From Tom Abate at the San Francisco Chronicle: Financial leaders dissect meltdown "What is quite shocking," [John Lipsky, a senior official of the International Monetary Fund] said, is how inadequate the world's regulatory supervisors were in curbing the lax lending standards at the heart of the housing and credit bubbles. Shocked? Hmmm ... […]
Note: this data is not seasonally adjusted. There is a very distinct seasonal pattern for imports, but not for exports. LA area ports handle about 40% of the nation's container port traffic.Sometimes port traffic gives us an early hint of changes in the trade deficit. The following graph shows the loaded inbound and outbound traffic at the ports of Los […]
A couple excerpts from American Banker: Regulatory Actions Hit a Record Level in '09 "Bank regulators issued 1,143 formal enforcement actions against banks and their holding companies last year, a new record and more than double the 2008 tally." "Informal actions by the agencies, which are not made public and often go untracked, also doub […]
According to the CFTC data for the week ended Tuesday, net shorts again went to a record high in the euro after last week’s modest drop. Net shorts in the pound fell a touch from last week’s record high. In contrast, net longs in the Canadian $ rose by 60% to the most since Nov [...] […]
Your weekend reading assignment is this terrific long form piece by Senator Ted Kaufman, titled Wall Street Reform That Will Prevent The Next Financial Crisis. I do not know anything about him other than to say that he understands the recent crisis and is proposing reasonable fixes. The Senator wants to restore Glass-Steagall, and repeal the Commodity [...] […]
How about this for a new and ingenious real estate money machine? Every time a house sells during the next 99 years, 1 percent of the price goes back to the original developer or is shared among investor partners. Ka-ching! […]
The 4th U.S. Circuit Court of Appeals on Friday ruled that Raleigh-Durham International Airport’s total ban on newspaper racks in its terminals is unconstitutional. […]
Retail sales increased a seasonally adjusted 0.3% in February from a month earlier. Sales excluding the volatile autos sales increased 0.8%. Compared with a year ago, sales rose 4%. […]