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See, I can do this more than once a week
Jun. 27th, 2008 03:03 pmMish walks you through a set of still AAA/Aaa-rated housing tranches with 15%+ bankruptcy rates, noting that the ratings agencies have been focusing on downgrading low-volume funds and ignoring the bigger problems. Housingwire says that May Alt-A default data makes S&P's 35% loss estimate put out last month seem too optimistic.
Dr. Roubini at RGE Monitor believes that the markets have finally stopped believing the permabull hype, and that more runs like the one which brought down Bear Stearns are possible. Economically, RGE Monitor also note oil prices (bounding off US$142 and change today), and linking to a bunch of other commentary on price. Oh, and Dow Jones Commodities News via Comtex reports OPEC exports expected to drop 60,000 bpd in June, despite Saudi increases.
By the way, this is the worst June for the Dow since 1930. That's before today, which knocked almost another percent off the Dow, and put the US equity markets officially, finally, in a bear market. And also before J. D. Powers announced projected June vehicle sales would be through the floor, with, of course, SUV-and-truck-heavy American makers by far the worst off with declines of 26-31% year-to-year. Oh, and consumers are very, very unhappy.
Probably reated to that, Senator Obama wants another round of bribes (stimulus rebate cheques) sent out. But the Telegraph says the Fed has lost all credibility, which is probably why banks across the globe are trying to hoard cash. And Brad Setser wants to know why emerging economies who don't want to import inflationary Fed monetary policy don't drop their dollar links and let their currencies float.
Dr. Roubini at RGE Monitor believes that the markets have finally stopped believing the permabull hype, and that more runs like the one which brought down Bear Stearns are possible. Economically, RGE Monitor also note oil prices (bounding off US$142 and change today), and linking to a bunch of other commentary on price. Oh, and Dow Jones Commodities News via Comtex reports OPEC exports expected to drop 60,000 bpd in June, despite Saudi increases.
By the way, this is the worst June for the Dow since 1930. That's before today, which knocked almost another percent off the Dow, and put the US equity markets officially, finally, in a bear market. And also before J. D. Powers announced projected June vehicle sales would be through the floor, with, of course, SUV-and-truck-heavy American makers by far the worst off with declines of 26-31% year-to-year. Oh, and consumers are very, very unhappy.
Probably reated to that, Senator Obama wants another round of bribes (stimulus rebate cheques) sent out. But the Telegraph says the Fed has lost all credibility, which is probably why banks across the globe are trying to hoard cash. And Brad Setser wants to know why emerging economies who don't want to import inflationary Fed monetary policy don't drop their dollar links and let their currencies float.
