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Daily Digest - Feb 6

Thursday, February 5, 2009, 9:37 PM
  • It's Not Going to Be OK (Hat Tip CM) 
  • Toyota shuts down all but one assembly line (Hat Tip PineCarr & CM)
  • US credit card delinquencies at record high 
  • Bonus Babies: The Big Tarp Recipients and their Booty (Table)
  • Neel Kashkari on the Market Crisis & Asset Relief,
  • Unemployment Chart
  • New jobless claims jump more than expected to 626K (Hat Tip WendyT)
  • New Home Sales and Recessions (Chart)
  • Existing Home Inventory, Monthly (Chart)
  • Citigroup Hides Mystery Meat in Balance Sheet (Hat Tip CM)
  • Lawmaker says SEC hindering House's Madoff probe (Hat Tip CM) 
  • Depletion and Abundance (Hat Tip Christopher Peters) 
  • Madoff House Hearings (Video)
  • Counties threaten tax revolt against Calif. budget (Hat Tip CM) 
  • Comptroller: Illinois facing a $9 billion deficit (Hat Tip CM)  

An important update

Thursday, February 5, 2009, 4:50 PM

This is a quick update to let you know that I have not stepped entirely off the face of the planet. There are several things in the works that you should know about.

The Rowe Conference begins tomorrow (Friday) and I look forward to meeting quite a few of you there. I am very excited at the chance to meet this particular crowd. Being a near-compulsive planner/organizer, I have dedicated quite a lot of time preparing for the conference, as has Becca, who will be leading all the parts on beliefs.

The DVD pricing has been changed. The original, introductory price of roughly $1/disc covered the direct costs of production only, and that’s about it. Fortunately, around that time we had some generous donations come in that subsidized the distribution of those discs. But now that more than 20,000 DVDs have gone out the door at that low, low price, I have raised the prices to help raise some funds. Some have already expressed dissatisfaction at these new prices, but I would like to remind everyone that paying $10 or less for an item that can change your world view is, well, a pretty good deal.

Here are the new prices:


Daily Digest - Feb 5

Wednesday, February 4, 2009, 8:49 AM
  • In the future, economists will return to Earth (Hat Tip Fred) 
  • Goldman Says Fund Managers Expect Deflation 
  • "Even Worse Than You Imagined" 
  • Gordon Brown suggests world heading for a 'depression' (Video in Article) 
  • Moscow abandons bail-outs for bank aid 
  • Treasury in plans for record debt sale 
  • Bank of America tumbles on nationalization worries 
  • Obama's Salary Cap Could Seriously Hurt New York 
  • (Repost)"Top Talent: What Does That mean?
  • Video: McConnell: We're 'throwing figures around like it's paper money' (Hat Tip SteveS)
  • Gold vs. all sorts of things...(Charts in Article) 
  • Economic Master Plan - National Disaster
  • Insurers' Corporate-Bond Losses May Exceed Subprime 
  • Vacant Homes "Cliff Climbing" (Chart in Article) 
  • Lawrence Lindsey (Humor, Video) 
  • Stephen Roach Says Global Economy "Anemic at Best" (Video from Davos (Switzerland)
  • Whitney: No Bad Bank Please

Daily Digest - Feb 4

Tuesday, February 3, 2009, 9:14 PM
  • IBM Offers To Move Laid Off Workers To India
  • President Obama to water down 'Buy American' plan after EU trade war threat 
  • California Pension Funds Close To Bankruptcy
  • California issues IOUs instead of cheques
  • Hundreds line up for days for Miami firefighter positions 
  • U.S. Property Owners Lost $3.3 Trillion in Home Value 
  • Ford US sales plunge 40 pct., Toyota down 32 pct.
  • GM (GM) January Sales: Odds Of Chapter 11 Go Way Up
  • Chart, Auto Sales
  • Chart, US Vehicle Sales
  • Chart, New Home Sales
  • Pending Home Sales... Foreclosure Boom (Chart in article)
  • Chart, Homeowner Vacancy Rate
  • U.S. Home Ownership Rate Falls to 7-Year Low 
  • Funny Colbert Report Video 
  • U.S. Dollar 
  • Treasury to Outline Bank Plan Next Week 
  • The Economy and the Future of Health Care (Hat Tip Christopher Peters) 

