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- Detroit Family Homes Sell For Just $10
- Campaign Stunt Launches A Corporate 'Candidate' For Congress
- China May Face ‘Massive’ Bank Bailouts After Stimulus Program
- JPMorgan, Citigroup Helped Doom Lehman, Report Says
- Middle Class Money Angst Still Apparent in Data
- Mauldin: Implications of Velocity
- Banks Abusing The Fed's Primary Dealer Credit Facility
- Transitioning Away From Declining Petroleum Production
- Feds Offering Millions To Ranchers To Help Sage Grouse Bird
Economy
Detroit Family Homes Sell For Just $10 (mhoop)
Speaking on a BBC 2 documentary, Requiem for Detroit, to be screened on Saturday, Mr Prophit said: "The property is listed by the city of Detroit as being worth $35,000 (£22,000), but the bank know that is impossible to ask.
"This part of town has got a lot of bad press in the media because it featured in Eminem's film 'Eight Mile', but that particular road is fifteen minutes up the road and that is a long way in Detroit."
Campaign Stunt Launches A Corporate 'Candidate' For Congress (SteveS)
Murray Hill might be the perfect candidate for this political moment: young, bold, media-savvy, a Washington outsider eager to reshape the way things are done in the nation's capital. And if these are cynical times, well, then, it's safe to say Murray Hill is by far the most cynical.
That's because this little upstart is, in fact, a start-up. Murray Hill is actually Murray Hill Inc., a small, five-year-old Silver Spring public relations company that is seeking office to prove a point (and perhaps get a little attention).
China May Face ‘Massive’ Bank Bailouts After Stimulus Program (E.S.)
In a “worst-case scenario,” the non-performing loans of local-government investment vehicles could climb to 2.4 trillion yuan ($350 billion) by 2011, Shen Minggao, Citigroup’s Hong Kong-based chief economist for greater China, said yesterday.
JPMorgan, Citigroup Helped Doom Lehman, Report Says (E.S.)
JPMorgan Chase & Co. and Citigroup Inc. helped cause the failure of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, according to a report on the biggest bankruptcy in U.S. history.
Middle Class Money Angst Still Apparent in Data (Donald S.)
In all, the latest Fed Flow of Funds data suggest that, to the extent middle class Americans' finances are improving, it's because their liabilities are being reduced by default. The gains in asset values are being concentrated by those so-called households with the ways and means to own equities.
Mauldin: Implications of Velocity (JRB)
This week we do some review on a very important topic, the velocity of money. If we don't understand the basics, it is hard to make sense of the hash that our world economy is in, much less understand where we are headed.
Banks Abusing The Fed's Primary Dealer Credit Facility (Brian C., Erik T.)
Today, with a tip from the NYT's Eric Dash, we demonstrate just how grossly negligent the Federal Reserve was when it came to Lehman's abuse of the PDCF, and how the trail of slime of Lehman's increasingly obvious manipulation of its books goes to the very top of the Federal Reserve Bank of New York, and its then governor - a very much complicit Tim Geithner.
Energy
Transitioning Away From Declining Petroleum Production (SteveS)
While we are not in the habit of frequently firing out news articles, there are three relatively recent articles that strike home the fact that conventional oil production is inescapably on the verge of declining (if it hasn’t already).
Environment
Feds Offering Millions To Ranchers To Help Sage Grouse Bird (mhoop)
The Department of Agriculture’s Natural Resources Conservation Service will soon begin accepting applications for two federal programs aimed at reducing threats to the birds such as disease and invasive species and improving sage-grouse habitat. The agency will have up to $16 million at its disposal for the programs.
Please send article submissions to: dd@chrismartenson.com
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"China's premier calls on Washington for `concrete steps' to reassure Treasury bill investors
BEIJING (AP) -- China's premier expressed concern about the U.S. dollar and called on Washington on Sunday to take "concrete steps" to reassure Beijing about the safety of its huge Treasury bond holdings.
"Any fluctuation in the value of the U.S. currency is a big concern for us," Premier Wen Jiabao said at a news conference.
"We cannot afford any mistake, how slight it is, when running our financial assets," he said. "I would like the United States to take concrete steps to reassure investors."
China has pressed Washington to control its yawning budget deficit and prevent inflation that would erode the value of the dollar and China's holdings.
The premier said Treasury values were a matter of the "national credibility" of the United States."
"I can understand some countries' desire to raise exports, but what I do not understand is depreciating one's own currency and attempting to pressure others to appreciate, for the purpose of increasing exports. In my view, that is protectionism," he said.
"However Wen pressed Beijing's own worries about Washington policy, as he did at last year's news conference
"We are very concerned about the lack of stability in the U.S. dollar. If I said I was worried last year, I must say I am still worried this year," said the premier, in the precise, school master-like tone that has helped earn him the nickname among Chinese of "Grandpa Wen."
China is the world's biggest holder of U.S. Treasury debt, holding $894.8 billion worth.
"We cannot afford any misstep, no matter how slight, in our investments. U.S. debt is guaranteed by the U.S. government, so I hope that the United States will take concrete steps to reassure international investors," he said."
Hysterical: I was listening to FSN today, finishing off Part III today. Got to the Q&A line and there was a caller - who works for the Federal Government - armed with bullion and worrying about Treasuries.
I did hear the call with the Fed employee - maybe it was Geithner?
How about the quotes by Bush and Greenspan, and others, regarding Social Security? Wow, those were "great", I had never heard those before! Somewhere around the 45 minute mark.
Hey, did you catch the funny caller from Hong Kong? Who was that?!?
Don't Steal. The Government hates Competition.
Location: Milford, CT USA
I did hear the call with the Fed employee - maybe it was Geithner?
How about the quotes by Bush and Greenspan, and others, regarding Social Security? Wow, those were "great", I had never heard those before! Somewhere around the 45 minute mark.
Hey, did you catch the funny caller from Hong Kong? Who was that?!?
No matter what you think of their sarcastic style (I go back and forth over whether I like it or if I think it serves them well), them ZeroHedge folks are always posting valuable stuff. This is an article about some interesting information discovered by a fella at GATA (Gold Anti-Trust Action committee) -- info about how gold prices are kept artificially low.
http://www.zerohedge.com/article/gata-pr...
I guess I better get my heinie in gear and make one more PM purchase sometime soon. Albany, here I come!
Viva -- Sager
"Show some !@#$%^ ADAPTABILITY!!" -- Sergeant Jack Shaftoe, USMC ("Cryptonomicon")
"It's all goin' *down*, man! Martha Stewart's polishing the brass on the Titanic!" -- Tyler Durden
"Have the courage to use your own understanding!' -- Immanuel Kant
"Dreams are the seedbed of the possible." -- William Greider
"One day you finally knew what you had to do, and began, though the voices around you kept shouting their bad advice." -- Mary Oliver
Do I detect a note of sarcasm? HOW DARE YOU, Joe!
Erik
IS Chinas Politburo spoiling for a showdown with America?
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7442926/Is-Chinas-Politburo-spoiling-for-a-showdown-with-America.html
China may be forced to bail out banks that made loans for local-government projects under the unprecedented stimulus program unleashed in 2008, according to Citigroup Inc. and Northwestern University’s Victor Shih.
In a “worst-case scenario,” the non-performing loans of local-government investment vehicles could climb to 2.4 trillion yuan ($350 billion) by 2011, Shen Minggao, Citigroup’s Hong Kong-based chief economist for greater China, said yesterday.
“The most likely case is that the Chinese government will engineer a massive financial bailout of the financial sector,” said Shih, a professor who spent months researching borrowing by about 8,000 local government entities.
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