Monthly Archives: October 2008

October 31, 2008

• Bankruptcies and Plant Closings Rising in China
  by Yves Smith 11:04 pm

• A Page From Japan’s Playbook? Bernanke Proposes "Floor" Under MBS Market
  by Yves Smith 3:59 pm

• Investment Banks Hoist on 2005 Bankruptcy Law Changes Petard
  by Yves Smith 9:00 am

• Links 10/31/08
  by Yves Smith 3:47 am

• AIG Arbitrages the Fed Via Its New Commercial Paper Program
  by Yves Smith 2:26 am

• Could Junk Bond Defaults Reach 20%?
  by Yves Smith 1:23 am

• Mirabile Dictu! Wall Street May Start to Rein in Compensation
  by Yves Smith 12:16 am

October 30, 2008

• New Mortgage Recue Proposal to Kick Can Down the Road a Few Years
  by Yves Smith 11:43 pm

• SF Fed’s Yellen Troubled by Economic Data, Pushes Mortgage Aid
  by Yves Smith 3:19 pm

• Links 10/30/08
  by Yves Smith 1:04 am

• Cuomo Prepares to Embarrass Banks Over Top Level Pay
  by Yves Smith 12:00 am

October 29, 2008

• "Fears mount in Japan over complex yen products"
  by Yves Smith 11:04 pm

• Is the "Commodities as Anti-Dollar" Trade Back?
  by Yves Smith 10:03 pm

• JP Morgan Under Criminal Investigation for Jefferson County, Other Swaps
  by Yves Smith 4:29 pm

• Fed Establishes New IMF Facility. Dollar Swap Lines with Brazil, South Korea, Mexico, and Singapore
  by Yves Smith 3:05 pm

• Money Market Rates Still Improving, Albeit Slowly
  by Yves Smith 8:27 am

• Links 10/29/08
  by Yves Smith 2:16 am

• How Credit Default Swap Settlements Are Draining Liquidity From Interbank Market
  by Yves Smith 1:29 am

• Treasury Handouts Focus on Strongest Banks, Forcing Weaker to Fail or Sell
  by Yves Smith 1:22 am

• Despite Fall in Yen, Risk for Emerging Markets Not Over
  by Yves Smith 12:11 am

October 28, 2008

• Credit Card Lenders Clamp Down Hard
  by Yves Smith 10:50 pm

• Dow Up 890 After Ten-Times Increase in Commercial Paper Sales
  by Yves Smith 3:27 pm

• Dollar Falls on Rate Cut Expectations as High as 75 Basis Points
  by Yves Smith 10:14 am

• More on Trade Woes: "Firefighters better scramble to save letters of credit"
  by Yves Smith 9:27 am

• More Improvement in Money Market Conditions
  by Yves Smith 7:48 am

• Links 10/28/07
  by Yves Smith 4:22 am

• Emerging Markets Capital Flight Exacerbated By Goldman and Morgan Stanley Becoming Banks
  by Yves Smith 3:52 am

• Stephen Roach Needs to Read the Fed’s Website
  by Yves Smith 3:36 am

• Confirmation of the Role of Financing Difficulties in Collapsing Trade Volumes
  by Yves Smith 2:31 am

• Euro Area May Suffer as Emerging Markets Tank
  by Yves Smith 12:36 am

October 27, 2008

• Iran to Barter Oil for Thai Rice
  by Yves Smith 3:38 pm

• Fed Commercial Paper Program Raises Rather Than Lowers Borrowing Rates
  by Yves Smith 10:41 am

• Links 10/27/08
  by Yves Smith 2:30 am

• Another Bad Day Dawns in Asia
  by Yves Smith 2:10 am

• Morgan Stanley Spent $23 Billion to Shore Up Money Market Funds
  by Yves Smith 1:47 am

October 26, 2008

• Financial Crisis Hits Gulf States
  by Yves Smith 9:02 pm

• Goldman Sought to Merge with Citi
  by Yves Smith 8:15 pm

• Berlin Warns Financial System Still At Risk of Collapse
  by Yves Smith 4:47 pm

• Links 10/26/08
  by Yves Smith 3:10 am

• "Currency crisis is gathering storm"
  by Yves Smith 3:03 am

October 25, 2008

• Real Economy Crunch Arrives: Layoffs Rise Sharply
  by Yves Smith 11:54 pm

• Bailout/Bloodbath Burnout?
  by Yves Smith 10:26 pm

• Links 10/25/08
  by Yves Smith 2:45 pm

• Managing Down "Bretton Woods" Expectations
  by Yves Smith 1:33 am

• China Launches Salvo Against Dollar Hegemony (Updated)
  by Yves Smith 12:00 am

