In the currency market, the dollar sank against the euro. Late Friday, the euro was trading at $1.2587 vs. $1.2453 on Thursday. There were no hard economic numbers out on Friday. The major news item seems to have been the belief that President-elect Obama intends to name New York Fed President Tim Geithner as Treasury Secretary.
First Congress authorized $700 billion — quite a bit more than the entire Department of Defense budget — for some sort of “troubled asset relief plan (TARP).” (Nobody ever really explained it to my satisfaction. Somehow we were going to throw money at a very big problem and fix it.) Then the money flowed like rainwater to Wall Street and a bunch of banks. Then the banks and Wall Street houses continued to pay their insiders’ big salaries and bonuses.
Paulson says no to automakers… Currencies trade in a tight range… Richard Russell on a Wednesday! TIC Flows improve… And Now… Today’s Pfennig!
What will Paulson say? Dollar remains well bid… How long for Safe Haven buyers? G-20 Schmee 20! And Now… Today’s Pfennig!
I have two objections to this crap, one being that the People’s Daily is wrong; the United States did NOT ‘plunder’ anybody; rather, the U.S. just took advantage of a bunch of ignorant rubes and hustled them out of their money!
Welcome to the Fantasyland issue of The 5…“Shouldn’t worry about the deficit,” assures Barack Obama… “yes we can” keep spending. Can’t balance the budget of your dreams? Call the Treasury… Atlanta’s doing it. Gold still suffering… Ed Bugos’ future fantasies for precious metals stocks. Plus, no one immune to the great housing illusion… the infamous Neverland Ranch shuts its doors.
Paulson reworks financial bailout: New targets for investment… even you can apply! Markets plummet… Bill Bonner on when stocks will be cheap enough to buy. OECD predicts global recession… Germany admits contraction has already begun. Wall Street CEOs forecast “rapid,” “deep” U.S. recession. Joel Bowman on a peculiar hissing sound emitting from the Middle East.
I just can’t make up my mind: Is Hank Paulson committing premeditated murder of the U.S. economy, or merely negligent homicide?
On Tuesday, both gold and silver started to decline at one of their usual times…about 3:00 a.m. New York time on Tuesday morning…with the bottom coming at the close of London trading. The price managed to recover somewhat after that…but once again (at 3:00 a.m. New York time on Wednesday morning) gold and silver prices began to decline. There was a temporary bottom at the London close again yesterday, but the recovery was short-lived, and both metals were taken down right into the close of after-hours trading on the Globex.
In the currency market, the dollar was dead flat against the euro. Late Wednesday, the euro was trading at $1.2508 vs. $1.2507 on Tuesday.
