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Federal Reserve Officials Continue To Warn Us About The Risks Of QE2

December 8, 2010

Real Time Economics (WSJ Blog) – Fed’s Lacker Warns QE2 Carries Risks The Federal Reserve’s efforts to expand its balance sheet by up to $600 billion in the coming months aren’t without risk, Richmond Federal Reserve President Jeffrey Lacker said Monday. “Further balance-sheet expansion now could require more rapid balance-sheet reduction later on,” Lacker said… Continue reading Federal Reserve Officials Continue To Warn Us About The Risks Of QE2

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China Is Buying Japan’s Debt

December 8, 2010

The Washington Post – China Purchases Japan’s Debt as Yen Beats Dollar, Euro China bought a net 262.5 billion yen ($3.1 billion) of Japanese bonds in October, the first time in three months the nation increased holdings of yen-denominated assets as that currency outperformed the dollar and euro. China purchased a net 231.9 billion yen… Continue reading China Is Buying Japan’s Debt

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Underwater Mortgages

December 8, 2010

The Wall Street Journal – Fannie, Freddie Pressed on Mortgages Federal officials estimate that 500,000 to 1.5 million homeowners could benefit from the program—a fraction of the estimated 11 million borrowers who were underwater as of June 30, according to CoreLogic Inc. That figure represents about 23% of all U.S. households with a mortgage.Industry executives… Continue reading Underwater Mortgages

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More Trouble For Bank Of America

December 8, 2010

The Washington Post – Bank of America settles municipal bond inquiry Bank of America will pay $137.3 million to settle allegations that it defrauded schools, hospitals and dozens of other state and local government organizations, federal officials said Tuesday. The settlement stems from a long-running investigation into misconduct in the municipal bond business that raises… Continue reading More Trouble For Bank Of America

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Cartoons

December 8, 2010

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European Debt Crisis

December 7, 2010

The Financial Times – Gideon Rachman: No escape from Europe’s debt woes This is the time of year when Europeans dream about escaping to somewhere sunnier. London last week offered an unattractive combination of freezing temperatures, Tube strikes and airport closures. To add to the usual seasonal discomforts, much of Europe is in the icy… Continue reading European Debt Crisis

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ECB Bond Purchases

December 7, 2010

<Click on chart for larger image> Zero Hedge (Blog) – ECB Buys A €2 Billion In Sovereign Bonds Last Week It is confirmed: last week’s incursion by the ECB in buying any and all offered Irish and Portuguese bonds is now in the history books. As the ECB reports, “in the week from Monday 29… Continue reading ECB Bond Purchases

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The Common European Bond

December 7, 2010

The Wall Street Journal – A Way Around European Bonds Angela Merkel wasted little time throwing a bucket of cold water on calls for the creation of common European bonds. The German chancellor was never going to agree to a proposal that would see her country’s taxpayers become responsible for the debts of every other… Continue reading The Common European Bond

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David Einhorn vs. Larry Meyer

December 7, 2010

Zero Hedge (blog) – Watch As David Einhorn Makes A Mockery Of One-Man Fed “Expert Network” Larry Meyer One of the Fed’s more arrogant former apparatchiks (of the “100% confidence” interval) Larry Meyer, currently at expert network Macroeconomic Advisors which is used by the likes of Pimco to get inside information on what the Fed… Continue reading David Einhorn vs. Larry Meyer

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J.P. Morgan Is The Mystery Buyer Of Copper

December 7, 2010

The Wall Street Journal – Big Bank Sitting On A Big Pile Of Copper J.P. Morgan Chase & Co. has emerged as the mystery buyer of more than $1 billion of copper, accounting for more than 50% of all the metal stored in official London warehouses and stoking worries about an impending supply shortage. The… Continue reading J.P. Morgan Is The Mystery Buyer Of Copper

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U.S. Government Sells Its Citi Shares

December 7, 2010

The Wall Street Journal – U.S. Unloads Citi Stake for a $12 Billion Profit The U.S. Treasury sold the last of its Citigroup Inc. common shares in a $10.5 billion offering that capped the government’s biggest bank bailout of the financial-market meltdown. The stock sale, which was finalized Monday evening, means taxpayers will reap a… Continue reading U.S. Government Sells Its Citi Shares

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Should We Add China To The List Of Countries That May Default?

December 7, 2010

Telegraph.co.uk (UK) – Ambrose Evans-Pritchard: China’s credit bubble on borrowed time as inflation bites The Royal Bank of Scotland has advised clients to take out protection against the risk of a sovereign default by China as one of its top trade trades for 2011. This is a new twist. China’s problem is that this is… Continue reading Should We Add China To The List Of Countries That May Default?