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Daily Dispatches
Debt overtaking GDP in Britain too
Submitted by cpowell on Wed, 2007-08-22 23:32 Section: Daily DispatchesRecord Numbers Face Debt Meltdown
By Edmund Conway
The Telegraph, London
Thursday, August 23, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/23/cndebt...
Countrywide confirms Bank of America's $2 billion investment
Submitted by cpowell on Wed, 2007-08-22 19:43 Section: Daily DispatchesBy Alex Veiga
Associated Press
via Yahoo News
Wednesday, August 22, 2007
http://biz.yahoo.com/ap/070822/countrywide_bank_of_america.html?.v=1
Straight from the discount window to a bailout for Countrywide
Submitted by cpowell on Wed, 2007-08-22 18:40 Section: Daily DispatchesBank of America to Invest $2 Billion in Countrywide
By Valerie Baurerlein
The Wall Street Journal
Wednesday, August 22, 2007
Bank of America Corp. is making a $2 billion equity investment in Countrywide Financial Corp., the embattled mortgage giant, according to people familiar with the situation.
John Rubino: Nope, that's not money
Submitted by cpowell on Wed, 2007-08-22 17:55 Section: Daily Dispatches5:55p ET Wednesday, August 22, 2007
Dear Friend of GATA and Gold:
John Rubino, co-author with GoldMoney's James Turk of "The Coming Collapse of the Dollar," has written a wonderful little essay, "Nope, That's Not Money," about the misperception of debt as money. You'll enjoy it even if you have a clue about what IS likely to be money, and you can find it at Gold-Eagle here:
Delinquent real-estate loans up by 36% in a year
Submitted by cpowell on Wed, 2007-08-22 17:24 Section: Daily DispatchesBy John Poirier
Reuters
Wednesday, August 22, 2007
http://www.reuters.com/article/gc06/idUSWBT00744320070822
WASHINGTON -- The Federal Deposit Insurance Corporation, which insures bank deposits, said on Wednesday it is keeping a close eye on the unpaid real estate loans that are piling up at U.S. banks and thrifts.
Fed optimistic it has bought time and can avoid rate cut
Submitted by cpowell on Wed, 2007-08-22 17:19 Section: Daily DispatchesBy Mark Felsenthal
Reuters
Wednesday, August 22, 2007
http://www.reuters.com/article/ousiv/idUSN2234990120070822
WASHINGTON -- The Federal Reserve is hopeful that it has bought enough time with moves to soothe jittery credit markets to hold off any cut to the benchmark federal funds rate before a September meeting, if any easing is necessary at all.
Fed's strategy of boosting liquidity survives another day
Submitted by cpowell on Wed, 2007-08-22 17:06 Section: Daily DispatchesBy Craig Torres
Bloomberg News Service
Wednesday, August 22, 2007
http://www.bloomberg.com/apps/news?pid=20601109&sid=aS.2chxvsOi8&refer=home
The Federal Reserve's strategy of increasing liquidity rather than resorting to a cut in the benchmark interest rate survived a third day.
Banks make great show of borrowing at Fed's discount window
Submitted by cpowell on Wed, 2007-08-22 16:53 Section: Daily DispatchesFour Major Banks Borrow
from Fed's Discount Window
By Adam Schreck
Associated Press
via Yahoo News
Wednesday, August 22, 2007
http://news.yahoo.com/s/ap/20070822/ap_on_bi_ge/banks_fed_window;_ylt=Ag...
Jonathan Weil: Wells Fargo gorges on mark-to-make-believe gains
Submitted by cpowell on Wed, 2007-08-22 16:46 Section: Daily DispatchesBy Jonathan Weil
Bloomberg News Service
Wednesday, August 22, 2007
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY8m0nta94GA
There's the kind of earnings investors can take to the bank. And then there's the kind the bank can show to investors.
Word to Wells Fargo & Co. investors: Beware the second kind.
Dodd denies 'political pressure' but still expects rate cut
Submitted by cpowell on Tue, 2007-08-21 17:25 Section: Daily DispatchesDodd Denies 'Political Pressure' on Rates
By Edward Luce and Krishna Guha
Financial Times, London
Tuesday, August 21, 2007
http://www.ft.com/cms/s/0/0a76eab0-5010-11dc-a6b0-0000779fd2ac.html