In-Depth Look – Dollar Slide Continues – Bloomberg

June 1, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. 1 comment.

Market Wrap Up: Dow closes down 200+…Big 3 loan stalled at WH…

As the closing bell rings the DOW is down 222 to 8603; NAS down 27 to 1552 and S&P down 19 to 885.

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The NAS was down all say on downgrade of chip makers and Intel in particular got hammered when their price target was downgraded below $12..

DOW turned down after Standard & Poor’s decided to re-affirm GEs AAA rating, but simultaneously downgraded their credit outlook from stable to negative…Ironically, S&P rang the closing bell on the Nasdaq today…

…Sprinzen’s report reaffirmed GE’s present rating, but pointed to earnings pressure and the need for funding at GE Capital that forced management to revise its earnings guidance. S&P generated its own projections, Sprinzen said, and “it’s clear that this is going to be a pretty severe credit cycle.”..

You know what Franck Eggelhoffer would say don;t you? ‘Party pooper Standard and Pooor’s’…where were these jokers since 2003??

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December 18, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Housing, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

UPDATE: Foreclosures Rise…November Jobs Report In….Shocker over 500,000 jobs lost..

UPDATE 3: 10:00am EST: And the hits just keep on comin’. MBA reports total loans in foreclosure at end of 3Q rose to 2.97%, delinquent loans rose to 6.99%. This means 10% of ALL home loans in the US are now delinquent or in foreclosure. As the job losses roll over, Diana Olick of CNBC notes that this is less a subprime ARM issue and now more an overall economic downturn and high unemployment issue….gee I have an idea, IMPLEMENT THE FDIC PLAN!!..DOW now down 160….

UPDATE 2 9:50am EST: DOW down 100. The BIG 3 are about to begin testimony before the House Financial Services Cmte. Barney Frank, D-MA, opening stmt was spot-on and covered the ‘disaster’ a bankruptcy with the BIG3 ceasing to pay their creditors, would be in the current economic situation, He made a point of discussing the labor statistics. I notice Spencer Bachus R-Al, the senior minority seat on the panel is ALSO from Alabama, like Shelby on the Senate Banking CMTE,  Alabama has LOTS of foreign auto manufacturers, let’s hope they get beyond that and look at the entire economy…watch it live on CSPAN now here

UPDATE: 8:30 am EST: The numbers are coming in now..

Rick Santelli reports…

It’s brutal, for the month of November new jobless claims are 533,000 (the largest drop since 1974). The unemployment rate is 6.7%..

September’s jobless numbers revised downward, what was reported as a loss of 284,000 jobs now revised to show an actual loss of nearly double that, 403,000…

October nonfarm payrolls revised to a loss of 320,000 from an earlier report of down 240,000..

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by marvinsdad Creative Commons - Attribution

Numbers to be released at 8:30am EST, at times like this I wish we knew who the incoming Labor Secretary was so the street could get a boost from a statement of reassurance on plans for future employment….

The dollar has been falling against the Yen and the Euro ahead of the jobs report, coupled with the ECB (.75! ) and BoE  (1.00) rate cuts yesterday,  currency traders would no doubt remind us that in a global recession the US dollar will still do well despite our current economic woes in the US.  Bloomberg on expectations for the jobs number and the dollar trade ahead of its release:

…U.S. payrolls shrank by 333,000 workers in November after a drop of 240,000 in the previous month, according to the median forecast of 73 economists surveyed by Bloomberg News. The jobless rate jumped to 6.8 percent, the highest level in 15 years, a separate survey showed. The Labor Department will release the report at 8:30 a.m. in Washington.

“Some are selling the dollar ahead of the payroll report,” said Brian Dolan, chief currency strategist at FOREX.com, a unit of online currency trading firm Gain Capital in Bedminster, New Jersey. “You have a perfect storm building for the dollar.”

I repeat it is insane to play with the economic recovery and labor markets by letting GM or Ford go under right now..forcing a merger on privately owned Chrysler to publicly owned GM raises all sorts of issues, but if one has to fail to let the other two live, I say Chrysler should go (may my Jeep live on as it did after the end of American Motors). Ford is in good shape and GM is too big with the parts suppliers to go down in this labor market..

The BIG 3 are in front of the House this morning, with these job numbers I am hoping they have a better plan than letting them go through an immediate prepackaged bankruptcy. The ole Real Estate saw: location, location, location is now jobs, jobs, jobs.

No housing recovery will takeoff with rapidly rising unemployment, and what would be a gradual increase to a high of perhaps 8.5% in unemployment by the end of 09 as we enter the peak and begin to recover, could be twice that in half as much time if we let the BIG 3 go down without a fight…

December 5, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, FDIC, Film, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 6 comments.

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