- Meredith Whitney Offers Measured Hope To Brown Youth, Professes To Hate Coed Bathrooms – Dealbreaker
When is Dartmouth going to put me on its cover? You know, I was all set to go to Brown too but the whole co-ed bathroom thing freaked me out a little too. Kind of schizo going from Brown to Dartmouth i.e. extremely liberal to generally conservative. Whitney seems like a Dartmouth kind of gal more than a Brown type.
- FT.com – Capital raisings bring BofA closer to target
“BofA says it has come up with almost $26bn towards the $33.9bn that the US government ordered it to raise following completion of the “stress tests”.”
- Bradford & Bingley, the delinquent bank – FT Alphaville
It looks like even the government doesn’t mind reneging on promises to pay coupons. The reason banks are nationalised is to prevent this sort of thing.
- FT.com – JPMorgan warns on credit card woes
Yves Smith thinks the timing of this announcement is quite suspicious – a way of defusing the news regarding JPM’s $29 billion write-up announcement earlier in the week. “Jamie Dimon, JPMorgan Chase chief executive, warned on Wednesday that loss rates on the credit card loans of Washington Mutual, the troubled bank acquired last year by JPMorgan, could climb to 24 per cent by the year end.”
- FT.com – Samberg to close fund after probe reopens
Samberg is a Barron’s roundtable member.
- At Last, Someone to Stand up for the White Man! – Matthew Yglesias
Hat tip Scott. I like the Cato Institute but their vociferous opposition to Sotomayor has been lacking in substance. Yglesias points this out. I should also mention that Obama’s record on civil liberties has been rather mixed.
- Pathology of Section 363 Sales (Not as Simple as They Look) – FindLaw
This was an article written in 2004. Yet it has great significance with GM on the verge of bankruptcy.
- FDIC’s List of Problem Banks Continues to Grow – Real Time Economics
Evidence that the banking crisis is not over despite the panic phase having past
- German Subprime Meltdown?? Interview With Achim Dübel – Chris Whalen
Very good piece. Obviously, I have been talking about these things quite a bit myself. Generally, I think the worst in terms of crisis is behind us regarding German bank exposure to U.S. assets. It is Eastern European assets that are equally problematic.
- Honey, I’m Done with the Whole Treasuries Thing – Paul Kedrosky
The steepness of the yield curve has got to be worrying. It is certainly a harbinger of better times ahead but it has the makings of a double dip. Higher bond yields are sure to crush any recovery we see. In fact, they could stop recovery from even happening.
- Hyperbole watch, Bloomberg edition – Felix Salmon
Felix has picked up on the clear hyperbole coming from Marc Faber. I tend to think Faber half believes this stuff because he has the ideological bent. But even Faber is realist enough to admit the U.S. is not Zimbabwe. Why then does Bloomberg write an article with that title?
- Marc Faber: Hyperinflation coming to the USA – FT Alphaville
The picture of the guy paying for dinner with the stacks of bills is hilarious
- The Perma-Bear Cult in Markets – Paul Kedrosky
I get this 100%: “They express contempt for second derivative economic improvement and never or rarely ever see prosperity. They view seeds of recovery as Superman saw Kryptonite and extrapolate economic/stock market weakness to the extreme. And they never ever or rarely make money.”