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Originally posted by GreenBicMan
reply to post by DangerDeath
The market sets the price
And yes, professional gamblers do gamble, they just use better risk management than all the other goons.
Books sets lines, they do not gamble, they collect the spread like a broker.
Charlie Munger (pictured left with Buffet), Warren Buffett's longtime business partner in Berkshire Hathaway, warns in a new column that the U.S. economic empire is crumbling before our eyes, thanks to federal debt and poor planning. In an article penned for Slate.com, Munger uses the form of a parable to explain how Wall Street's love affair with gambling has destroyed America's Main Street.
Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.
The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rebound to an annual rate of 360,000 units.
In a paper, which will be characterised as a blow for the Conservative party, the Fund said that countries risked sparking a potential double-dip in their economies if they start cutting spending and raising taxes too early.
It also warned that public debt levels throughout the world had now reached similar levels, in comparison to gross domestic product, as in the 1950s, the aftermath of World War II.
Evidence is mounting that Chinese sales of US Treasury bonds over recent months are intended as a warning shot to Washington over escalating political disputes rather than being part of a routine portfolio shift as thought at first
The credit ratings of Greece's four largest banks have been downgraded by ratings agency Fitch, a move that may worsen the country's financial woes.
Explaining its decision, Fitch said Greece's planned public spending cuts would result in fewer demands for bank loans, thereby hitting banks' profits.
Analysts said the move would make it more expensive for the banks to borrow funds, and the government to get loans.
Greece is working to trim a budget deficit way above eurozone rules.
In the widely expected development, Fitch downgraded National Bank, Alpha Bank, EFG Eurobank and Piraeus Bank from BBB+ to BBB status...
Global trade flows contracted by a catastrophic 12% in 2009, the fastest pace since the second world war. This latest estimate is considerably worse than the WTO's previous forecast of a 10% decline for last year, underlining the hefty costs of the financial crisis for the world economy
Greece set off the crisis rattling the euro zone. Spain could determine whether the 16-nation currency stands or falls.
The euro zone's No. 4 economy, Spain has an unemployment rate of 19%, a deflating housing bubble, big debts and a gaping budget deficit. Its gross domestic product contracted 3.6% in 2009 and is expected to shrink again this year, leaving Spain in its deepest and longest recession in a half-century.
Euro-zone heavyweights Germany and France have pledged to support Greece if necessary. But any bailout for Spain—whose $1.6 trillion economy is nearly double those of troubled euro-zone partners Greece, Portugal and Ireland combined—would be far costlier.
A "shock and awe" infusion aimed at renewing faith in Spain's finances, should it be necessary, would take roughly $270 billion, according to an estimate by BNP Paribas. It estimates similar confidence-restoring moves in Greece, Ireland or Portugal would require $68 billion, $47 billion and $41 billion, respectively.
The number of Americans filing for initial unemployment insurance surged to just below the 500,000 level last week, and have climbed more than 12% over the past two weeks, the government said Thursday.
There were 496,000 initial job claims filed in the week ended Feb. 20, up 22,000 from a revised 474,000 the previous week, the Labor Department said in a weekly report. The prior week, there were 442,000 claims filed
A debt default by one euro zone member could end the single currency union but this is unlikely, the head of the German debt management agency said on Thursday.
"I think if one of the 16 members would default, it would be a collapse of the whole system," German Finance Agency managing director Carl Heinz Daube told a bond conference in London.
EU inspectors visiting Athens expect declining gross domestic product and high borrowing costs will make it hard for Greece to meet its deficit-cutting targets this year, a senior Greek finance ministry official said on Thursday.
"Negotiations (on measures to cut Greece's deficit) are continuing because they see a big slippage in targets," said the Greek official, who declined to be named.
The EU inspectors expected Greece would only be able to cut its deficit-to-GDP ratio by 1.5-2.0 percentage points versus a 4 percentage points target this year, he said.
That would mean Greece would need to find another 4.8 billion euros ($6.47 billion) worth of savings to meet its target
Originally posted by TheCoffinman
The Federal Reserve chairman, Ben S. Bernanke, urged senators on Thursday not to strip the central bank of its authority to supervise the country's largest banks, warning that to do so would pose a “grave risk."