October 24, 2008

• Libor Rises and Bank Stress Measures Worsen
  by Yves Smith 7:03 am

• Bloodbath
  by Yves Smith 5:44 am

• OPEC to Cut November Production by 1.5 Million Barrels
  by Yves Smith 4:43 am

• The Black Hole Grows: AIG Says it May Need Even More Money
  by Yves Smith 3:44 am

• Links 10/24/08
  by Yves Smith 3:00 am

• Taiwan Insurers Directed to Limit Holdings of Agency MBS
  by Yves Smith 12:14 am

October 23, 2008

• Having an Ugly Day in Asia
  by Yves Smith 11:19 pm

• UK: Consumers Cut Spending on Food
  by Yves Smith 8:21 pm

• Baltic Dry Index Continues to Fall, Now 90% Below May Level, Ships Sitting Idle
  by Yves Smith 5:03 pm

• Russia Considering Establishing Oil Reserve to Influence Prices
  by Yves Smith 4:38 pm

• Roubini Foresees Possible Market Shutdown
  by Yves Smith 4:17 pm

• Foreclosure Filings Rise 71% 3Q 2008 vs. 3Q 2007
  by Yves Smith 8:35 am

• Links 10/23/08
  by Yves Smith 4:22 am

• CDS Too Risky for CME Trading, Key Members Say
  by Yves Smith 3:37 am

• Greenspan Shrugged, Now Says Regulation is Necessary
  by Yves Smith 1:12 am

• Troubling Details in NYT Account of Official Response to Financial Crisis
  by Yves Smith 12:39 am

October 22, 2008

• S&P: "We’d Do a Deal Structured by Cows" And Other Rating Agency Dirty Linen
  by Yves Smith 3:00 pm

• Regional Banks Post Large Loan Losses
  by Yves Smith 9:32 am

• Wipeout! Wachovia Posts $23.7 Billion Quarterly Loss
  by Yves Smith 7:19 am

• Mixed News on Credit Crunch Front: Libor Continues to Improve, but CDO Worries Worsen
  by Yves Smith 6:42 am

• Links 10/22/08
  by Yves Smith 5:57 am

• Is Another Emerging Markets Crisis in Motion?
  by Yves Smith 4:41 am

• Bretton Woods 2, R.I.P.
  by Yves Smith 3:47 am

• Currency Bets Gone Bad Hit Companies in Developing Economies
  by Yves Smith 3:43 am

• Oil Falls as Demand Worries Outweigh Prospects of OPEC Cut
  by Yves Smith 12:45 am

October 21, 2008

• Now It’s Official: Hedge Funds Had a Lousy September
  by Yves Smith 9:25 pm

• Fed Provides $540 Billion Prop to Money Funds After a Week of Record Inflows
  by Yves Smith 7:12 pm

• Good and Not-As-Good News on the Money Market Front
  by Yves Smith 7:05 am

• Links 10/21/08
  by Yves Smith 3:34 am

• Emerging Markets Banks Hoist on Foreign Borrowing Petard
  by Yves Smith 3:05 am

• It Isn’t Over Until the Fat Lady Sings
  by Yves Smith 2:40 am

October 20, 2008

• Consumers’ New Found Embrace of Savings Will Make for a Nasty Downturn
  by Yves Smith 11:06 pm

• Willem Buiter: "We are laying the foundations of the next systemic crisis"
  by Yves Smith 8:59 pm

• Loan Market Suffering Sharp Writedowns
  by Yves Smith 8:03 am

• Despite Early OPEC Meeting, Some See Even Lower Oil Price Near Term
  by Yves Smith 4:21 am

• Executives Selling Shares to Meet Margin Calls
  by Yves Smith 2:41 am

• Even Silicon Valley And Hollywood Hit by Slowdown (Updated)
  by Yves Smith 1:31 am

October 19, 2008

• Links 10/20/08
  by Yves Smith 11:48 pm

• China’s Growth Slows to 9%, Below Expectations
  by Yves Smith 11:45 pm

• We Are on SBS "Insight" in Australia on Tuesday
  by Yves Smith 10:45 pm

• Links 10/19/08
  by Yves Smith 3:39 am

• Steve Waldman on Good and Bad Financial Innovation
  by Yves Smith 3:23 am

• Another Hedge Fund Casualty: Japanese Banks via "Floaters"
  by Yves Smith 2:27 am

