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Originally posted by Hx3_1963
reply to post by spinkyboo
I know how ya feel...
My Depression thread...booming...
(Just since morn...)
Originally posted by Hx3_1963
reply to post by elston
Major shutdowns in fuel suppliers due to deflageration?
No sense producing energy, below break-even points????
DAMM IT...WHAT THE HELL ARE WE GONNA DO?!?!?
[edit on 3/25/2009 by Hx3_1963]
I live 80 Mi W of Detroit....
I think Michigan is going to be the 2nd. The car industry is about to dry up and things aren't getting any better. It is really hard to sell cars at any price point regardless of quality and manufacture in an economy like this.
Originally posted by stander
You blame the government that is trying to send message to the greed-addicted Wall St junkies for an attempt "to kill us all." The government wouldn't get involved if the financiers didn't screw up by setting no limit to their greed. Isn't it true that it was them hidding behind all those mindless slogans about free enterprise who tried to "kill us?"
Frank Brosens, a hedge fund manager who was Treasury Secretary Timothy Geithner’s choice to run the office overseeing the $700 billion bank bailout program, withdrew his name from consideration.
Brosens, a founding partner of Taconic Capital Advisors LLC in New York, confirmed in an e-mail he is no longer in the running for the job, which requires Senate confirmation. The position is currently held by Neel Kashkari, a holdover from the Bush administration.
Geithner has had a difficult time filling vacancies and remains President Barack Obama’s only confirmed appointment at the department as the administration grapples with the biggest financial crisis since the Great Depression. At a congressional hearing yesterday, the Treasury chief said that hiring isn’t easy.
“We’re finding a lot of people willing to come serve their country at this moment of challenge, and I think that’s very encouraging,” Geithner told the House Financial Services Committee. “We’re going to need some more people, though, and we’re working very hard to bring in enough talent to help us get through this.”
Also at the hearing, Geithner called Kashkari, who runs the Troubled Asset Relief Program, “an excellent public servant.”
The unit run by Kashkari, the Office of Financial Stability, was created by Congress last year in the legislation that established the financial bailout fund.
The White House earlier this week moved to fill several posts at the department, saying it would nominate Neal Wolin to be Geithner’s deputy secretary, and Lael Brainard to be the undersecretary for international affairs.
Obama also said Stuart Levey will stay on as the Treasury’s undersecretary for terrorism and financial intelligence.
Earlier this month, Obama said he would nominate three others for assistant secretary jobs at the Treasury: Alan Krueger for economic policy, David Cohen for combating terrorist financing and Kim Wallace for legislative affairs.
As he has crafted major policies on the financial bailout, including this week’s announcement on toxic assets, Geithner has relied on a team of unconfirmed counselors and officials detailed from other agencies.
Isaac Baker, a Treasury spokesman, declined to comment on Brosens’s withdrawal.
Nobel laureate economist Paul Krugman said the U.S. will eventually have to “seize” big banks as the economic and financial crisis deepens.
“It’s very unlikely to produce enough gain in the prices of these assets to make the banks viable again,” said Krugman, a professor at Princeton University. “It’s a pretty bad deal for the taxpayer
The Czech head of the European Union presidency says the U.S. economic rescue plans are "a way to hell."
Prime Minister Mirek Topolanek says the Obama administration's stimulus package and financial bailout "will undermine the stability of the global financial market."
One day after he offered the resignation of his government, Topolanek took the EU presidency on a collision course with Washington over the economic options to solve the world economic crisis. Many EU nations favor regulation over more bailout efforts.
Wednesday's comments, made at the European legislature, come after British Prime Minister Gordon Brown called for more trans-Atlantic cooperation, lauding U.S. President Barack Obama for his willingness to cooperate.
The International Monetary Fund (IMF) and other lenders have agreed in principle to provide Romania 20bn euros (£18.4bn; £26.9bn) in aid.
The IMF will lend 12.95bn euros, the European Union will provide 5bn euros and the World Bank will lend 1bn euros.
The European Bank for Reconstruction and Development (EBRD) is to invest up to 1bn euros in Romania over two years.
Romania is the third EU nation to be given IMF aid recently, after loans were given to Latvia and Hungary.
The latest IMF economic program has been agreed by its staff mission, but needs approval from the executive board and management.
Similarly the World Bank needs to agree its part of the deal and the European Commission must approve its contribution.
PetroChina Co., the world’s second- largest company by market value, posted the first drop in full- year profit since 2001 after crude oil prices slumped and refining losses widened.
Net income fell 22 percent to 114 billion yuan ($16.7 billion), or 0.63 yuan a share in 2008, the Beijing-based company said in a statement to the Hong Kong stock exchange today. That’s lower than a median estimate of 116 billion yuan in a Bloomberg survey of seven analysts. Sales rose 28 percent to 1.1 trillion yuan.
