Analyst says dozens of U.S. banks will fail by 2010 Ottowa Citizen (Reuters wire piece), Feb. 6 Dozens of U.S. banks will fail in the next two years as losses from soured loans mount and regulators crack down on lenders that take too much risk, especially in real estate and construction, an analyst said. ….Between…
Tag: apocalypse watch
Swirling galaxy of systemic risk (Headlines from the Meltdown)
The Rising Risk of a Systemic Financial Meltdown: The Twelve Steps to Financial Disaster Nouriel Roubini’s Global EconoMonitor, Feb. 5 [Cardin comments: Read this one very carefully, bearing in mind that Roubini’s grim outlook on the American economy is now being embraced by many of the very same economists who formerly dismissed him. Case in…
Detonating economic bombs (Headlines from the Meltdown)
General comment from Cardin: This ongoing scan of dire-sounding economic news and opinion pieces may have grown unworkably large. I’m contemplating creating a separate page to house these things, thus freeing up the main blog page for other items. For now, though, here are the choice items I’ve found over the past few days. *…
Disasters looming all around (Headlines from the Meltdown)
U.S. accountant-in-chief: ‘We’ve never seen the likes of what’s coming’ – Financial Times, Jan. 29 An influential US official on Tuesday hit out at his country’s “addiction to debt,” warning that the federal budget was on an “imprudent and unsustainable path” due to ballooning healthcare costs. David Walker, US comptroller general, warned a Senate budget…
Doomer fringe converging on the mainstream (Headlines from the Meltdown)
Cardin comments: You know life on planet earth has gotten weird when conventionally respectable mainstream news sources start running stories that sound like what would have formerly been dismissed as the ravings of a conspiracy nut. But — and this is a crucial point — is anybody really listening? Case in point: an analysis piece…
A plague of toxic everything (Headlines from the Meltdown)
General comment from Cardin: A few things I’m reading and hearing — none of them referenced below — suggest that January’s generalized stock market mini-crash/meltdown may have played itself out, and that the coming weeks may witness a generalized, although volatile, meltup. Only time will tell. What’s certain is that other problematic aspects of the…
Not just an economic crisis but a difficult cultural transformation
As is obvious from my last few posts, I’ve decided to start keeping tabs here at The Teeming Brain on doomer-sounding economic news stories, essays, analyses, op-eds, and rants. Currently the media are presenting a veritable cornucopia of these things, and they seem likely to keep it up for a very long time to come….
A nightmare economy (Headlines from the Meltdown)
Seeing Signs of ‘Systemic Failure’ – The New York Times, Jan. 23 “This is not a normal crisis,” George Soros, the hedge fund pioneer turned philosopher, said today to a group of reporters he had invited to lunch at the World Economic Forum. “It is the end of an era.” It was the “era of…
Economically, this is “the big one” (Headlines from the Meltdown)
U.S. Moves to Avert Economic Meltdown – Associated Press, Jan. 23 Jolted by global recession fears, the Federal Reserve slashed interest rates Tuesday, and President Bush and leaders of Congress joined in a rare show of cooperation in promising urgent action to pump up the economy with upwards of $150 billion in tax cuts and…
Panic sets in (Headlines from the Meltdown)
Global economic crisis ‘serious’: IMF chief – Associated Press, Jan. 21, 2007 The head of the International Monetary Fund called the global economic situation “serious” and said markets worldwide had responded skeptically to a U.S. stimulus plan. Dominique Strauss-Kahn stressed that a U.S. recession would affect economies across the globe. “The situation is … serious,”…