naked capitalism Fri 2010-10-08 22:09 EDT

Doubts About Eurobailouts Come to the Fore

A brief recap of a couple of useful sighting on the ``rising anxieties in Europe'' front. Edward Hugh has a very thorough update (bond spread trends, underlying drivers, an astute discussion of politics) leavened by a great deal of wry humor ...Wolfgang Munchau at the Financial Times takes a hard look at a piece of the puzzle most have avoided, namely the CDO structure that the Eurozone members used for their €440 billion bailout fund. He's pushed some numbers around, and as far as he can tell, it will only be able to offer costly funding, and in much smaller amounts than advertised...

doubt; Eurobailouts Come; fore; naked capitalism.

Sat 2010-08-07 20:57 EDT

Medicare Trustees: Fund Now Viable till 2029 >> naked capitalism

Yves Smith

Don't expect this updated assessment, that Medicare now is expected to be viable till 2029, to stem the expected push to gut Social Security and Medicare...the stresses on Medicare are due...almost solely [to] the rising health care cost projections...the US has grotesquely costly health care which produces no better results than that of other advanced economies. And the differences, in terms of rationing and queuing, are exaggerated. What are insurer denials of coverage for costly treatments if not rationing?...Obama, as with the banking industry, blew his opportunity to have a real impact on the underlying problems of health care that lead to high costs, including its fee for service model and perverse incentives.

2029; funds; Medicare trustees; naked capitalism; viable.

Jesse's Café Américain Tue 2010-03-09 17:51 EST

Russia Continues to Build Its Gold Reserves Ahead of the SDR Discussions

Jesse

Thanks to friend Dave at Golden Truth for this updated chart.As you know, Russia, India, China and some of the BRIC-like countries will continue to push hard for a gold and silver content in the new formulation of the SDR this year. The US and UK are vehemently opposed...One cannot have a common currency with uncommon fiscal policies and laws. While there is some room for discretion, it is sorely tried in changing economic conditions and social attitudes...This is why a one world currency, except for international trade only and at the discretion of trading partners, is so dangerous. One cannot maintain their sovereign freedom when someone else controls the supply of their money: either you cheat or you submit. All serious economists understand this; too few of the voting public do...This is the fallacy of the US dollar as the reserve currency for the world. It 'worked' as even Mr. Greenspan noted, as long as the US dollar was able to demonstrate the objective stability of an external gold standard relative to other currencies. That lasted for a few years, and the rest is foreign policy and currency wars. The time for its replacement is long past. The BRIC's understand this, and are playing their hands accordingly...

building; gold reserves; Jesse's Café Américain; Russia continues; SDR Discussions.

zero hedge Tue 2009-12-22 12:35 EST

Guest Post: Fed-Covert Money Printing Alert

This note contains an update on where Fed printing stands, how much is left, what the pace of purchases is, and when the program will stop. It also updates the Fed's balance sheet, and its inflationary impact. This update houses some very important developments, due to actions at the US Treasury in coordination with the Fed.

Fed-Covert Money Printing Alert; Guest Post; Zero Hedge.

zero hedge Sat 2009-10-10 11:57 EDT

The Federal Reserve's Balance Sheet: An Update

Ben S. Bernanke

...the Federal Reserve has faced two historically unusual constraints on policy. First, the financial crisis, by increasing credit risk spreads and inhibiting normal flows of financing and credit extension, has likely reduced the degree of monetary accommodation associated with any given level of the federal funds rate target, perhaps significantly. Second, since December, the targeted funds rate has been effectively at its zero lower bound (more precisely, in a range between 0 and 25 basis points), eliminating the possibility of further stimulating the economy through cuts in the target rate. To provide additional support to the economy despite these limits on traditional monetary policy, the Federal Open Market Committee (FOMC) and the Board of Governors have taken a number of actions and initiated a series of new programs that have increased the size and changed the composition of the Federal Reserve's balance sheet. I thought it would be useful this evening to review for you the most important elements of the Federal Reserve's balance sheet, as well as some aspects of their evolution over time. As you'll see, doing so provides a convenient means of explaining the steps the Federal Reserve has taken, beyond conventional interest rate reductions, to mitigate the financial crisis and the recession, as well as how those actions will be reversed as the economy recovers...

