Saturday, November 28, 2009

U.S. Stocks, Commodities Decline as Bonds Gain on Dubai Crisis

U.S. and emerging-market stocks slumped and commodities dropped as Dubai’s attempt to delay debt repayments unnerved investors. Treasuries and the dollar rose while credit-default swaps surged.

The Standard & Poor’s 500 Index slid 1.7 percent to 1,091.49 at 1 p.m. in New York and the MSCI Emerging Markets Index slipped 1.8 percent at 4:36 p.m. The Chicago Board Options Exchange Volatility Index, the equity-derivatives benchmark known as the VIX, surged 21 percent. Two-year Treasury yields fell to the lowest level since December. Oil and copper tumbled and gold fell for the first time in 10 days as the Dollar Index advanced. Credit-default swaps tied to debt sold by Dubai rose 105 basis points to 646, according to CMA DataVision. (more)

Recession 'is even worse than feared': Chancellor predicts steepest slump ever

The recession is proving even deeper than feared, Alistair Darling will admit in next month's Pre-Budget report.

The Chancellor will forecast the steepest annual slump since modern records began.

But he is likely to put a brave face on the outlook by declaring that Britain has finally returned to growth in the fourth quarter of the year.

Last night Treasury sources indicated that Mr Darling will sharply downgrade his economic predictions in the December 9 statement, forecasting a slump of 4.75 per cent for 2009. (more)

How the other 0.00000003 percent lives

Back in February—when even the mainstream media was convinced the capitalist economy was in full-blown meltdown mode—Newsweek

magazine ran an article titled "Why there won’t be a revolution."

Newsweek wanted to reassure the rich—and convince working people—that the masses weren’t getting ready to dust off their pitchforks and head to the town square. "Americans might get angry sometimes," they wrote, "but we don’t hate the rich. We prefer to laugh at them."

Newsweek couldn’t be more wrong. The 10 percent of Americans who rely on food stamps, the 25 percent of Ohioans who are waiting in lines at food banks, the 500,000 people who lost their jobs last month and the millions more who can’t find work—these people aren’t laughing. (more)

Case-Shiller Still Predicts Massive 45% Fall from Today’s Values

The 10 major cities in the Standard & Poor's/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s values.
Tuesday's new number from the index showed a gain of just under .5% for the month of September, but the index remains 30% below the high in June 2006. Based upon a trend generated from the actual prices of 1987 to 1997, and generated forward in a linear projection, the index will fall a total of 62% before it reaches the trend norm.
A more comprehensive analysis of the 10-city index based upon a 120 years of data shows current values off 36% and a comparatively modest 20% fall ahead.
Review four charts and key data based upon major real estate price indexes at “Property Price Index”.

Keiser on 'Tsunami alert': Dubai debt crisis awakes storm?

Climategate Criminals, and Getting Our Money Back

“They are not merely bad scientists — they are crooks. And crooks who have perpetrated their crimes at the expense of British and U.S. taxpayers.

I am angry, and so should you be.” —Lord Christopher Monckton November 23, 2009

In a recent article, Lord Monckton pointed out that, far from suffering from global warming, the planet has experienced “rapid and significant cooling” over the past nine years.

That bears repeating. Over the past nine years the world has experienced “rapid and significant cooling.” There has been no global warming—it is a Big Lie. (more)

The Economist (November 28th - December 4th 2009)

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Business Week - 07 December 2009

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Fall of the Republic