NEWS
11/07 - GM warned it could run out of cash next year without a govt loan.
11/07 - 18 and 19th bank failed.
11/10 - Circuit City files bankruptcy.
11/10 - The govt revised bailout package for AIG worth around $150 billion, easing terms on the insurer as it reported a $24.47b 3rd qtr loss.
11/10 - Fannie ended the 3rd qtr with a loss of $29b, and net worth, the difference between assets and liabilities, of $9.4 billion as of Sept. 30. The company said that the number may be negative by the end of the year.
11/11 - Downey Fin may fail.
11/12 - Paulson changes TARP directions.
11/12 - INTC cuts 4th qtr revenue by 1b to 9b from 10b.
11/12 - AmEx became a bank, and requested $3.5b from the TARP.
11/13 - CIT wants to become a bank.
11/14 - Freddie ended the 3rd qtr with a loss of $25b, and net worth of -$13.7b. It will tap into the $100B lifeline from the Fed.
11/14 - A rush to become banks in order to access TARP $. Hartford, a property and life insurer, said it would buy a bank in order to become eligible for TARP$. Genworth Financial Inc., Lincoln National Corp. and Aegon NV have all asked the Office of Thrift Supervision for permission to buy thrifts - and access the TARP.
11/14 - Futures show Fed Rate at 0.25% in Dec.
PREDICTIONS
11/11 - The yield curve and CDS tell the U.S. can't borrow trillions without paying a price.
11/12 - Fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.
11/13 - Johann Santer at Superfund Financial HK expects to see gold goes to $1500-$2000 within the next three months, mirroring that of Jim Rogers, Robin Griffiths and Jurg Kiener who are predicting that global central banks’ insistence on printing their way out of economic turmoil is setting the stage for a hyperinflationary holocaust.
11/13 - Puru Saxena told CNBC that within the next four to five years he sees oil prices up to $300 a barrel. GS forecasted oil will reach $150 to $200 within 2 years. JPMorgan also predicted prices could rise to $200.
11/13 - Whitehead said eventually U.S. govt bonds would no longer be the triple-A credit that they've always been."
11/14 - Professor Krugman doesn’t expect another Great Depression but we are well into the realm of depression economics, where state of affairs like the 1930s in which the usual tools of economic policy — above all, the FED’s ability to prop the economy by cutting interest rates — have lost all traction. Krugman suggests a huge fiscal stimulus package on the order of $600 billion.
-- More articles warning of the current deflation fight via injecting massive money supply will create an inflation monster.
posted by jason @ 11:17 AM
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