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http://business.theatlantic.com/2009/05/newsweek_paulson_didnt_understood_mortgage_backed_securities.php May 25 2009, 9:05 am by Derek Thompson Hank Paulson Admits He Doesn't Understand Mortgage Securities This quote, from Newsweek's piece on former Treasury Secretary Hank...

Just like it was in June of '07.

People have no idea how bad things are going the be in this country in just one short year. No idea. They think they've seen the worst. They haven't seen jack shit, yet.

CNBC is the shit stain on the looking glass that is coverage of all things financial. It is a flaccid wind, and an anal pustule.

- The government’s recent stress tests of banks concluded that the nation’s 19 largest could be forced to write off as much as a fresh $600 billion by the end of 2010, bringing their total losses to $1 trillion. The Federal Reserve concluded that these banks needed to raise another $75...

That's a valid point, and one I was going to mention (by way of edit) in the interest of full disclosure, but you beat me to it. Broken_Trades - you have summarized perfectly well exactly the sentiment and ideas I've been emphasizing. I would dare say 80% of the stimulus money went to...

There are categories of jobs that can be lost permanently. When those jobs pay a higher wage than the jobs the displaced workers migrate to in the future, this is the what leads to lower living standards for such individuals. When this happens on widespread, national or even regional basis...

http://seekingalpha.com/article/139030-the-next-wave-of-foreclosures The Next Wave of Foreclosures Take a look at the chart below, created by Credit Suisse. It shows the date of first reset or recast of various classes of adjustable-rate mortgages (ARMs). A reset refers to a change in...

I've been warning of steadily higher trending unemployment as the biggest danger to the U.S. and global economy for nearly a year, while others derided me for obsessing over what they called 'a lagging indicator.' Their choosing to do so implied they viewed global economic events in the...

This story really rings true. Either Merkel bails Porsche out, or they probably file for BK soon. I did a search on cars.com, and it's amazing how many Porsches are for sale, given how few are made and sold each year.

http://news.bbc.co.uk/2/hi/uk_news/8064536.stm New road cameras 'unregulated' The BBC has learned that a national network of cameras watching over Britain's roads will be in place within months. There are already thousands of Automatic Number Plate Recognition cameras that can read...

That's quite a list. What do you see when you log onto ET? :D

http://news.bbc.co.uk/2/hi/business/8066037.stm 13:24 GMT, Sunday, 24 May 2009 14:24 UK World Bank warns of social unrest The head of the World Bank has warned that the global economic crisis could lead to serious social upheaval. Robert Zoellick has warned of the destabilising...

When you show total debt, the stats change significantly.

http://online.wsj.com/article/SB124303024230548323.html

Here's 50%, but it's debatable (the number), and mere millionaires were decimated, also. http://tmi2.themalaysianinsider.com/index.php/world/18383-russian-billionaires-club-halved-as-financial-crisis-destroys-fortunes

The competitive advantage that China and India have is low wage workers. In fact, even with slave wages of roughly $260 USD per month in China for large company factory workers, they still are having extreme difficulty growing their job base commensurate with the population growth. India...

And about 85% of the Russian Billionaires (former) buying High End London Real Estate are now broke. ;)

First, stagflation without wage inflation is stagflation-light, big time. In the 70's, wage inflation, largely induced by unions, crushed businesses and consumers alike. Second, I just don't buy the bull case on commodities, despite the run-up they've had over the last several months (as...

I don't owe a single dollar to any bank, company or individual. And that, as you point out, coupled with my liquidity, makes me truly independent and free. I personally know people (in fact, I'm friends with several of them, and just bought distressed real estate from one of them - he...