200904.29
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Economic Report: 1st Quarter US GDP Report

According to the Bureau of Economic Analysis, US gross domestic product- the output of goods and services produced by labor and property located in the United States – contracted by 2.6% in the last year, the biggest decline since 1982. For the latest quarter, things didn’t get any better, as GDP fell at a 6.1% annualized rate, following…

200904.27
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US Economic Calendar – April 27 – May 1

Weekly calendar of latest economic events and indicators, complete with full reports, charts, graphs, and in-depth analysis. Monday None Tuesday S&P/Case-Schiller Home Price Index – Full Report, Charts/Analysis Wednesday Gross Domestic Product – Full Report, Charts/Analysis FOMC Announcement – Full Report, Charts/Analysis Thursday Initial Jobless Claims – Full Report, Charts/Analysis Personal Income and Outlays – Full Report,…

200904.24
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Stress Tests

The government today released some details of the stress tests they have been conducting on the nation’s largest banks (HT: Doug Terry): According to the methodology, the 19 banks were asked to project estimated losses on loans, mortgage securities and other packaged products, including off-balance sheet positions estimated for 2009 and 2010 based on the…

200904.24
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Fed Up

Steve Hanke is fed up with the Fed: There’s a lot of finger-pointing going on over who’s to blame for the financial crisis: bankers, derivatives traders and the regulators who failed to keep an eye on them. Let me add two names that usually escape the dragnet: Fed Chairman Ben S. Bernanke and his predecessor,…

200904.23
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The Circular Flow Economic Model

Keynes described the economy in terms of a circular flow of money. Maybe this is what he meant: Top recipients of federal bailout money spent more than $10 million on political lobbying in the first three months of this year, including aggressive efforts aimed at blocking executive pay limits and tougher financial regulations, according to newly…

200904.23
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Who Does Ken Lewis Work For Again?

Ken Lewis says he was pressured by the Treasury Department and the Federal Reserve to complete the Merrill Lynch acquisition (via the WSJ): NEW YORK — Then-U.S. Treasury Secretary Henry Paulson threatened to remove Bank of AmericaCorp. Chief Executive Kenneth Lewis and the bank’s board of directors if the bank backed out of its merger…

200904.23
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Bidding Wars

According to the WSJ, bidding wars are breaking out in some areas for bank and mortgage company owned homes: But real-estate brokers say multiple offers on certain homes have recently become more common in parts of California and Arizona and the Washington, D.C., and Minneapolis-St. Paul metropolitan areas. Tamby Leonard of Santa Ana, Calif., southeast…

200904.22
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A Little Sympathy Please

The CFO of Freddie Mac apparently committed suicide this morning (via WSJ): NEW YORK(Dow Jones)–The acting chief financial officer of Freddie Mac (FRE), David Kellermann, was found dead at his home early Wednesday, according to Fairfax County police. There were “no signs of foul play,” said Officer Shelley Broderick of the Fairfax County Police Department….

200904.22
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GM to Miss Bond Payment

So, the stock market was having a good day, up about 1%, until GM announced they would miss their bond payment of $1 billion due on June 1st. Now the Dow is down about 20 points. Why? Anyone who is shocked by this news hasn’t been paying attention. In case there is anyone else that…