Archive for the 'Economy' Category
Ex-BofA Chief Lewis Charged with Fraud
February 5th, 2010Via: CNN:
New York Attorney General Andrew Cuomo said Thursday it was bringing civil charges against senior Bank of America executives, including former company CEO Ken Lewis, for their role in the company’s controversial purchase of Merrill Lynch.
Separately, the Securities and Exchange Commission said it had struck a $150 million settlement agreement with BofA over its [...]
Potential for Financial Emergency in Europe
February 5th, 2010WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Update: Dollar: Next Leg Up
80.240
—End Update—
We need to watch Portugal, Spain and Greece closely. The sovereign debt situation could easily get out of control.
I’m watching EUR/USD as the proxy for the situation. On faster intraday periods, EUR/USD is firming, and USDX is [...]
Next in Line for a Bailout: Social Security
February 4th, 2010Via: Fortune:
Don’t look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of [...]
Gold Hits Three Month Low; EUR/USD Seven Month Low
February 4th, 2010Via: Reuters:
Gold tumbled 3.8 percent to a three-month low in Europe on Thursday as the euro hit its weakest in seven months against the dollar, pushing the precious metal through key technical support levels.
Other precious metals also fell, with silver sliding more than 5 percent to its lowest since September, platinum dropping more than 3 [...]
One in Five Children in New York City Relying on Emergency Food Aid
February 4th, 2010Via: NBC New York:
One in eight Americans needed emergency food help in 2009—–one of five children in New York City are relying on emergency food.
These sad statistics come from Feeding America and the Food Bank for New York City.
“Food insecure” is the bureaucratic term for hungry people — and New York is, unfortunately, a textbook [...]
Moody’s Warns U.S. of Credit Rating Fears
February 4th, 2010Via: Financial Times:
Moody’s Investors Service fired off a warning on Wednesday that the triple A sovereign credit rating of the US would come under pressure unless economic growth was more robust than expected or tougher actions were taken to tackle the country’s budget deficit.
In a move that follows intensifying concern among investors over the US [...]
GOOGLE NOW WORKING WITH NSA
February 4th, 2010Via: Washington Post:
The world’s largest Internet search company and the world’s most powerful electronic surveillance organization are teaming up in the name of cybersecurity.
Under an agreement that is still being finalized, the National Security Agency would help Google analyze a major corporate espionage attack that the firm said originated in China and targeted its computer [...]
The Dollar: I Don’t Try to Divine Much Meaning From the Squiggly Wigglies
February 4th, 2010Short to medium outlook dollar bears and gold bulls: Stay the course as long as the downtrending channel on the USDX remains intact. Keep in mind, however, that a move up and out of the downtrending channel on the USDX above could mean substantial pain in the weeks and months ahead for dollar bears and [...]
Bernanke Says Federal Reserve Faces ‘Enormous Challenges’
February 4th, 2010Slather on an extra layer of warpaint on Maria Bartiromo and let’s hear more about the jobless recovery and the green shoots.
Via: Bloomberg:
Federal Reserve Chairman Ben S. Bernanke told his staff today that the U.S. central bank faces “enormous challenges” as he was sworn in for a second four- year term.
“This institution, like our country, [...]
And Now: Unemployment Data Worse Than Previously Stated
February 4th, 2010I’m sure everyone is shocked. * duh * * drool *
Via: Bloomberg:
The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.
