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- Summers: I don’t think the worst is over
- New Live Poll Allows Pundits To Pander To Viewers In Real Time (Humor, H/T DavidC)
- Goldman executives sold $700m of stock
- House bill to hit millionaires with 5.4 pct surtax
- Obama mulls rental option for some homeowners
- Eliot Spitzer on Goldman Sachs...(Video)
- Yes, Unemployment Is Worse Than Reported (Map on page)
- Elizabeth Warren, Chair of the Congressional Oversight Panel for TARP (Video on page)
- June Retail (Chart)
- Producer Price Index (PPI Chart on page)
Economy
Summers: I don't think the worst is over
Summers turns sombre: “I don’t think the worst is over ... It’s very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low. What does appear to be true is that the sense of panic in the markets and freefall in the economy has subsided and one does not have the sense of a situation as out of control as a few months ago.”
New Live Poll Allows Pundits To Pander To Viewers In Real Time (Humor, H/T DavidC)
Goldman executives sold $700m of stock
The surge in selling among Goldman partners, at a time when the US government had thrown a lifeline to Wall Street, is likely to draw criticism from lawmakers on Capitol Hill. Having survived the crisis, the bank is expected to report strong second-quarter earnings on Tuesday on rebounding trading profits.
For the eight-month period for which figures are available, Goldman partners sold more than $691m in company stock, even as the firm expanded its public float from 395m to 503m shares in several capital raises.
For the comparable period between September 2007 and April 2008, when the average share price was substantially higher, Goldman partners sold about $438m in stock.
A spokesman declined to comment on the sales, other than to note that Goldman partners receive a big share of annual bonuses in stock, and that for many, stock sales are an effort to diversify their holdings.
House bill to hit millionaires with 5.4 pct surtax
WASHINGTON, July 14 (Reuters) - A sweeping overhaul of the U.S. healthcare system to be announced on Tuesday in the U.S. House of Representatives will include a surtax on millionaires of 5.4 percent, congressional sources said.
Obama mulls rental option for some homeowners
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.
Eliot Spitzer on Goldman Sachs...(Video)
Yes, Unemployment Is Worse Than Reported (Map on page)
Elizabeth Warren, Chair of the Congressional Oversight Panel for TARP (Video on page)
Note: My personal view is that in a financially literate world, almost all borrowers would pay off their credit card balances monthly (there are exceptions).
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Homeowners to rent own homes. Makes me wish i had bought a 2mil waterfront estate and lost my job. Get to stay and play on the h2o on the taxpayer dime. the new american way
Live Poll.... LMAO!!!
Kudos to Chris for getting advertising revenue from a credit reporting company (below)....but I wonder how many people on this site would buy anything that Ben Stein is selling! They should have hired Chris to hold the clipboard!
Greg
Remember, loot first - then burn.
Seems like everybody is giddy on CNBC today about what Roubini purportedly said:--that we're past worst re: the financials and the economy...
I have to track down what he actually said, because if I recall correctly from the Bloomberg News Shiller/Roubini panel that I saw a couple of days ago, both didn't seem that optimistic!
I'm not sure when that panel actually was held, so maybe it was old??
Maybe Roubini had positioned himself in the market before his remarks so he could pull a Goldman Sachs or Merideth Witney;-)
Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
Hi LogansRun
I've posted this link elsewhere - I've watched the Meredith Whitney video where she 'caused' the big rise in the markets the other day. Joe Saluzzi, of Themis, was on Bloomberg later the same day and said that Whitney was actually very bearish and the market had latched on to the one thing it wanted to, ignoring the rest of her talk. He's right.
dailybail.com/home/meredith-whitney-says-unemployment-will-reach-13-cnbc-clip.html
There was a piece about her in tonight's Evening Standard (a London newspaper - I don't have a link unfortunately) that was, once again, focusing on that one point and ignoring everything else she said during her interview.
One further point - if she's so good, the low for Goldman in this crisis was around $50 in November 2008 and it has been climbing since around $75 in March, so why has she only just got round to recommending it?
DavidC
I wonder if the VP is applying for this job. I mean, based on the above comical comment...
Treasury Position
Davos I haven't had a good laugh like that in a while...thanks. Biden's article is truly amazing. You have to look pretty hard these days to find a bright politician let alone a honest one. IMHO a Martenson/Schiff ticket would be the way to go
.
Does any one know...can you put up polls on this site?
Gordon Gekko; "The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit." Mahatma Gandhi; "Earth provides enough to satisfy every man's need, but not every man's greed”