancer hiding on many banks balance sheets. those garbage trust-preferred securities problems are on top of the widely expected fallout from commercial real estate problems affecting small to medium-sized regional banks. Thus, banking woes are much deeper in many areas than either the FDIC or Fed is admitting.

Capitalized Banks Direct Result; Criticizes; Mish's Global Economic Trend Analysis; Stupid; Wonderful Chain.

Thu 2009-07-30 00:00 EDT

naked capitalism: Guest Post: Chasing The Shadow Of Money

-- Friedrich Hayek's seminal Prices and Production, published in the depression days of 1935...discerned the critical role of the shadow banking system long before the advent of securitization, derivatives and other products that today have caused the monetary supply problem to reach a screaming crescendo...shadow money and credit are not just the dynamo that drives the free market, but also its Achilles heel

chasing; Guest Post; money; naked capitalism; shadows.

Fri 2009-07-24 00:00 EDT

Jesse's Café Américain: Friedman Resigns as NY Fed Chairman, Had Been Buying Goldman Stock in 2008-9

Jesse's Café Américain: Friedman Resigns as NY Fed Chairman, Had Been Buying Goldman Stock in 2008-9 -- ``it is perfectly all right for a Fed Chairman to buy shares in one of the banks he is 'regulating' especially when he is helping to make critical policy decisions directly involving them.''

2008 9; Buying Goldman Stock; Friedman resigns; Jesse's Café Américain; NY Fed Chairman.

Thu 2009-07-23 00:00 EDT

naked capitalism: New Stress Trial Balloon Floated

``Tire out the critics, numb the casual followers, and leave the boosters in firm control of share of mind.''

naked capitalism; New Stress Trial Balloon Floated.

Wed 2009-05-20 00:00 EDT

naked capitalism: Japanese Expert Criticizes US Wishful Thinking on Economic Crisis

Keiichiro Kobayashi says bad loans need to be worked out

Economic Crisis; Japanese Expert Criticizes; naked capitalism; wished think.

Tue 2009-02-24 00:00 EST

About Bailout Nation | The Big Picture

Barry Ritholtz; McGraw Hill Drops Book Critical of S&P

Bailout Nation; Big Picture.

Thu 2009-01-15 00:00 EST

Jesse's Café Américain: Five Critical Decisions Leading to Our Financial Crisis: Joe Stiglitz Presents His Analysis

Jesse's Café Américain: Five Critical Decisions Leading to Our Financial Crisis: Joe Stiglitz Presents His Analysis; Joseph E. Stiglitz

Analysis; Critical Decisions Leading; Financial Crisis; Jesse's Café Américain; Joe Stiglitz Presents.

Sun 2008-08-03 00:00 EDT

Mish's Global Economic Trend Analysis: Credit Crunch Reaches Critical Mass

Credit Crunch Reaches Critical Mass; Mish's Global Economic Trend Analysis.

Thu 2008-07-03 00:00 EDT

naked capitalism: Moody's Sacks Structured Finance Head Over CPDOs

"eems a move designed to mollify critics without admitting to bad practices in bread-and-butter products"

CPDOs; Moody's Sacks Structured Finance Head; naked capitalism.

Thu 2008-06-19 00:00 EDT

Jesse's Café Américain: FDIC Criticizes Fed Handling of Bear Stearns: Says Banks Need Expanded Supervision

Jesse's Café Américain: FDIC Criticizes Fed Handling of Bear Stearns: Says Banks Need Expanded Supervision

Bear Stearns; FDIC Criticizes Fed Handling; Jesse's Café Américain; Says Banks Need Expanded Supervision.

Tue 2008-05-20 00:00 EDT

Minyanville -

What the ETF? by Minyan Peter, Minyanville; "a broadened investor base, particularly inexperienced investors, and enhanced liquidity have been critical elements of every financial bubble in history"; "for the first time in financial history, the bubbles -- in securitized debt and commodities -- are truly global phenomena"

Minyanville.

Tue 2008-04-01 00:00 EDT

Jesse's Café Américain: The Paulson Plan: a Foray into a Financial Iraq

Jesse's Café Américain: The Paulson Plan: a Foray into a Financial Iraq; "When you have a massive failure in a critical system, you do not go to those on whose watch it occurred...and ask them what should be done to fix the system so it doesn't happen again"

Financial Iraq; foray; Jesse's Café Américain; Paulson plans.

Sun 2007-09-23 00:00 EDT

Mish's Global Economic Trend Analysis: Maestro Memoirs

Greenspan "wrong at every critical juncture in his career"

Maestro Memoirs; Mish's Global Economic Trend Analysis.