Federal Reserve's balance sheet; Update; Zero Hedge.

zero hedge Sun 2009-09-13 15:41 EDT

Mortgage Bankers Association Q2 Delinquency Rate Update

Even the traditionally optimistic MBA is starting to acknowledge the reality of accelerating deterioration within commercial real estate, as well as the delinquency pick up in multi-family loans by the Agencies...Life Insurance companies are dramatically misreporting their delinquency rates in an apparent effort to present an overoptimistic picture, with the blessing of the administration and the accountants

Mortgage Bankers Association Q2 Delinquency Rate Update; Zero Hedge.

zero hedge Sun 2009-09-13 15:40 EDT

Mortgage Bankers Association Q2 Delinquency Rate Update

Even the traditionally optimistic MBA is starting to acknowledge the reality of accelerating deterioration within commercial real estate, as well as the delinquency pick up in multi-family loans by the Agencies...Life Insurance companies are dramatically misreporting their delinquency rates in an apparent effort to present an overoptimistic picture, with the blessing of the administration and the accountants

Mortgage Bankers Association Q2 Delinquency Rate Update; Zero Hedge.

Calculated Risk Thu 2009-09-03 11:43 EDT

Houses and Autos: The Cost of a Tax Credit per Additional Units Sold

CalculatedRisk

To calculate the cost of a tax credit per additional unit sold, we need to sum up the total cost of the credit - as an example $2.877 billion for Cash-for-Clunkers according to the Dept. of Transportation - and then divide by the estimated increase in sales because of the credit. Remember some cars or houses would have been sold anyway (even though they still receive the tax credit), but it is the additional sales that matter. That was the purpose of the tax credit! (update: Shnaps notes that the auto credit had an additional benefit of better mileage). Highly inefficient subsidies for home and auto purchases.

Additional Units Sold; auto; Calculated Risk; cost; Housing; Tax credit.

ClubOrlov Wed 2009-08-26 13:53 EDT

The Slope of Dysfunction

kollapsnik

(Update: click here for a special version for the Nihonjin care of Masayuki.) Perhaps you have heard of the Peak Oil theory? Most people have by now, even the people whose job used to involve denying the possibility that global crude oil production would peak any time soon. Now that everybody seems a bit more comfortable with the idea, perhaps it is time to reexamine it. Is the scenario Peak Oil theoreticians paint indeed realistic, or is it firmly grounded in wishful thinking? Here is a typical, slightly outdated Peak Oil chart. I chose it because it looks pretty and conveys the typical Peak Oil message, which is that global crude oil (and natural gas condensate) production will rise to a lofty peak sometime soon, and then drift down...

ClubOrlov; dysfunctional; Slope.

The IRA Analyst Tue 2009-06-16 00:00 EDT

The Institutional Risk Analyst: Zombie Update; Pento on Bernanke's Permanently Expanded Balance Sheet

``This zombie dance party ain't over. No sir.'' Michael Pento: ``Bernanke will be hard-pressed to substantially raise rates to combat inflation once consumer and wholesale prices begin to significantly increase.''

Bernanke's Permanently Expanded Balance Sheet; Institutional Risk Analyst; IRA Analyst; Pento; Zombie Update.

Thu 2009-01-15 00:00 EST

Calculated Risk: The Ten Trillion Dollar Man Update

total US public debt outstanding exceeds 10 trillion; bush structural budget deficit

Calculated Risk; Trillion Dollar Man Update.

Fri 2008-12-12 00:00 EST

Mish's Global Economic Trend Analysis: Housing Update - How Far To The Bottom?

``another 3-5 years before housing bottoms in the US''

Bottom; house Update; Mish's Global Economic Trend Analysis.

Tue 2008-10-28 00:00 EDT

naked capitalism: International Trade Seizing Up Due to Banking Crisis (Updated)

banking crisis; International Trade Seizing; naked capitalism; Update.

Sun 2008-10-26 00:00 EDT

naked capitalism: China Launches Salvo Against Dollar Hegemony (Updated)

dollar losing reserve status; great comment discussion

China Launches Salvo; dollar hegemony; naked capitalism; Update.

