Comment Jim Bianco was on Yahoo Finance yesterday previewing Bernanke’s testimony. To view the interview click on the image above. To view any of our recent interviews click here. MarketWatch – Will QE3 save us from another recession? With an economy teetering on another recession and stagnant economic growth — among other problems — there… Continue reading Bernanke Speaks Today
Bloomberg.com – Fed Shifts Focus to Jobs as Unemployment Stalls Above 8% Joblessness is the blemish on Ben S. Bernanke’s report card. Since the recession ended in June 2009, the Federal Reserve chairman has achieved inflation near his target of 2 percent, bolstered capital across the banking system and helped underpin confidence in the U.S.… Continue reading The Federal Reserve Focuses On Jobs
The Wall Street Journal – Bank of England’s King Testifies on Libor Bank of England Governor Mervyn King said Tuesday that the U.K. central bank had no evidence that banks were deliberately misreporting their borrowing costs in 2008. Mr. King told lawmakers on a parliamentary panel that scrutinizes economic policy that neither the Bank of… Continue reading LIBOR Testimony
MarketBeat (WSJ Blog) – Economy Hitting ‘Stall Speed,’ Again Another disappointing retail sales report prompted some economists to cut the second-quarter U.S. GDP again. Stephen Stanley, chief economist at Pierpont Securities, now sees 0.6% growth rather than 1% previously predicted. ”As you can see, I am running out of room with regard to being above… Continue reading GDP Forecasts Take A Hit
The Financial Times – Lex: Banks: spark needed Few would dare say it out loud, but what many developed countries could use right now is a mini credit boom fuelled by leveraged banks. The current approach to fixing the global banking sector is designed to prevent another banking crisis. It is the reverse of what… Continue reading A Call For More Leverage
The Wall Street Journal – Senate Probe Faults HSBC Executives of HSBC Holdings PLC ignored warnings for years that the bank’s far-flung operations were being used by money-launderers and potential terrorist financiers, according to a Senate investigation. The findings will be aired Tuesday when senior HSBC officials are scheduled to testify before a Senate subcommittee… Continue reading Can The Banking Industry Make It 24 Hours Without A New Scandal?
None Today
<Click on chart for larger image> The Telegraph (UK) – Fed fiddles as America slides back into recession The Economic Cycle Research Institute in America has doubled down on its recession call. A fresh US slump is not just a risk any longer. It has already begun. Output slowed to stall speed over the winter.… Continue reading The Weakening Economy
<Click on chart for larger image> The Financial Times – Food crisis fears as US corn soars Is the world on the brink of another food crisis? It has become a distressingly familiar question. With the price of agricultural staples such as corn, soyabeans and wheat soaring for the third summer in five years, the… Continue reading Look Out For A Food Crisis
Bloomberg.com – New York Fed Says It Knew Barclays Underreported Libor The Federal Reserve Bank of New York became aware that Barclays Plc was underreporting borrowing costs for the London interbank offered rate in April 2008, according to documents released after U.S. lawmakers demanded information about the rate-rigging scandal. A Barclays employee explained to a… Continue reading More On LIBOR
The Wall Street Journal – Europe’s Bank Shifts View on Bond Losses The European Central Bank, in a sharp turnaround, advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks—though finance ministers have for now rejected the approach, according to people familiar with discussions. The ECB’s new position… Continue reading European Banks
The Wall Street Journal – A Dip Into J.P. Morgan’s Cookie-Jar Quarter Investors in J.P. Morgan Chase had a whale of a time Friday as the bank’s shares surged. But its earnings showed yet again why investing in big U.S. banks can be so frustrating. The bank’s nearly $5 billion, second-quarter net profit blew past… Continue reading More On J.P. Morgan