• South Korea Guarantees $100 Billion in Bank Debt
  by Yves Smith 1:59 am

• How Lehman Blew Up the City of London
  by Yves Smith 12:39 am

October 18, 2008

• Links 10/18/08
  by Yves Smith 2:26 am

• "Some Curious Parallels with the 1930s"
  by Yves Smith 1:40 am

• "Britain faces deflation for first time since 1960"
  by Yves Smith 12:17 am

October 17, 2008

• Finally, A Meaningful Improvement in the Money Markets
  by Yves Smith 2:04 pm

• AIG: The Never-Ending Bailout
  by Yves Smith 2:03 pm

• Links 10/17/08
  by Yves Smith 2:11 am

• Bailout Plan Drives Up Mortgage Rates
  by Yves Smith 1:39 am

October 16, 2008

• A Chicken Bailout in Every Pot (Monoline Edition)
  by Yves Smith 10:32 pm

• AIG Asset Sales Going Slowly
  by Yves Smith 6:08 pm

• Renminbi to Fall Next Year?
  by Yves Smith 5:04 pm

• Iceland Defaults Triggering More CDO Woes
  by Yves Smith 4:46 pm

• Russian Banking System Teetering, Accelerated Withdrawals Underway
  by Yves Smith 3:31 pm

• VIX Spikes to New Record as Fall in Stocks Resumes (Update: And Then Reverses)
  by Yves Smith 10:20 am

• Baltic Dry Index Falls Another 10.7%, Down Nearly 86% From May
  by Yves Smith 8:23 am

• Consumer Prices Flat in September
  by Yves Smith 8:00 am

• Money Market Rates Again Show Only Slight Improvement
  by Yves Smith 7:52 am

• Citi Posts $2.8 Billion Loss; Merrill, $5.1 Billion
  by Yves Smith 7:35 am

• Links 10/16/08
  by Yves Smith 2:31 am

• US Hedge Fund Withdrawals Reach $43 Billion in September
  by Yves Smith 1:51 am

• UBS Transferring $60 Billion in Dud Assets to Swiss National Bank, Raises $5.3 Billion
  by Yves Smith 12:54 am

• Quelle Surprise! Experts Now Say Home Prices Far From Bottom
  by Yves Smith 12:26 am

October 15, 2008

• Cuomo Seeks to Claw Back AIG Bonuses
  by Yves Smith 10:36 pm

• Nikkei Falls Nearly 10%, Asian Markets Tank on Opening
  by Yves Smith 9:34 pm

• Dow Falls 730 on Deteriorating Fundamentals, Evidence Rescue Efforts Not Taking Hold (Updated)
  by Yves Smith 4:04 pm

• Banks and "Innocent Fraud"
  by Yves Smith 9:07 am

• Links 10/15/08
  by Yves Smith 3:31 am

• A Chicken Bailout in Every Pot (Car Loan Edition)
  by Yves Smith 2:05 am

October 14, 2008

• Now It’s Official: Treasury Can’t Influence How Banks Use Cash Infusion
  by Yves Smith 11:54 pm

• Paulson vs. Bank Execs: Who is Telling the Truth?
  by Yves Smith 11:47 pm

• Baltic Dry Index Falls Nearly 20% in Two Days
  by Yves Smith 11:02 pm

• Little Sign of Relief in Interbank Markets Despite Massive Intervention
  by Yves Smith 4:27 pm

• Only One in Five Americans Trust Banks
  by Yves Smith 2:22 pm

• Money Markets Still Stressed; Analyst Forecasts Only Small Decline in Three Month Euro Rates
  by Yves Smith 4:23 am

• Links 10/14/08
  by Yves Smith 4:18 am

• Charlie Munger: Leash and Collar Wall Street
  by Yves Smith 4:01 am

• George Magnus on the Economic Outlook
  by Yves Smith 1:20 am

• Commodities Continue to Tank
  by Yves Smith 12:33 am

October 13, 2008

• Bloomberg: Treasury Forces Nine Banks to Sell Perpetual Preferred to TARP
  by Yves Smith 7:45 pm

• WSJ Provides Sneak Preview of Treasury Bank Salvage Operations
  by Yves Smith 4:52 pm

