Posted on July 8th, 2008 in Implode-Explode Fed News
"As Ben Bernanke delivered largely unsurprising remarks Tuesday suggesting that a formalized regulatory structure was needed to manage future potential failures of large investment banks, lawmakers in the House of Representatives said they would hold the first of a series of hearings on growing systemic risk in the nation’s financial markets."
Posted on July 8th, 2008 in Implode-Explode Fed News
"In the wake of the troubles now facing Indymac Bancorp Inc. (IMB: 0.4002, -43.63%), Senator Charles Schumer (D-NY) came out Tuesday suggesting that the bank’s troubles “were not replicated by other regional banks.”"
Posted on July 8th, 2008 in Implode-Explode Fed News
"In this Financial Times commentary, Wolfgang Münchau comes ever so close to asking what must be one of the most difficult of all questions for any practicing economist to ask, "What if what they taught you is wrong?" "
Posted on July 8th, 2008 in Implode-Explode Fed News
"The possibility that some Gulf states, particularly the UAE, might abandon their long-time pegs to the dollar is getting increasing attention (from Martin Feldstein and Brad Setser, for instance). It makes sense. The combination of high oil prices, rapid growth, a tightly fixed exchange rate, and the big depreciation of the dollar against other currencies (especially the euro, important for Gulf imports) was always going to be a recipe for strong money inflows and inflation in these countries."
Posted on July 8th, 2008 in Implode-Explode Fed News
"Only the Financial Times' John Dizard would say straight out that monetary authorities (and diesel) constitute a bigger threat to our collective security than America's pet nemesis, Iran. I would not be surprised to find some readers in agreement."
Posted on July 8th, 2008 in Implode-Explode Fed News
"The Fed with help from Congress and the Bush administration created this mess, and instead of getting rid of the Fed, proposals are flying from every corner for the above parities to give the Fed still more tools in which to wreak havoc."
Posted on July 8th, 2008 in Implode-Explode Fed News
"Federal Reserve Chairman en Bernanke said the Federal Reserve may extend Wall Street's access to lending until 2009."
Posted on July 8th, 2008 in Implode-Explode Fed News
The Federal Reserve, trying to stabilize a shaky U.S. financial system, may give squeezed Wall Street firms more time to tap the central bank's emergency loan program, chairman Ben Bernanke said Tuesday.
And, in an effort to prevent a repeat of the current mortgage mess, Bernanke said the Fed next week will issue new rules aimed at protecting future homebuyers from dubious lending practices.
Posted on July 8th, 2008 in Implode-Explode Fed News
""Former U.S. Treasury Secretary Robert Rubin said that the world economy still faces "extended difficulties'' from the fallout of the U.S. subprime mortgage crisis and rising energy and food costs."
Posted on July 8th, 2008 in Implode-Explode Fed News
The misery in the housing market is registering on the Implode-O-Meter.
As millions of homeowners fall behind on their mortgages, a fledging Web site called the Mortgage Lender Implode-O-Meter is gleefully tallying the number of lenders that run into trouble too. On Monday, the count was 265 — and rising.
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