Monthly Archives: August 2007

140 Million Facing “Arsenic Time Bomb”

Yves Smith at Naked Capitalism submits: The BBC, reporting on a meeting at the Royal Geographical Society, says that 140 million people in developing countries are drinking water with such high concentrations of arsenic as to constitute poisoning. Experts estimate … Continue reading

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Bush’s Mainly Cosmetic Homeowner Rescue Proposals

Yves Smith at Naked Capitalism submits: The Wall Street Journal, in “Bush Moves to Aid Homeowners,” reports that today the President will set forth a program to help stressed borrowers at risk of losing their homes. Main elements: Allowing the … Continue reading

Posted in bonds and loans, housing, Politics | Comments Off

AAA to CCC and Other Rating Agency Horror Stories

Yves Smith at Naked Capitalism submits: The news from rating agency land goes from bad to worse. This Bloomberg article does much to explain why investors are avoiding subprime like the plague. AAA paper revealed to be CCC. Repeated incidents … Continue reading

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Hedge Funds: Good Activists?

Yves Smith at Naked Capitalism submits: Hedge funds, even at their peak of popularity, were regarded with considerable suspicion. They have taken a shellacking in the last few months as subprime tainted funds have folded or reported poor results, and … Continue reading

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Commercial Paper Market Still in Distress

Yves Smith at Naked Capitalism submits: Bloomberg tells us that the commercial paper market is shrinking rapidly. This is a more serious issue than might appear. Commercial paper is an important, if not the most important, source of short-term funding … Continue reading

Posted in banking, bonds and loans, fiscal and monetary policy, regulation | Comments Off

The WSJ’s Greg Ip Defends Bernanke Against Martin Wolf

Yves Smith at Naked Capitalism submits: Frankly, this is pathetic. If Bernanke and his minions can’t take the heat of some well-deserved criticism from the highly-regarded Martin Wolf of the Financial Times, they don’t belong in public service. To recap: … Continue reading

Posted in Media, Politics, regulation | 4 Comments

How Greenspan Diminished the Fed

Yves Smith at Naked Capitalism submits: It must be miserable to be a central banker these days. Not only are they confronted with the worst mess in at least a generation, but too many interested parties, from the financial services … Continue reading

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S&P: Wall Street May Take Worse Hit Than in 1998

Yves Smith at Naked Capitalism submits: Bloomberg reports that a Standard & Poors report points to a steeper fall in Wall Street earnings for the second half of 2007 than in the Russia default/LTCM crisis period, the second half of … Continue reading

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Climate Change Flooding Risk Underestimated

Yves Smith at Naked Capitalism submits: The BBC, citing a study in Nature, informs us that climate change models have underestimated the risk of flooding. High atmospheric carbon dioxide levels mean plants suck less water out of the soil. Wetter … Continue reading

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New Business Opportunity: SMS Loan Sharking

Yves Smith at Naked Capitalism submits: Lucy Kellaway, a Financial Times columnist who writes about corporate fads, once said no new business technique is too ridiculous to be put into practice. The Springwise newsletter (“New business ideas for entrepreneurial minds”), … Continue reading

Posted in banking, bonds and loans, personal finance, regulation | 1 Comment