Empiric Student Property Share Discussion Threads

[briarberry] 09/10/2008 15:30

WTF !!!

In another attempt to loosen credit markets and restore confidence in the financial system, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, according to a media report.

[briarberry] 08/10/2008 18:18

TNX up 7%



people again questioning the creditworthiness of the USA ?

[briarberry] 08/10/2008 00:43

Oct. 7 (Bloomberg) -- California Governor Arnold Schwarzenegger may order lawmakers into emergency session to address a mounting deficit, two weeks after a record-long impasse ended with the Legislature over the budget.

``Revenue for the state is coming in lower than expected, so that is something that we may need to do,'' Schwarzenegger's press secretary Aaron Mclear said of the possibility of a special session.

[briarberry] 08/10/2008 00:41

WASHINGTON (AP) -- Consumer borrowing fell in August for the first time in more than a decade as households, battered by rising job layoffs and the decaying economy, cut back sharply on their use of credit.

[briarberry] 07/10/2008 14:09

*FED TO PURCHASE U.S. COMMERCIAL PAPER THROUGH NEW SPECIAL UNIT

[briarberry] 02/10/2008 00:26

Oct. 1 (Bloomberg) -- U.S. auto sales tumbled 27 percent in September as the credit crisis and slowing economy dragged the industry to its worst month since 1991

The annual sales rate was 12.5 million, a drop from 16.2 million in September 2007, Autodata said. U.S. yearly sales reached a record 17.4 million in 2000 and averaged 16.8 million this decade.




September sales result was far weaker than expected with overall sales dropping to an annual rate near 12.5 million vehicles, according to sales tracking firm Autodata Corp. That was down from August's sales rate of 13.7 million vehicles on an annual basis.

Unit sales of North American-made vehicles fell to an annual rate of 9.4 million, down from 10.4 million in August.

[briarberry] 01/10/2008 22:06

Financial crisis: US corporate defaults look set to spike

Corporate defaults appear set to spike. A leading junk bond index is trading at levels that reflect investors' expectations of a 10pc default rate over the next 12 months, according to Garman Research. Troubled borrowers are deluging banks with requests to amend loans to avoid default. But this is risky for banks.

[briarberry] 01/10/2008 20:03

lots of really bad economic numbers today...


Factory sector weakens to near seven-year low ISM drops unexpectedly to 43.5% in sharpest fall since 1984

[briarberry] 30/9/2008 12:54

backdoor bailout money for banks ???


The Fed announced a couple of mammoth increases to its existing alphabet soup programs today, increasing the currency swaps with FCBs to $620 billion from $290 billion. It also doubled the TAF to $300 billion, and announced a special series of 2 forward TAF auctions totaling $150 billion to tide the banking system over its year end requirements. Meanwhile the Treasury ostensibly completed its schedule for the week, announcing the 4 week bill auction and 3 more CMBs totaling $135 billion to fund the Fed's bailout needs. That brings to $143 billion the amount of new cash to be raised this week. It is not clear whether the Fed is doing enough outright pumping to offset the negative effects of the ongoing tidal wave of Treasury supply on the market.

[briarberry] 27/9/2008 22:51

Asia Needs Deal to Prevent Panic Selling of U.S. Debt, Yu Says

By Kevin Hamlin

Sept. 25 (Bloomberg) -- Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.

``We are in the same boat, we must cooperate,'' Yu said in an interview in Beijing on Sept. 23. ``If there's no selling in a panicked way, then China willingly can continue to provide our financial support by continuing to hold U.S. assets.''

An agreement is needed so that no nation rushes to sell, ``causing a collapse,'' Yu said. Japan is the biggest owner of U.S. Treasury bills, holding $593 billion, and China is second with $519 billion. Asian countries together hold half of the $2.67 trillion total held by foreign nations.

China, Japan, South Korea and others should meet soon to seal a deal, said Yu, a former academic member of the central bank's monetary policy committee. The talks should involve finance ministers, central bank governors and even national leaders, he said.

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The U.S. financial crisis had taught China a lesson and that was: ``Why are we piling up these IOUs if they may default?'' China's economic expansion strategy, which emphasizes export growth that has led to trade surpluses and the accumulation of $1.81 trillion in foreign-exchange reserves, is the main problem, said Yu.

``Our export-growth strategy has run its natural course,'' he said. ``We should change course.''

