Archive for June, 2009
Wednesday, June 24th, 2009
Hi all,
So my new blog is up. Here's the link.
In long form: http://blogs.reuters.com/rolfe-winkler
BUT, this URL also works with the new blog: http://optionarmageddon.com. The URL with "ml-implode" will still bring you here, to the old blog. But the one without it now redirects to my Reuters blog.
The best bookmark (in case ...
Posted in Uncategorized | No Comments »
Tuesday, June 23rd, 2009
For those interested, here's a link to the press release announcing my move to Reuters.
The new blog should be live today or tomorrow. Will follow up with that URL.
Posted in Uncategorized | 4 Comments »
Monday, June 22nd, 2009
Sorry to keep everyone hanging for OA's big news; I was hoping to have a link to the press release, but it's still not available.
Anyway, after a great year blogging for the Implode-O-Meter, OA is headed to Reuters. They've started a commentary team and, starting today, I'm their newest columnist.
This is great news. ...
Posted in Uncategorized | 26 Comments »
Monday, June 22nd, 2009
Just a heads up for readers: OA will be announcing some big news later today. (which will also explain why posting has been light the last couple weeks...)
Posted in Uncategorized | 3 Comments »
Friday, June 19th, 2009
Wouldn't you know it, another one in Georgia...
Southern Community Bank, Fayetteville GA
As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million. United Community Bank paid a premium of 1 percent to acquire all of the deposits of the failed ...
Posted in FDIC | 1 Comment »
Friday, June 19th, 2009
Q: What is $11.4 trillion?
(Click image to enlarge in new window)
And today Treasury announced it will sell $104 billion of debt next week, a new record. CNBC:
The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue ...
Posted in debt, Fed, treasury | 12 Comments »
Thursday, June 18th, 2009
(Send links, videos, pics to optionarmageddon at gmail with subject “link”)
The Herbivore's Dilemma (Slate) For better of for worse, twenty years of economic stagnation appears to have neutered many Japanese men. Their "animal spirits" have shriveled and died. As may ours now that we've decidedly put ourselves on the Japanese ...
Posted in links | No Comments »
Wednesday, June 17th, 2009
...then why is issuance again increasing under FDIC's "Temporary" Liquidity Guarantee Program? FDIC published May data today.
Below I've pasted each monthly summary since the program began late last year.
Click each image to enlarge in new window.
Posted in Uncategorized | No Comments »
Tuesday, June 16th, 2009
Senator Coburn of Oklahoma produced the following report about wasteful stimulus projects. Worth flipping through. The top 10 are rather funny/aggravating...
Posted in Uncategorized | 3 Comments »
Tuesday, June 16th, 2009
OA is way late to this. Turns out that the 2.35% rate GMAC/Ally was advertising last week was already a significant cut from 2.8%, made at the behest of the FDIC, which had written a letter instructing them to lower deposit costs. [Even so, as of today, the 2.35% APY ...
Posted in banking, FDIC | 2 Comments »
Tuesday, June 16th, 2009
That sound you hear is the social media bubble popping. From PC World: MySpace Staff Slashed Almost 30%
The restructuring continues at MySpace, whose staff will get cut by almost 30 percent, the News Corp. division announced Tuesday.
MySpace's staff is "bloated" considering the "realities of today's marketplace," which prevents it from ...
Posted in bubble | 1 Comment »
Tuesday, June 16th, 2009
(Send links, videos, pics to optionarmageddon at gmail with subject “link”)
Credit Bailout: Issuers Slashing Balances (NYT) "Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even. ...
Posted in Uncategorized | No Comments »
Tuesday, June 16th, 2009
OA has noted P Krugman's insistence that the Fed/Treasury use all the tools at their disposal to keep us from falling into another Depression. We've yet to see any thorough discussion, however, of the consequences of such action. He admits deficits are a "long-term" problem, that we need a plan ...
