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Richard Sachs Cycles

Poetry Friday

TO PURITY

I have heard so much about you

if you claim to be you I will know it’s not true

if you say nothing I will listen as I do with my own old mixed feelings of hope and reservation

hearing through them whatever might be you

the way I see the white light [...]

‘Bad Bank’ Funding

‘Bad Bank’ Funding Plan Starts to Get Fleshed Out – WSJ.com

WASHINGTON — The Obama administration, filling in some of the blanks in its bank bailout, is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis, according to people familiar with [...]

Dow Falls Below 6800

Somebody, please call a bottom … 6000? Okay … just so long as it isn’t 5000. One thing is for sure. It can’t go below 0.

Dow Falls Below 6800 – WSJ.com

The stock slide that pushed indexes to new 12-year lows picked up speed in the afternoon on fears that economic recovery may still [...]

America’s crisis worse than Japan?

America’s crisis in a historical context | Worse than Japan? | The Economist

THERE is one consolation for the depressing instability of finance. History offers a rich array of banking crises from which policymakers can draw lessons—and against which today’s rescue plans can be judged. According to an IMF database, there have been 124 “systemic” [...]

Tax time …

Some years, I love tax time … other years, I hate it.

Last year, I really hated tax time; because I rented for much of 2007, my income was such that I owed a few hundred dollars when I filed my return; money which I couldn’t afford to pay, and which was deducted from my [...]

Seizure!

America’s mortgage giants | Suffering a seizure | Economist.com

FOR many Americans, Sunday is for church, family lunches or catching a ball game. For the country’s financial authorities, it has become the day of the dramatic announcement: the takeover of Bear Stearns; the Treasury’s promise in July to stand behind Fannie Mae and Freddie Mac; [...]

Bear Stearns

Bear Stearns to Get Backing From J.P. Morgan, N.Y. Fed – WSJ.com Firm’s Shares Sink Amid Liquidity Fears By KEVIN KINGSBURY, ANDREW DOWELL and SERENA NG March 14, 2008 1:22 p.m.

NEW YORK — In a dramatic move Friday, JPMorgan Chase Co. and the Federal Reserve Bank of New York stepped in with emergency funds [...]

More pain!

Margin Calls Throttle Thornburg By DONNA KARDOS March 7, 2008 2:08 p.m.

In the latest sign of how badly firms have been hurt by the credit crunch Thornburg Mortgage Inc. Friday said there is “substantial doubt” about its ability to continue as a going concern, citing deterioration of prices of mortgage-backed collateral and a liquidity [...]

PAIN!

Mounting Liquidation Fears Squeeze U.S. Stock Market March 6, 2008 5:40 p.m.

Worry about the health of the credit markets made a noisy comeback Thursday, leveling financial stocks and sending many investors scampering for the safety of government debt.

Revelations that two large investors had missed recent margin calls raised fears that more investors could [...]

Nader Announces Third-Party Run for President

From this morning’s New York Times (online):

Nader Announces Third-Party Run for President – New York Times By THE ASSOCIATED PRESS Filed at 10:27 a.m. ET

WASHINGTON (AP) — Ralph Nader said Sunday he will run for president as a third-party candidate, criticizing the top White House contenders as too close to big business and [...]