| Welcome to the World of Dr. FrankenFinance!
Many of the large institutions that are the bellwethers of industry (certain industries, at least) are the victims of Dr. FrankenFinance. Due to the machinations of Doctorates of Philosophy (PhDs), who are much smarter than I am (academically at least), there has been an explosion of financial activity in the past decade. From off balance sheet structures to insured debt, to the securitization and sale of balance sheet liabilities, these doctors (known in today's parlance as financial engineers) have enabled companies to do what just a decade or two before had been considered impossible and just the stuff of fantasy. But wait, did they truly weave magic? Or was it the result of financial alchemy? Or was it just pure, old fashioned math? Well, whatever it was considered in its creation, it can now be now considered...
Lame Duck'' citizens and the global economy
The fact remains that people are reluctant to utter the word ''depression'', and therefore all we are left with are the words of all those experts who created the mess in the first place. by Pablo Ouziel (UN Observer) In regards to our "global economy", one is better off reading Dostoevsky's "The Gambler" and saying to himself, "at the present moment I must repair to the roulette-table", than listening to George Bush deluding himself about the fact that "while there is some uncertainty, the financial markets are strong and solid." The truth is, our global markets have become a "lame duck" and all we can do is wait for the next disaster to shake the corrupt foundation on which things have been run. As Hugues Rialan, managing director in charge of discretionary asset management at Robeco France puts it, 'if they [financial institutions] had a much more transparent communication, we would not have all the bombshells, or rumors of bombshells, that we're having today, with all the negative implications for the market.' The fact remains that people are reluctant to utter the word "depression", and therefore all we are left with are the words of all those experts who created the mess in the first place.
What's $250K between acquaintances?
Mr Fraser was arrested over an incident near Port Macquarie on Boxing Day. Police allege he entered a property at Pappinbarra and argued with his alleged victim, George Grue, over stolen property. Mr Fraser then allegedly pulled a shortened .22-calibre rifle out of his backpack and fired at Mr Grue, missing him by just 50cm. Police allege Mr Fraser was reloading the weapon when Mr Grue charged at him. They allege Mr Fraser shot at Mr Grue for a second time, but missed again. He then allegedly reloaded for a third time but the gun jammed and he left the property. Police facts tendered in court claim Mr Grue and several of his friends did not report the incident immediately. Instead they waited on the property for two days before driving into a nearby town for groceries and other supplies. When Mr Grue drove back to the property, the tyres on his vehicle were punctured by home-made road spikes.
Surprising Few, Italy’s Government Collapses
After the government fell briefly in February 2007, it collapsed fatally on Monday, after Mr. Prodi's former justice minister, Clemente Mastella, withdrew the three votes he controlled in the Senate. That left Mr. Prodi without a majority there. But rather than resign immediately, Mr. Prodi, 68, a former economics professor and European Commission president, demanded confidence votes in the two houses of Parliament. Although he won a vote in the lower chamber on Wednesday, it seemed unlikely from the start that he could ultimately survive. So the confidence votes turned into something like a two-day wake, with Mr. Prodi whose sober and high-minded demeanor is often compared to that of a parish priest presiding over his own government's funeral. On Thursday he told senators it was not "stubbornness" that caused him to press the confidence votes, but a desire to underline publicly each lawmaker's responsibility to make reforms that he said were "urgently needed." He strongly defended his government's accomplishments, including a modest increase in economic growth starting from zero and said Italy needed "continuity" to make real change.
Super Farmer from Canada writes: The Skipper from Canada writes: Yes ...
The Edmonton marketplace has seen contractors hoard in foundations and board up half completed homes with plywood. The condo market is way overbuilt, henced overpriced and your seeing condos now being offered for rent. Your seeing cribbers and framers getting laid off and they are heading back east.
Yes, the 1980s are back again in Alberta ! Good ole 'Recession.' Posted 21/01/08 at 10:42 AM EST | Alert an Editor | Link to Comment .
Cullman area seems to buck national real estate trend
The reality of realty is not as bleak locally as recent national news headlines suggest, according to area real estate professionals who say the Cullman housing market is strong."It's been a little slow, but it's not nearly what the national media makes us think that it is," said Cindy Dyer of Crye-Leike Realty Inc. in Cullman.The cover of the Sept. 24 edition of Time suggested otherwise. The magazine posed this question: "Will the real estate bust cause a recession?" Less than a month earlier, in the magazine's Aug. 27 issue, the cover promoted a story on "How Wall Street caused the housing mess."According to the Sept. 24 article, the average home sits on the market for 9.6 months, more than twice the time it took to sell a house two years ago.However, Rita Tucker, broker and co-owner of Alabama First Realty, said this is hardly the case in Cullman.
Obama fighting false e-mail rumors in South Carolina
But getting that message across has been difficult for his campaign in South Carolina, even after he said he was a Christian in a nationally televised debate in Las Vegas last week, in response to a question about the e-mails. Mike Putnam, 60, a retired entrepreneur from Shelby, said he remained uncertain about Obama's religion. "The only thing I can stand here and tell you tonight is I have heard he's a Muslim, and I heard him say on TV the other night he was a Christian," he said. "How do I know? I haven't done a background check on him for his religion." Not all voters who received the e-mails assumed they were factual. Donna Caskey, a 61-year-old retired schoolteacher from Lancaster who is leaning toward voting for Edwards, said that when she received one from a friend, she turned to the Internet to figure out whether it was true.
Obama will move the country forward
With the storm clouds of an economic slowdown looming, the wars in Iraq and Afghanistan raging, an aging Supreme Court and America's reputation abroad battered due to the actions of the current administration, America needs a president who thoughtfully applies wisdom, counsel, logic and temperance to the weighty issues he will surely face. I believe Barack Obama is the only candidate in this race who has these qualities and will move our country forward.Connie Welsh lives in Rancho Vista Estates.
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SATURDAY CLOCKWATCH
Earlier Manchester United went top with an easy 4-0 win over Wigan at Old Trafford. Up in Scotland, Rangers suffered a shock home 1-0 defeat to Hibernian, who now go top of the SPL ahead of Celtic, who play tomorrow. In the day's other games Hearts brushed aside Falkirk 4-2, Dundee United got back on track with a 1-0 win over Motherwell while Kilmarnock and Inverness drew 2-2. In the Championship, leaders Watford secured an impressive 3-1 victory at Scunthorpe to extend their lead at the top to four points over Charlton, who were held 1-1 by Barnsley. Third placed West Brom lost an entertaining clash 3-2 against Southampton while there were also wins for Cardiff, Ipswich, Leicester, Stoke and Wolves. Dropping into League One and the new leaders are Tranmere after they toppled Southend 2-1 in the big game at Roots Hall.
Big, Bad, Bucking Bankrate
Shares of Bankrate bucked yesterday's downward trend, climbing 4% after the company posted better-than-expected third-quarter profits. (Contrast that to last quarter's earnings announcement, after which shares of Bankrate fell 7%.) Earnings quadrupled to $0.28 a share during the quarter, or $0.39 a share once you back out stock-based compensation expenses. On that adjusted basis, analysts expected a profit of $0.35 a share. Bankrate is a lead generator for the financial-services industry. With credit tight and money tighter, this would seem to be a lousy time to get on a bullhorn and pitch interest-related products. You see that in the online lending industry, where specialists like Popular's (Nasdaq: BPOP) E-Loan and IAC/InterActiveCorp's (Nasdaq: IACI) Lending Tree are struggling.
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