Posted in Economy, Fed, inflation | 4 Comments »
Monday, June 15th, 2009
Federal Intervention Pits 'Gets' vs. 'Get-Nots' (WSJ) "Increasingly, companies big and small are competing on the basis of their ability to tap government money."
A "Time-Bomb" for the World Wheat Crop (LA Times)
$8000 Tax Credit Can Be Used for FHA Downpayments (Bible Money Matters) If true, this is monumentally foolish policy. ...
Posted in links | No Comments »
Sunday, June 14th, 2009
Posted in Uncategorized | 1 Comment »
Saturday, June 13th, 2009
OA has long argued that the only real solution to the economic crisis is for America to get smaller. Our lifestyles need to be downsized, our debts paid off, our government shrunk. With that in mind, a must-read from the Telegraph---U.S. Cities May Have to be Bulldozed to Survive
The government ...
Posted in Economy | 7 Comments »
Friday, June 12th, 2009
After repeated bailouts, GMAC Bank last month changed its name to Ally Bank. A great branding move---why wouldn't you want to deposit your money in a bank that's your ally, especially when it pays the highest interest rate in the nation on a 12-month CD?
To the right is the bank's ...
Posted in bailout, banking, FDIC, Interest Rates | 8 Comments »
Friday, June 12th, 2009
Good news in money printing land. The presses, for the moment, have slowed. Despite the spike in Treasury rates (and consequently mortgages), the Fed has resisted the temptation to beef up asset purchases. [Recall that the basic idea of quantitative easing is to print money to buy bonds in order ...
Posted in Fed, inflation, Interest Rates | 1 Comment »
Thursday, June 11th, 2009
(Send links, videos, pics to optionarmageddon at gmail with subject “link”)
A Daring Trade Has Wall Street Seeting (WSJ) Oh this is just delicious. Big banks thought they had an easy mark. Turns out the mark was a hustler. The trade in question is a little complicated, but WSJ includes a ...
Posted in links | 4 Comments »
Thursday, June 11th, 2009
So much for de-leveraging.
The Fed published its latest Flow of Funds report today. One key takeaway: While total debt is growing more slowly, it is still growing. Since Q3 '08 households have cut their debt (slightly), but the federal government is borrowing so rapidly, overall debt continues to expand.
(Click chart ...
Posted in debt, Economy, Fed, housing, leverage, politics, taxpayer issues, treasury | 16 Comments »
Thursday, June 11th, 2009
Thought I'd share a rental anecdote. I just renegotiated my rent on a 1BR here in Manhattan's Midtown West area. My savings compared to last year: 18%. Had I been willing to move, similarly sized apartments in the neighborhood could have been had for as much as 25% off last ...
Posted in housing | 3 Comments »
Wednesday, June 10th, 2009
The long-time publisher of Grant's Interest Rate Observer notes, among other things, that
"If the Fed examiners were set upon the Fed's own documents—unlabeled documents—to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized ...
Posted in Fed | 1 Comment »
Wednesday, June 10th, 2009
(Send links, videos, pics to optionarmageddon at gmail with subject “link”)
Treasurys Decline as Russia May Pare Holdings of U.S. Debt (Bloomberg) The Russians want to move reserves out of Treasurys and into....IMF bonds. OA admits to not understanding the concept of IMF bonds. What is the IMF's source of revenue ...
Posted in links | 1 Comment »
Wednesday, June 10th, 2009
(ht Karina M.)
At the end Peter says he's considering a run for Senate against Chris Dodd....
Posted in funny | 9 Comments »
Tuesday, June 9th, 2009
(Send links, videos, pics to optionarmageddon at gmail with subject “link”)
WSJ Editorial Calls for Breakup of Citigroup (WSJ) The WSJ editorial page is generally as useless as the NYT editorial page, both are predictably partisan....always. This opinion is well-considered, though.
10 Big Firms Get Approval to Leave TARP (Bloomberg) Not on ...
Posted in links | 2 Comments »
