Dubai World
Dubai World, the government owned enterprise for developing Dubai, shocked international markets yesterday by asking to delay some debt payments. http://preview.tinyurl.com/ydutgdm. According to the Guardian’s ariticle,
The FTSE 100 tumbled by 70 points, or nearly 1.4%, to 5123 when trading began. But with share prices volatile, it clawed back most of the losses by 10am, [...]
I hope all of you have a wonderful day with family and friends today.
One thing to think about, and maybe discuss at the table: are we going broke as a nation?
Martin Sullivan makes a compelling case in “Who’s Afraid of Risky Government Debt?”
He covers no less than 4 articles this morning in major newspapers on [...]
Wall Street Journal reports further decline in lending
“US lenders saw loans fall by the largest amount since the govenment began tracking such data, suggesting that nervousness among banks continues to hamper economic recovery.”
Lending fell by 3%, or $210.4 billion, the largest decline since data collection started back in 1984. The FDIC also admits that its [...]
See my earlier post at http://magort.com/?p=45 on the amazing bubble machine that Goldman Sachs has developed to rip off investors. Sometimes you have to go off shore to find good coverage. Today’s Guardian (the UK’s “Independent” newspaper) has a great article:
Shareholders demand Goldman bonuses
Institutional investors are going after Goldman to “claw back” its outrageous bonuses [...]