• Roubini: Not Out of the Woods, Significant Risks Remain
  by Yves Smith 4:46 pm

• Mitsubishi Agrees Revised Terms on $9 Billion Investment in Morgan Stanley
  by Yves Smith 7:45 am

• "Fed Leads Unprecedented Push by Central Banks to Flood Market With Dollars"
  by Yves Smith 7:33 am

• Paul Krugman Receives 2008 "Nobel Prize in Economics"
  by Yves Smith 7:11 am

• Links 10/13/08
  by Yves Smith 1:00 am

October 12, 2008

• Rush to Put OTC Commodity Derivatives on Exchanges
  by Yves Smith 11:59 pm

• Spreads for Credit Cards and Auto Loans Widen Sharply
  by Yves Smith 11:38 pm

• Soros: "How to capitalise the banks and save finance"
  by Yves Smith 11:14 pm

• US to Protect Mitsubishi Investment in Morgan Stanley
  by Yves Smith 10:10 pm

• Officialdom to Close the Leverage Gate Now That the Horse is in the Next County
  by Yves Smith 7:23 pm

• Mitsubishi and Morgan Stanley Renegotiating Mitsubishi Equity Purchase
  by Yves Smith 5:30 pm

• Initial Vote of Confidence in EU Announcement: Euro Rallies
  by Yves Smith 5:04 pm

• EU Leaders Agree to Guarantee Bank Borrowings, Prevent Failures (Updated: Inject Capital Too)
  by Yves Smith 2:54 pm

• Good and Bad News on Lehman Credit Default Swap Settlement
  by Yves Smith 2:43 pm

• DTCC Claims Lehman Credit Default Swap Worries Overblown, Net Payments Only $6 Billion
  by Yves Smith 7:50 am

• Links 10/12/08
  by Yves Smith 1:10 am

October 11, 2008

• IMF Warns of Systemic Meltdown
  by Yves Smith 9:25 pm

• "State to save HBOS and RBS"
  by Yves Smith 5:26 pm

• Germany Relents, Drafting Plan for Bank Rescue Facility
  by Yves Smith 4:37 pm

• Links 10/11/08
  by Yves Smith 3:34 am

• A Departure From Our Usual Programming
  by Yves Smith 3:01 am

• Why European Banks Look Precarious
  by Yves Smith 2:02 am

• "Are Central Banks Making Libor WORSE?"
  by Yves Smith 12:14 am

October 10, 2008

• MetLife Ratings Review May Have "Material Adverse Impact"
  by Yves Smith 11:36 pm

• Spreads on Freddie and Fannie Mortgage Spread Exceed Pre-Conservatorship Level
  by Yves Smith 3:17 pm

• Monster Stock Reversal on Reports of Treasury Moves to Tame Libor
  by Yves Smith 2:53 pm

• UK: Financial System Close to Collapse; Italy Breaks on "Weak" G7 Draft
  by Yves Smith 2:17 pm

• Are Hedge Fund Margin Calls Leading to Stock Rout?
  by Yves Smith 2:00 pm

• Lehman CDS Final Settlement: Payout of 91.375
  by Yves Smith 1:53 pm

• US Seeks New Short Sale Restrictions
  by Yves Smith 12:31 pm

• Initial Lehman CDS Auction: 90 Cents on the Dollar, Worse Than Forecast
  by Yves Smith 10:56 am

• "Temporary full state ownership is only solution:
  by Yves Smith 8:17 am

• Three Month Dollar Libor Increases
  by Yves Smith 7:38 am

• Links 10/10/08
  by Yves Smith 3:05 am

• European Markets Open With A Crash
  by Yves Smith 2:31 am

October 9, 2008

• US Considering Backing Bank Debt
  by Yves Smith 11:44 pm

• Morgan Stanley Put on Watch for Possible Downgrade by Moody’s (Update: Goldman on Negative Outlook)
  by Yves Smith 11:23 pm

• International Trade Seizing Up Due to Banking Crisis (Updated)
  by Yves Smith 11:12 pm

• Roubini Warns of Possible Systemic Meltdown, "Severe Global Depression"
  by Yves Smith 9:35 pm

• Rout Continues in Asia
  by Yves Smith 8:58 pm

• We Chat on Bloggingheads with Daniel Gross on the Credit Crisis
  by Yves Smith 5:46 pm

• Citi Abandons Wachovia Bid, Still Suing Wells for Damages
  by Yves Smith 5:28 pm

