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Camosun College -18
Citizens Financial Group -9,000
JP Morgan Portland Oregon -19
Latitude Corp. -113
Eau Claire School District -40
EcoQuest Closes -192
22 Chicago Area Companies -2,500
Marathon Equipment Co. Closing -71
Betts USA Closing Plant -114
Milwaukee Journal Sentinal -31
Radio Systems Corp. -12
Energy Conversion Systems Closing -165
American Medical Association -100
Zounds Inc. Bankrupt -40
Caterpillar Foundry -200
NYC Zoo -100
TOTAL - 17,900+
More at Link...
Fed's Fisher says U.S. economy grim
CHICAGO (Reuters) - The U.S. economy is grim, and the Federal Reserve is "duty bound to apply every tool" to clean up the financial system and clear a path for a return to sustainable growth, Richard Fisher, president of the Dallas Fed, said on Wednesday.
Nice...hadn't thought of mythology as a market descriptor...
In Greek mythology, Sisyphus (Greek: Σίσυφος [sí.sy.phos] Ell-Sisyfos.ogg ['si.si.fos] (help·info), Latinized: Sisyphus, (IPA: /ˈsɪsɨfəs/)), was a king punished in Tartarus by being cursed to roll a huge boulder up a hill, only to watch it roll back down, and to repeat this throughout eternity.
Today, Sisyphean can be used as an adjective meaning that an activity is unending and/or repetitive. It could also be used to refer to tasks that are pointless and unrewarding.
Europe stock index futures signal more losses
Wed Apr 8, 2009 2:07am
PARIS, April 8 (Reuters) - European stock index futures pointed to losses in early trade on Wednesday, mirroring a sharp drop on Wall Street, hit by rekindled worries over cprporate profits as the results season kicks off.
At 0602 GMT, futures for the DJ Euro Stoxx STXEc1, for Germany's DAX FDXc1 and for France's CAC FCEc1 were down 1.7-2.0 percent.
European stocks fell for a third session in a row on Tuesday as banking stocks dropped on worries about their balance sheets, while automakers lost ground on poor sales and broker downgrades.
A Tale of Two Depressions
It’s a Depression alright
To sum up, globally we are tracking or doing even worse than the Great Depression, whether the metric is industrial production, exports or equity valuations. Focusing on the US causes one to minimise this alarming fact. The “Great Recession” label may turn out to be too optimistic. This is a Depression-sized event.
That said, we are only one year into the current crisis, whereas after 1929 the world economy continued to shrink for three successive years. What matters now is that policy makers arrest the decline. We therefore turn to the policy response.
Wheee...let's see how long it takes to 'quash this...
Congressional Panel Suggests Firing Managers, Liquidating Banks
April 8 (Bloomberg) -- A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis.
The Congressional Oversight Panel, in a report released yesterday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is “mixed.” Three of the group’s members disagreed with at least some of the findings.
“All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets,” the panel, headed by Harvard Law School Professor Elizabeth Warren, said in its report.
Treasury Secretary Timothy Geithner has revamped the Troubled Asset Relief Program to focus on injecting capital into banks and removing up to $1 trillion in illiquid securities from their balance sheets via public-private investment partnerships. The government is also working to unfreeze credit markets through a Federal Reserve program that provides loans to investors in some asset-backed securities.
Warren, in an interview on Bloomberg Television, said yesterday that while “things may be getting a little better” under Geithner, the Treasury still needs to be more transparent about how it is spending the taxpayers’ money.
“We still have a long way to go, a very long way,” she said.
Depth of Downturn
In the report, Warren’s panel said “it is possible that Treasury’s approach fails to acknowledge the depth of the current downturn and the degree to which the low valuation of troubled assets accurately reflects their worth.”
The group said it was offering an examination of “potential policy alternatives” for the Treasury and not endorsing any shift at this time.
Still, it said a bank liquidation would be “least likely to sap the patience of taxpayers” and “provides clarity relatively quickly” to the markets.
“Allowing institutions to fail in a structured manner supervised by appropriate regulators offers a clearer exit strategy than allowing those institutions to drift into government control piecemeal,” the report said.
The report also said that past successful financial rescues were accompanied by governments’ “willingness to hold management accountable by replacing -- and, in cases of criminal conduct, prosecuting -- failed managers.”
Two of the panel members, New York State Superintendent of Banks Richard Neiman and former New Hampshire Senator John Sununu, issued separate findings.
“We are concerned that the prominence of alternate approaches presented in the report, particularly reorganization through nationalization, could incorrectly imply both that the banking system is insolvent and that the new administration does not have a workable plan,” the two wrote.
Sununu and the five-member panel’s other Republican appointee, Representative Jeb Hensarling of Texas, dissented from the entire report.
The oversight panel was set up under the rescue law passed in October. It has three members appointed by Democrats and two by Republicans. The group’s reports are required by the legislation.
Originally posted by Hx3_1963
[edit on 4/7/2009 by Hx3_1963]