BANKS.com Breaking News
WASHINGTON - New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year.
News on the Economy
NYT > Business
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Sun Microsystems has started a restructuring that could see up to 6,000 employees lose their jobs as it joins a growing list of technology companies reeling from the crisis.Fri, 14 Nov 2008 17:13:15 GMT
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Retail sales fell 2.8 percent last month, led by a huge drop in auto purchases, as the financial turmoil and the slumping economy caused consumers to sharply cut back.Fri, 14 Nov 2008 17:09:17 GMT
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A day after closing more than 5 percent higher in an afternoon buying frenzy, shares were down almost 3 percent Friday at the major exchanges.Fri, 14 Nov 2008 17:04:54 GMT
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The economy of the euro zone slipped into recession during the third quarter, the European Union’s statistics agency confirmed.Fri, 14 Nov 2008 13:53:25 GMT
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The mortgage finance giant, now under government conservatorship, recorded the loss as it wrote down a tax-related asset that had buoyed its capital and the housing slump worsened.Fri, 14 Nov 2008 16:52:18 GMT
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Democratic leaders calling for an aid package to help auto companies conceded that they would face potentially insurmountable opposition in Congress.Fri, 14 Nov 2008 14:18:31 GMT
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More than a month after the government began a financial rescue of Wall Street, many of the nation’s financial arteries seem as clogged as they were before.Fri, 14 Nov 2008 11:39:10 GMT
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Once the most valuable financial company in America, Citigroup is experiencing a shrinking share price and work force.Fri, 14 Nov 2008 17:06:22 GMT
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Motorists’ gas bills are down but instead of spending the money, they are putting it in the bank and paying debt.Fri, 14 Nov 2008 06:47:29 GMT
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President Bush defended free enterprise and warned foreign leaders ahead of a weekend meeting not to crush global growth with restrictive new rules.Fri, 14 Nov 2008 06:38:35 GMT
The Big Picture
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Fascinating chart via Jack Ablin of BMO: > I would modify Jack’s rule: In a bear market sell off, you want to buy for the trade in the 15-20% zone, not 5%. I haven’t backtested the reverse, but I would guess thats true too — selling into a 20% pop over the 200 day moving average in Bull [...]Fri, 14 Nov 2008 16:30:16 +0000
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No, not flooding — underwater in terms of owing more than the home is worth: “Twenty percent of Bay Area homeowners owe more on their mortgages than their homes are worth, according to a study being released today. This dubious distinction has entered the American lexicon as an all-too-familiar term - being underwater. As home values continue [...]Fri, 14 Nov 2008 15:00:36 +0000
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Which party is better for the stock market, Democratic or Republican? In this Demonstration, via Wolfram’s Mathematica, you can compare what would happen if you left an investment in the stock market (represented by the Dow Jones Industrial Average), but only during those times when either a Democratic or Republican president was [...]Fri, 14 Nov 2008 14:00:50 +0000
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This was from Monday: Marc Faber, managing director of Marc Faber Ltd. and publisher of the “Gloom, Boom & Doom Report,” and Charles Maxwell, an analyst for Weeden & Co., talk with Bloomberg’s Pimm Fox in New York about the outlook for the U.S. economy and stock market, Federal Reserve monetary policy and commodity prices. (Source: [...]Fri, 14 Nov 2008 14:00:47 +0000
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Yesterday’s Washington Post had a chilling article about the trillion dollars in bailout money. It is, lacking a better word, rogue — there is no real oversight committee or audit rules in place. The key watchdog roles remain unfilled. WaPo: In the six weeks since lawmakers approved the Treasury’s massive bailout of financial firms, the government has [...]Fri, 14 Nov 2008 13:24:19 +0000
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What a wild day on stock markets yesterday! At one stage the Dow Jones Industrial Average plunged to below 8,000 to a five-year intraday low, but staged a spectacular rally late in the session to close 553 points (6.6%) up on the day. The S&P 500 Index moved in tandem to finish the day 59 [...]Fri, 14 Nov 2008 13:17:40 +0000
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We just shifted to site caching last night. It eventually will lead to faster loading, but expect to see a slow loading the first few times you reload the front page or any tabs. More changes coming this weekend . . .Fri, 14 Nov 2008 11:59:33 +0000
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Treasury Secretary Henry Paulson defended the changes made to the $700 billion rescue plan aimed at helping consumers. He told the NewsHour he never expected it to lead to a quick recovery of bank lending. click for video > Source: JIM LEHRER INTERVIEW WITH HENRY PAULSON, SECRETARY OF THE TREASURY U.S. TREASURY DEPARTMENT THURSDAY, NOVEMBER 13, 2008 http://www.pbs.org/newshour/bb/business/july-dec08/paulson_11-13.html Interview TranscriptFri, 14 Nov 2008 11:53:07 +0000
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Here I am, seen diving back into the water: > As the photo reveals, I no longer diet. Instead, I am waiting to hit a specific high weight, at which point I will merely declare a 2 for 1 split. From Thursday’s Yahoo: At their intraday lows, the Dow was below 8000, while the S&P and Nasdaq were below [...]Fri, 14 Nov 2008 11:00:32 +0000
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Good Evening: As a witness in recent days to unambiguously bad economic news, increasingly poor earnings guidance from U.S. corporations, and heightened selling pressure in the U.S. stock market, I had a foreboding sense that today’s session would be both important and impactful. Jobless claims pierced above the 500,000 mark, Intel, Applied Materials, [...]Fri, 14 Nov 2008 06:15:21 +0000