Video: China drives the euro http://t.co/L84jjATj
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Banking Lessons We Should Have Learned
From the New York Times: With the conclusion of last weekend’s Group of 7 proceedings in Istanbul, and the Group of 20 gathering last month, we offer our views on the realities we have faced — and those we have yet to confront — in relation to the banking system in the so-called developed world, [...]
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S&P/Case Shiller 20 MSA Index – Q2 2009 Looking Under the Hood at the Underlying Data
A Tale of Seven Cities The CS-20 MSA Index and its sub indices for the month of June 2009 led much of the financial marketplace to conclude the deterioration in home prices has come to an end. As we pointed out in our report of August 20, 20091, there is still a reasonable likelihood that [...]
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Haven’t We Been to this Show Before? (Note: Past Results are No Guide to Future Performance)
“There were fairly distinct indications, in last week’s stock market, that even professional Wall Street is getting back to a mood in which it will look at things as they are, and not necessarily as they would like them to be. Not much more than a month ago it was in that [latter] frame of [...]
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Reconstructing American Home Values
On a National Level, We are About 75% of the Way to Price Stability for American Homes, While Some Markets Have Overshot to the Downside Highlights One year ago, we projected that the U.S. housing market would decline from peak bubble-era levels by 28.2%. Although many observers thought we were overly pessimistic, it turns out [...]
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PIPP, PIPP, Hooray!
Today, at the behest of industry and a certain Congressional elements, the Financial Accounting Standards Board (FASB) is set to vote on the loosening of the so-called mark-to-market rules affecting banking institutions. This expected action has set off a global rally in the equity markets based on the specious notion the less transparency is a [...]
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Me Too! Look Ma, I can Earn a Positive Interest Spread with Fed Funds Near Zero and Bernanke Stomping on the Yield Curve! It’s gonna be OK, Really!
Highlights - The near daily announcements over the past two weeks, by money-center banks and finance companies, that they are making money this year on an operating income basis, have become borderline irresponsible relative to continued deterioration in value of the assets on their balance sheets and the continuing impact of a worsening recession. [...]
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The Housing Affordability and Stability Plan
Today’s announcement of aid to homeowners in order to reduce, or at least forestall, a rising wave of home foreclosures is welcome news for those able to benefit from the new initiative, as well as for the troubled US housing sector. There are both positive and negative attributes to the plan, which we have outlined below. On balance, however, the plan is a positive first step in stabilizing America’s housing market.
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Financial Stability Plan – Instant Comment
There is much to be admired in the Financial Stability Plan unveiled by Treasury Secretary Tim Geithner in his presentation this morning. His measured approach, although still lacking in detail, demonstrates a coolness under fire and his having stepped back to examine the forest while others are tangled amongst the trees.
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Stimulus Bill and Banking Crisis – Out of the Frying Pan and Into the Fire?
Further to our report of last week entitled “Inauguration, Aggregation and Aggravation,” we wanted to follow up on this week’s events in Washington regarding economic stimulus and the banking crisis.
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Inauguration, Aggregation and Aggravation
On the occasion of President Obama’s inauguration, we are publishing pieces on the two elements of the economy that we believe require the most urgent attention by the incoming administration – the unemployment crisis and, in this report, repair of the banking system.