China’s biggest oil producer and second-largest refiner joins BP Plc and Royal Dutch Shell Plc in reporting lower earnings after crude ended the year 70 percent lower than a record in July. PetroChina’s refining losses widened fourfold to 83 billion yuan because government curbs on fuel prices prevented the company from passing on higher costs to customers.
“It was a difficult year,” said Grace Liu, an analyst at Guotai Junan Securities based in Shenzhen. “They were affected by limits on oil product prices and the high cost of oil.”
PetroChina has declined 34 percent in the past year in Hong Kong trading, compared with a 39 percent drop in the Hang Seng Index. Exxon Mobil Corp, the world’s biggest company by market value, has fallen 19 percent in the period.
Yuan forwards rose the most in three months, with traders betting on appreciation for the first time since September, on speculation a $1 trillion U.S. plan to rescue banks will weaken the dollar. Bonds were little changed.
The 12-month forward rate gained 0.9 percent, the biggest increase since Dec. 17. The expansion of money supply after the Federal Reserve announced plans to buy $300 billion of Treasuries last week may lead to depreciation in the U.S. currency, the China Securities Journal reported, citing Fan Gang, an adviser to the central bank.
“The dollar has slumped against major currencies,” said Yang Shengkun, a currency analyst in Beijing at China Citic Bank Co., a unit of the nation’s biggest state investment company. “The yuan should be kept stable versus the dollar, so that it’ll become weaker against other currencies, which is good for China’s economy.”
The 12-month yuan contract traded at 6.7875 a dollar as of 5:30 p.m. in Shanghai, the strongest since Sept. 23, according to data compiled by Bloomberg. The currency’s spot rate was at 6.8296, rising 0.05 percent from yesterday’s closing level.
Since ending the currency’s peg to the dollar on July 21, 2005, the central bank has allowed it to float with reference to a basket of currencies including the euro, yen and South Korea’s won. The won has risen 11 percent against the dollar this month, the euro has gained 7.3 percent and the yuan strengthened 0.2 percent.
LONDON (Dow Jones)--The U.K. government's latest gilt auction drew disappointingly poor demand Wednesday, data from the U.K. Debt Management Office showed.
The GBP1.75 billion tap of the 4.25% December 2049 Treasury gilt was uncovered, with a bid-to-cover ratio of just 0.93 times, sharply down from 2.03 at the previous auction of this bond, held Feb. 4.
It was the first uncovered convention gilt auction since 1995.
The yield "tail", or difference between the average and highest yields, a gauge of demand, was an exceptionally long 12.8 basis points, versus 0.2bp at the previous tender.
The average price was 95.24, for a yield of 4.506%.
"Having flirted with a failed conventional auction twice over recent weeks, the market has finally witnessed one, with the auction covered 0.93 times, and a further GBP65 million of bids rejected on the basis that they were just too low to be filled," said John Wraith, head of sterling rates at Royal Bank of Canada Capital Markets.
Immediate market reaction to the results was extremely negative, with the June gilt futures contract heading sharply lower.
At 1100 GMT, June gilts were down 1.00 on the day at 120.37, after a low of 119.45 made soon after the results were announced.
Gilt futures have now erased all their price gains made since the Bank of England announced its quantitative easing program on March 5.
Governor Mervyn King cast doubts about the possible size of the QE program in his testimony to the Treasury Select Committee Tuesday, which triggered a sharp selloff in gilts as traders looked to reduce unwanted long positions.
Analysts said that while the Bank of England's quantitative easing policy, specifically its reverse auctions where the Bank buys eligible gilts from the market, ought to provide gilts with support, these results highlight the potential discrepancies between demand for eligible and ineligible bonds.
"The Governor's perceived equivocation around QE yesterday has clearly created a market where eligible BOE buyback debt is slipping further back towards where it came from pre-QE, while ineligible debt is left horribly exposed to worries about the very heavy supply outlook and deep uncertainty over what support, if any, will be forthcoming from the Central Bank," RBC's Wraith said.
The BOE's QE remit covers gilts within the five- to 25-year maturity range.
Attention now turns to the BOE's fifth reverse auction Wednesday, when the Bank buys GBP3.5 billion of eligible gilts in the 2014-2019 maturity range. Results of the competitive leg of the operation will be published soon after the auction closes at 1445 GMT.
Web site www.dmo.gov.uk/
-By Keith Jenkins; Dow Jones Newswires; +44-20-7842-9495; firstname.lastname@example.org
(END) Dow Jones Newswires
March 25, 2009 07:27 ET (11:27 GMT)