This post is by Jim Fitch of Some Assembly Required. Cheer up, this may be the last crisis of the oil age. Does This Dress Make Me Look Fat? The Fed needs to raise rates to combat inflation… while lowering rates to encourage economic growth. Congress needs to exercise fiscal responsibility… while bolstering the economy. […]
Read more...This post is by Jim Fitch of Some Assembly Required. When someone tells you the current crisis is“near the end”, ask them which end. Resiliency : Proving once again their resourcefulness, American consumers ran up twice as much credit card debt in June as economists thought possible, increasing their total Visa bill to $2.59 trillion. […]
Read more...A post by Jim Fitch of Some Assembly Required. The real purposes of a democratic society cannotbe achieved by violence and destruction. George Kennan. Balance Sheet: The housing market continues to deteriorate. Unemployment is rising. National retailers are seeking Chapter 11. The economy is slowing, if not in recession. Auto sales are non-existent. Americans have […]
Read more...This post is by Jim Fitch of Some Assembly Required. Americans want cheap fuel, no matter what it costs. Sign Here: JPMorgan, Citigroup, Morgan Stanley. The Usual Suspects. Now they want to take over all the pension funds. With Uncle Sam’s help, blessing, and taxpayer backing. Sort of a consolation prize for not getting their […]
Read more...This post is by Jim Fitch of Some Assembly Required. Examination of public debate in the USreveals little but childishness. The New Sub-Prime: FirstFed, 4th largest LA based bank, reports that 40% of its mortgages are at least 30 day delinquent, after ARM mortgages reset. These are mainly ‘payment option mortgages’ and the debtors are […]
Read more...This post is by Jim Fitch of Some Assembly Required. Things could have turned out otherwise. Pot / Kettle: Headline: Bush: China Must End Detentions, Ensure Freedoms. Optimism: Why all the cheering for oil at under $120 a barrel? The price is falling not because some new supply has been found, but because the economies […]
Read more...This a post by Jim Fitch ofSome Assembly Required. Ever wonder where the adults have gone? Coal Mine: Citigroup reports a $176 million 2Q08 loss on credit-card secutization. A pittance, but perhaps the canary for a business that previously generated over $3 billion in revenues. Company’s Here: For the first time since the 70’s, inflation […]
Read more...This a posting by Jim Fitch ofSome Assembly Required. Some futures need throwing away.William Gibson, Spook Country Buy The Numbers: GM sold 2.29 million vehicles in the most recent quarter, loosing $6,756 a vehicle. A Word From Our Sponsor: In the yelling match discussion over drilling in the Arctic and in the magical kingdom of […]
Read more...This a submission by Jim Fitch ofSome Assembly Required. 2007 was the year of subprime.2008 seems to be the year of everything else One Size: Pundits worry that Freddie, Fanny, GM, Citibank, and such are teetering on the edge, but are relieved that they are too big to fail and that Uncle Sam will (somehow) […]
Read more...The economic principles justifying free marketglobalization have the complexity and accuracyof an armillary sphere. Translation: “We expect the second half of 2008 will be more challenging than the first half as economic and credit conditions weaken,” said Ford marketing executive Jim Farley. The term ‘more challenging’ means ‘we’ll probably double our losses.’ Goldman Sachs agrees. […]
Read more...“Milton Friedman’s misfortune is that his economic policieshave been tried.” – John Kenneth Galbraith Oracle: Oppenheimer’s Meredith Whitney – whose credibility exceeds most Wall Street CEOs – has a litany fit for a Cathedral door: The crisis is less than half over, bank assets are still marked at unworldly levels, capital to rescue brokers is […]
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