Daily Digest - Feb 3

Monday, February 2, 2009, 9:23 AM
  • The Economic State of Play in Washington - NYTimes (Video)
  • Is the US heading for a depression? 
  • Data from 1930s
  • I have fallen into recession's web of fear
  • ShadowStats Interview on C-Span (Video) Unemployment (Hat Tip SC Student)
  • Macy's To Cut 7,000, And That May Not Be The End
  • Another half million jobs lost, survey says
  • Global Unemployment (Chart)
  • Bernanke says crisis ‘no comparison' to Great Depression
  • Retail Breaks Support (Chart)
  • Zimbabwe dollar sheds 12 zeros 
  • China puts police and military on alert
  • Time for a new world order: PM 
  • "Top Talent": What Does That Mean?
  • Downturn causes 20m job losses in China 
  • Global financial crisis sparks unrest 
  • Global Food Prices are Rising Fast  (Hat Tip Christopher Peters)
  • Hyperinflation will begin in China and destroy the dollar (HatTip Christopher Peters)
  • Peston's daily Davos round-up: Day3 (Video) No Coordinated Action
  • In time of crisis, looking to U.S. with wariness and hope
  • Premier Wen makes "trip of Confidence" to Europe (Hat Tip PineCarr)
  • Fed Monetizes Debt, Investors Buy Gold
  • Population: The elephant in the room (Hat Tip Futuo) 

Daily Digest - Feb 2

Sunday, February 1, 2009, 8:11 PM
  • More Economists Say Crisis Is Worse Than Great Depression (Hat Tip Christopher Peters)
  • YES WE CAN!! have a global depression if we really continue to work at it...
  • Soros Compares Mishandling Of Current Crisis To Great Depression
  • Credit-Crunch Protest in Europe 22 photos (Hat Tip DamTheMatrix)
  • Governments Across Europe Tremble as Angry People Take to the Streets (Hat Tip DamTheMatrix)
  • The New Paranoia: Hedge-Funders Are Bullish on Gold, Guns, and Inflatable Lifeboats (Hat Tip CapeSurvivor)
  • Four Bad Bears (Chart) Dow 1929-1932
  • Homelessness surges as funding falters
  • Upcoming Frontline Episode
  • Gold, 3:20 minute point to about the 5:00 minute point
  • WSJ Bad Bank Video
  • Senator sees Republican backing for stimulus eroding

Daily Digest - Feb 1

Saturday, January 31, 2009, 8:28 PM
  • Roubini Sees Global Gloom After Davos Vindication
  • Obama pushes economic plan; cloud over health pick 
  • Violent clashes in Russia as angry protesters call for Putin to resign over economy
  • FSN
    News Hour Part II Warren Brussee, "The Great Depression of Debt,
    Survival Techniques for Every Investor"
  • Despite layoffs, federal work force is growing
  • Macy's (M) Workers May Face More Large Layoffs 
  • WSJ Video, GDP 3.8% Skewed by Inventory
  • General Mills says more people eating at home  

Stimulus Bill Causes Hope to Fade

Saturday, January 31, 2009, 2:45 PM

The subtitle to this article is Bringing a Hose to a Flood

I’ll be honest, I was equal parts hopeful and doubtful that anything new would come out of Washington because, well, I’ve been watching the situation for a long time and nothing really “new” comes out of there very often.

For now, I must content myself to sit back and watch, and wait, knowing that sooner or later reality will force itself back onto the radar screens of our leaders. For now, they remain hopelessly out of touch. For example, check out this well-meaning statement:


Daily Digest - Jan 31

Friday, January 30, 2009, 9:46 PM
  • Davos 2009, Are We Headed for a Great Depression? (Video)
  • Seriously alarmed (Hat Tip DamTheMatrix)
  • Bank Closures # 4, 5, & 6
  • GDP (Chart)
  • Worst January on Record for Stocks
  • Option ARMs See Rising Defaults 
  • Mayor's Plan Calls For 23,000 Fewer City Jobs
  • Layoffs for January 2009 at America's 500 largest public companies 162,962
  • Layoff Daily 
  • Chinese Premier Blames Recession on U.S. Actions (Video, Davos Keynote)
  • Russians to U.S.: Give us the Fed (Hat Tip PineCarr)
  • growing difficulty for britain 
  • US set for ‘big bang' financial clean-up 
  • Glenn Beck, Inconvenient Debt (Hat Tip Trad) (Video)
  • H.R.1
  • H.R.1 Tables
  • Getting with the Program 

Daily Digest - Jan 30

Thursday, January 29, 2009, 10:23 PM
  • New Record, Fed, Activity Declined in Every State (Dec. 2008, Charts)  
  • Layoff Daily (Website, Hat Tip CM)
  • US-China currency war eclipses Davos, and threatens the world (Hat Tip PineCarr)
  • Russia, China Blame Woes on Capitalism 
  • Russian Ruble Trouble (Chart)
  • New Home Sale, Monthly, NSA (Chart) 
  • Why Your Bank Is Broke  
  • Bank Bailout Could Cost Up to $4 Trillion: Economists 
  • Initial and Continued Unemployment Claims (Chart)
  • 10-Year Treasury yield reaches key juncture (Chart in article) 
  • NYC Budget Axe To Carve Out $1 Billion 
  • Soros at Davos 2009 (Video)
  • Union leaders condemn delegates on crisis response