• Dow Tanks 680 to Below 9000; Investors Fleeing Mutual Funds
  by Yves Smith 4:12 pm

• IMF Activates Emergency Facility to Support Countries
  by Yves Smith 3:03 pm

• Price on LBO Loans Falling Due to Pressure From Iceland Liquidations
  by Yves Smith 2:54 pm

• MetLife, XL Capital Credit Default Swaps Trading at Distressed Levels
  by Yves Smith 1:55 pm

• Money Markets Still Frozen, Dollar Libor Reaches New High
  by Yves Smith 7:30 am

• Links 10/9/08 and Reader Request
  by Yves Smith 3:00 am

• Citi-Wells Negotiations Over Wachovia Reveal Bank In Worse Shape Than Thought
  by Yves Smith 12:14 am

October 8, 2008

• Troubled LBO Loans Nearly Triple
  by Yves Smith 11:38 pm

• U.S. May Buy Stakes in Banks
  by Yves Smith 9:56 pm

• Fed Lending Another $38 Billion to AIG
  by Yves Smith 4:24 pm

• "Why Oil Prices Must Fall"
  by Yves Smith 3:55 pm

• Some Signs of a Thaw in the Credit Freeze
  by Yves Smith 3:03 pm

• Wolfgang Munchau: Policy Errors Risk Turning Credit Crunch Into Depression
  by Yves Smith 12:33 pm

• Coordinated Central Bank Action Fails to Relieve Money Markets
  by Yves Smith 12:11 pm

• Russian Stock Market Collapse Exacerbates Its Credit Crunch
  by Yves Smith 10:27 am

• Coordinated Central Bank Rate Cuts Stem Equity Rout
  by Yves Smith 7:14 am

• Links 10/8/08
  by Yves Smith 2:02 am

• A Plan for China to Bail Out the US
  by Yves Smith 1:19 am

• £50 Billion Rescue for British Banks (Update: RBS Chief Thrown Out)
  by Yves Smith 12:03 am

October 7, 2008

• Indonesia Closes Stock Exchange Indefinitely
  by Yves Smith 11:43 pm

• Another Bad Start to the Day in Asia (Update: Carnage!)
  by Yves Smith 11:18 pm

• Money Goes Geopolitical: Iceland Seeking Rescue From Russia
  by Yves Smith 5:43 pm

• SEC’s Cox Censors Report on Bear Collapse
  by Yves Smith 3:00 pm

• AIG: Hearings Present Evidence That Management Disguised Losses
  by Yves Smith 2:26 pm

• Lessons From Modern Economic Crises (Not for the Fainthearted)
  by Yves Smith 9:25 am

• Lloyds, RBS, Barclays Ask UK Treasury for£15 Billion Each; RBS Shares Plunge
  by Yves Smith 3:32 am

• A Glimpse Into the Abyss
  by Yves Smith 2:51 am

October 6, 2008

• NY Times: Fed Considering Buying Commercial Paper
  by Yves Smith 11:42 pm

• Willem Buiter: Banking System in North Atlantic Probably Insolvent
  by Yves Smith 11:12 pm

• Japan, Australia Inject $11 Billion to Combat Rising Money Market Rates
  by Yves Smith 10:24 pm

• Links 10/7/08
  by Yves Smith 10:02 pm

• Equity Market Rout Early in Asia Fades; Nikkei Falls Below 10,000 (Updated)
  by Yves Smith 9:26 pm

• "Chavez Proposes an Oil Price Manipulation Bank"
  by Yves Smith 7:37 pm

• Roubini: Fed Fiddles While Rome Burns
  by Yves Smith 2:51 pm

• Term Auction Facility Increased to $900 Billion, With No Apparent Success
  by Yves Smith 11:42 am

• Wolfgang Munchau: Europe Needs a Bank Rescue Plan
  by Yves Smith 8:21 am

• Money Market Stress Worsens in London, Europe Despite Bailout Bill
  by Yves Smith 5:39 am

• Links 10/6/08
  by Yves Smith 5:04 am

• Stocks Tank Ovenight; US Futures Down Sharply
  by Yves Smith 3:55 am

• Lehman Asked to Become a Bank, Rebuffed by Fed
  by Yves Smith 3:07 am

• Fed Considering More Extreme Measures, Further Expansion of Its Role
  by Yves Smith 1:05 am