China should stop intervening in the foreign currency markets and thus allow rapid appreciation of the yuan, he said. While this would cause pain for exporters, China could ease the transition by using its strong fiscal position to aid those who lose their jobs. It also should stimulate domestic demand to offset lower income from overseas sales.

Without yuan appreciation, China will continue to accumulate foreign reserves, which means further accumulating ``IOUs from the U.S.,'' said Yu. ``This is paper and it may default and it will not increase China's national welfare.''

[briarberry] 26/9/2008 15:55

In the largest bank failure in U.S. history, Washington Mutual Inc. succumbed Thursday to the fallout from the subprime mortgage crisis, was seized by federal regulators and rapidly acquired by J.P. Morgan Chase for $1.9 billion.

(down 90% today)

[briarberry] 25/9/2008 21:06

FDIC May Need $150 Billion Bailout as More Banks Fail

[briarberry] 25/9/2008 21:05

House clears $25bn for carmakers
By Bernard Simon in Toronto - September 25 2008 00:36

The House of Representatives on Wednesday approved a $25bn package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital ­markets.

The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.

[briarberry] 25/9/2008 16:14

New home sales plunged 11.5 percent in August to a 460,000 annual unit rate. The year-on-year decline stands at 34.5 percent.

[briarberry] 24/9/2008 22:53

Bail-out cost 'impossible' to estimate
By James Politi in Washington - September 24 2008 15:46

The cost of the Treasury plan to save the US financial system from collapse cannot be estimated because it is too vague, Peter Orszag, head of the Congressional Budget Office, told legislators on Wednesday.

At a hearing before the House budget committee, Mr Orszag said: "The secretary (H. Paulson) would have the authority to purchase virtually any asset, at any price, and sell it at any future date; the lack of specificity regarding how that authority would be implemented makes it impossible at this point to provide a quantitative analysis of the net cost to the federal government."

[briarberry] 24/9/2008 16:48

National Association of Realtors - Existing Home Sales

The year-on-year decline of 9.5 percent is the most severe yet for the median price, now at $203,100. The month-on-month drop, at 3.4 percent, is the steepest of the year.

[briarberry] 24/9/2008 15:35

oil - down 1.5

gasoline - down 5.9

distillate - down 4.2

Total Stocks (Incl SPR) 1,650.6 1,669.9 total down - 19.3 (down about 9 supertankers worth)

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) decreased by 1.5 million barrels from the previous week. At
290.2 million barrels, U.S. crude oil inventories are in the lower half of the
average range for this time of year. Total motor gasoline inventories decreased
by 5.9 million barrels last week, and are below the lower boundary of the
average range. Both finished gasoline inventories and gasoline blending
components inventories decreased last week. Distillate fuel inventories fell by
4.2 million barrels, and are in the lower half of the average range for this
time of year. Propane/propylene inventories increased by 0.1 million barrels
last week but remain below the lower limit of the average range. Total
commercial petroleum inventories decreased by 17.9 million barrels last week,
and are below the lower boundary of the average range for this time of year.

[briarberry] 24/9/2008 11:37

Let's Play "WALLSTREET BAILOUT" (link from the gold thread)

Rep. Marcy Kaptur of Ohio to Congress






Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter (Wall St. wants total control over the taxpayers bailout money)

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

[briarberry] 23/9/2008 13:53

The FDIC tries to boost confidence in bank deposits, prevent runs...


FDIC Rolls out Deposit Insurance Awareness Campaign

"For 75 years, no one has ever lost a penny of insured deposits," said FDIC Chairman Sheila Bair

[briarberry] 22/9/2008 23:52

Apparently withdrawals from money market funds have now returned to normal levels after the run last week...


In the biggest crisis to hit the money-market industry, investors withdrew $85.4 billion the day after the Reserve Primary Fund broke the buck, according to Money Fund Report. Redemptions were $$47.7 billion the following day.

[briarberry] 22/9/2008 23:48

According to Mish's list, the total for all the bailouts has now reached $1.8 Trillion...


The size of the bailout is growing by leaps and bounds. Inquiring minds are asking A $1.8 Trillion Bailout: Where the Money's Going?

big list:

[briarberry] 22/9/2008 20:07

U.S. Treasury Widens Scope of Plan to Buy Bad Debt - By Dawn Kopecki

Sept. 21 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.

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The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.

[briarberry] 19/9/2008 16:31

*DJ Paulson: Mtge-Buying Program To Be Hundreds Of Blns Of Dlrs