banking
Uncle Sam? Uncle Socialist. Get the t-shirt!
No need for alarm, folks. President Bush said today that the partial nationalization of the banking system is an “essential short term measure to ensure the viability” of our highly dysfunctional financial system. Then Bush described these latest moves to stop the financial crisis on Wall Street from spreading as “unprecedented and aggressive”. Sounds like [...]
Intravenous Finance
Governments around the globe launched aggressive schemes with speed induced by shear panic over the weekend in order to stop the global financial meltdown. Central banks in Europe and America will now guarantee a veritable stew of rotten bank loans and governments will purchase equity stakes in many of these retched and limping debt-peddling institutions.
The [...]
Banks Bounce Back from the Dead
Bank shares are back in style. Even after staggering losses were announced by the likes of Wachovia, which registered a $8.9 billion loss in the second quarter, and Washington Mutual, which posted a $3.3 billion stain of red ink in the same period, their shares traded up by 27 percent and 6 percent, respectively.
The share [...]
Citigroup smacked by reckless bets
Citigroup reported a 57% decline in profits for the third quarter of 2007. Apparently it received some nasty wounds from souring fixed-income investments and sinking consumer loans. This sad quarter reflected approximately $5.9 billion of write-offs; once light was shed upon faltering securities prices and proprietary trades gone terribly wrong.
Much of the damage inflicted upon [...]
A trip to Financial Wonderland- by Greg Strid
A trip to Financial Wonderland
On a recent, sunny Monday morning, I rose early to
hear the familiar rumblings that have come to
define the AM hours on Jersey City’s Coles St;
the steady drone of vehicular traffic, and random,
booming car stereos- followed by the car alarms that
they inevitably trigger.
I was determined to set up a business bank account.
I [...]
Take my house, please!
The housing market has been cooling off as of late. The sale of single-family homes declined 5 percent from June to July, and are off 11.4 percent from a year ago. Although the national median home price rose 1.5 percent over the past twelve months, there are signs that the frothiest coastal markets are [...]
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