October 5, 2008

• Consumers Batten Down the Hatches
  by Yves Smith 11:10 pm

• Fed Wants Citi and Wells to Kiss and Make Up Over Wachovia (Updated)
  by Yves Smith 8:54 pm

• Hypo Bank Gets $68 Billion Rescue
  by Yves Smith 6:06 pm

• European Leaders Promise to Save Major Banks, But Fail to Adopt EU Plan
  by Yves Smith 4:47 pm

• Germany to Guarantee Bank Deposits; Efforts to Salvage Hypo Bank Continue
  by Yves Smith 1:46 pm

• Soros: "He Foresaw the End of an Era"
  by Yves Smith 1:27 pm

• Links 10/5/08
  by Yves Smith 4:29 am

• The Paulson Plan = MLEC Version 2.0
  by Yves Smith 3:41 am

• More on the Charge That JP Morgan Withheld $17 Billion From Lehman, Triggering Collapse
  by Yves Smith 2:28 am

October 4, 2008

• Citi Gets Judge to Suspend Wachovia Deal
  by Yves Smith 11:14 pm

• Hypo Bank Rescue Fails, Threatening Lehman Scale Bankruptcy, Future of Euro
  by Yves Smith 8:31 pm

• Links 10/4/08
  by Yves Smith 2:04 am

• Quelle Surprise! Manhattan Real Estate Prices Drop Sharply
  by Yves Smith 1:05 am

October 3, 2008

• China: Less, Not More, Capitalistic?
  by Yves Smith 11:52 pm

• Lehman Creditors Allege JP Morgan Role in Bank’s Failure
  by Yves Smith 11:01 pm

• Merrill: Oil May Fall to $50
  by Yves Smith 1:01 pm

• Bailout Bill Passed by House
  by Yves Smith 12:42 pm

• States, Cities Hit Hard by Credit Crisis, Falling Revenues
  by Yves Smith 12:41 pm

• UK: Homebuilding at 50 Year Low, Banks Clamp Down on Lending
  by Yves Smith 8:23 am

• The Devil in the (Derivative) Details: AIG, Fortis
  by Yves Smith 8:17 am

• Links 10/3/08
  by Yves Smith 4:44 am

• Hedge Funds Preying On Weak Peers
  by Yves Smith 3:51 am

• Greece Scuttles €300 Billion Rescue Plan, Guarantees Bank Deposits
  by Yves Smith 1:50 am

• A Better Way to Use That $700 Billion
  by Yves Smith 12:28 am

October 2, 2008

• Another Reason for Cash Hoarding: Big Credit Default Swaps Market Test Imminent
  by Yves Smith 11:28 pm

• Crunch Hits Real Economy: Wachovia Funds Limits Access by Colleges
  by Yves Smith 4:30 pm

• BreakingViews: Bailout Bill to Worsen, Prolong Recession
  by Yves Smith 3:36 pm

• Credit Crunch Worsens: Libor Spikes, Commercial Paper Outstanding Contracts
  by Yves Smith 3:11 pm

• Will Euro Bank Woes Take Down the EU?
  by Yves Smith 9:45 am

• Links 10/2/08
  by Yves Smith 4:38 am

• Edmund Phelps Advocates Anglicized Swedish Approach for Fixing Financial System
  by Yves Smith 3:30 am

• Hedge Fund Implosions Starting
  by Yves Smith 1:46 am

October 1, 2008

• More Discussion of Why the Bailout Bill Will Not Help Money Markets, Commercial Lending
  by Yves Smith 11:36 pm

• France Calls for €300 Billion European Bank Rescue Operation
  by Yves Smith 9:46 pm

• Bailout Bill To Make Money Market Liquidity Crunch Worse?
  by Yves Smith 5:56 pm

• More on the Oinking Bailout Bill
  by Yves Smith 4:22 pm

• We Chat on Bloggingheads with Megan McArdle on the Credit Crisis
  by Yves Smith 4:00 pm

• Takes on the New, Porked-Up Bailout Bill
  by Yves Smith 2:03 pm

• EU Proposes Kicking Banks When They Are Down?
  by Yves Smith 7:22 am

• Marc Faber Disses the Bailout Plan, Likes the Dollar
  by Yves Smith 5:45 am

• Credit Card Debt: Next Big Hit to Banks?
  by Yves Smith 4:16 am

• Wealthy Investors Hoarding Bullion
  by Yves Smith 1:50 am

• China Looking Vulnerable
  by Yves Smith 12:19 am