Tue 2008-10-07 00:00 EDT

naked capitalism: Mussolini-Style Corporatism in Action: Treasury Conference Call on Bailout Bill to Analysts (Updated)

action; analysts; Bailout bill; Mussolini-Style Corporatism; naked capitalism; Treasury Conference Call; Update.

Tue 2008-09-23 00:00 EDT

naked capitalism: Markets Vote Against Bailout Bill; Dodd Circulating Variant, Takes Equity for Dodgy Debt (Updated)

Bailout bill; Dodd Circulating Variant; Dodgy Debt; Market Votes; naked capitalism; taking equity; Update.

Tue 2008-09-23 00:00 EDT

naked capitalism: Updates to Bailout Bill Fracas Plus Post Your Letters/E-Mails Against the Bailout Bill

Bailout bill; Bailout Bill Fracas; Letters/E-Mails; naked capitalism; post; Update.

Tue 2008-09-23 00:00 EDT

naked capitalism: Helicopter Ben Starts the Printing Press (Updated)

Helicopter Ben Starts; naked capitalism; printing press; Update.

Tue 2008-09-23 00:00 EDT

naked capitalism: Bernanke Tells Congress Economy Will Contract if Bailout Bill Not Passed (Updated)

Bailout bill; Bernanke Tells Congress Economy; contraction; naked capitalism; passed; Update.

Fri 2008-07-04 00:00 EDT

Calculated Risk: Price-to-Rent Ratio Update

Calculated Risk; Price; Rent Ratio Update.

Thu 2008-05-15 00:00 EDT

Volcker says current economic situation resembles early 1970s UPDATE - Forbes.com

by Dennis Moore

com; Forbes; Volcker says current economic situation resembles early 1970s UPDATE.

Sun 2008-05-04 00:00 EDT

The Institutional Risk Analyst: Update: Are Countrywide Financial Bond Holders Bankruptcy Remote?

Update: Are CFC Bond Holders Bankruptcy Remote? by Institutional Rick Analytics; BAC refusing CFC debt commitment?

Countrywide Financial Bond Holders Bankruptcy Remote; Institutional Risk Analyst; Update.

Mon 2008-03-17 00:00 EDT

naked capitalism: Bear Buy, Fed Moves (Update 2)

JPMorgan buys Bear Stearns

Bear Buy; Fed move; naked capitalism; Update 2.

Mon 2008-03-17 00:00 EDT

naked capitalism: Bear Death Watch: Update and Nightmare Scenarios

Bear Death Watch; naked capitalism; nightmare scenario; Update.

Tue 2008-02-12 00:00 EST

Market Ticker: The Most Important Ticker You Will Read This Year - UPDATED

Market Ticker: The Most Important Ticker You Will Read This Year; "Fed has been aggressively draining the SOMA account, with the pace of that drainage stepping up precipitously since December"

Important Ticker; Market Ticker; reads; Update; years.

Fri 2007-11-02 00:00 EDT

Winter (Economic & Market) Watch >> Milky Way Update

Winter (Economic & Market) Watch >> Milky Way Update; capital shortfalls at money-center banks

economic; Market; milky way update; watch; winter.

Tue 2007-09-25 00:00 EDT

Mike Morgan's Real Estate and Housing Industry Weekly Update for Portfolio Managers and Investors - September 23, 2007

Mike Morgan's Real Estate and Housing Industry Weekly Update for Portfolio Managers and Investors - 2007-09-23; "we're in deep doodoo." Robert Toll, Toll Brothers CEO

2007; Housing Industry Weekly Update; Investors; Mike Morgan's Real Estate; portfolio manager; September 23.

Mon 2007-07-30 00:00 EDT

Mirror, Mirror on the Wall: An International Update on the Comparative Performance of American Health Care

The Commonwealth Fund

American Health care; Comparable performance; internal updated; mirror; Wall.

Sun 2007-07-01 00:00 EDT

Shadow Government Statistics: 3. Consumer Price Index (UPDATE)

by Walter J. Williams; understating inflation; 2004-09-22; updated 2006-10-01; hedonic inflation adjustments

3; consumer price index; Shadow Government Statistics; Update.

Tue 2007-06-12 00:00 EDT

The Oil Drum: Europe | Ghawar reserves update and revisions (1)

1; Europe; Ghawar reserves update; Oil Drum; revision.