Following the news on Friday, the top 3 or four here must be of concern.
We will watch this week.
Subprime Losses, source BBC
Merrill Lynch: $14.1bn
Morgan Stanley $9.4bn
Bear Stearns: $3.2bn – Fold, into JP Morgan
Deutsche Bank: $3.2bn
Bank of America: $3bn
Royal Bank of Scotland: $2.6bn
Freddie Mac: $2bn
JP Morgan Chase: $3.2bn – Buy, Bear Stearns
Credit Suisse: $1bn
BBC NEWS | Business | JPMorgan to acquire Bear Stearns: “JPMorgan Chase has said it is to buy Wall Street’s fifth-largest investment bank Bear Stearns for $2 a share.”
BBC NEWS | Business | Bear Stearns gets emergency funds: “US bank Bear Stearns has got emergency funding, in a move that raises fears that one of Wall Street’s biggest names is on the verge of collapsing.”
Interesting article from the Telegraph in the UK. We will see what happens monday.
Panic is the concern now.
Fed’s interest rate cuts are worse than useless – Telegraph: “History will show that Ben Bernanke has failed to steer the US economy away from recession. And I won’t win many friends for saying this, but the Fed chairman and his acolytes have actually made America’s predicament much worse.”
BBC NEWS | Americas | Tent city highlights US homes crisis: “The meltdown in the US mortgage market has led to record foreclosures and forced thousands from their homes. In few places is it worse than southern California, where the BBC’s Rajesh Mirchandani reports on an extreme consequence of the downturn, but one that some observers fear could grow.”
So if Bear Sterns is being bailed out, where is the money coming from?
There is money being pumped into the markets this is very concerning. This is building up yet more problems in the future. At some point we are delaying the inevitable. There will be a correction, and we will see defaults on loans.
Wall Street fears for next Great Depression – Business News, Business – Independent.co.uk: “Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150m) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed’s emergency funding procedure was first used in the Depression and has rarely been used since.”
Looking at these pictures I just had to add this one. Is very exciting.
SPACE.com — Avalanche Photographed on Mars: “A NASA spacecraft has taken the first-ever image of an avalanche in action near Mars’ north pole.”
Buffet thinks we are in a recession and there is further to fall.
Would say I agree, but what is cheap. What would the Dow Jones be at to signal this…… sub 10,000?
Buffett waiting for shares to get “very cheap” – Telegraph: “The billionaire investor, who last week published his annual letter to Berkshire shareholders, said shares are not currently cheap and he’s waiting for them to become ‘very cheap’.”
Great article, that looks at this like a scientific problem….. where do all those teaspoons go. I love the idea of a halflife for teaspoons.
“The case of the disappearing teaspoons: longitudinal cohort study of the displacement of teaspoons in an Australian research institute”
The case of the disappearing teaspoons: longitudinal cohort study of the displacement of teaspoons in an Australian research institute — Lim et al. 331 (7531): 1498 — BMJ:
This article from USA today, this is the next crisis following the subprime crisis. People have borrowed too much, and this is unsustainable.
More Americans using credit cards to stay afloat – USATODAY.com: “More Americans using credit cards to stay afloat”
I thought that this was an interesting time lapse picture
On Indie Music, I was taken back and having fun remembering Manchester Music from the 80’s, here are some links and bands etc (have copied in some of the good text below)
Bands, remember these names
Bands that have emerged from the Manchester music scene include the Buzzcocks, The Fall, Joy Division and its successor group New Order, Happy Mondays, The Charlatans, Inspiral Carpets, James, The Stone Roses, and Oasis. The Chemical Brothers, although from southern England, formed in Manchester. Ex-Stone Roses frontman Ian Brown and ex-Smiths Morrissey continue successful solo careers. Other Greater Manchester natives include Richard Ashcroft and Jay Kay of Jamiroquai. (wikipedia, I remember the names though)
Also The Smiths, Cure, Cult, The Wedding Present (see to remember were big), House of Love, Spear of Destiny
English indie scenes
- Liverpool: (See Liverpool music scene). Famous for producing Echo & the Bunnymen and The Teardrop Explodes during the post-punk era, and has recently fostered bands such as The Zutons, The Coral, Hot Club De Paris, Ladytron.
- Birmingham: notably Grebo (Pop Will Eat Itself, Ned’s Atomic Dustbin, The Wonder Stuff ) plus scene surrounding The Jug of Ale bands including rumblefish, Ocean Colour Scene and more.
- Coventry: With emerging bands such as The Enemy coming from Coventry and the subsequent ressyrection of Stiff Records
- London: Notably the The Scene That Celebrates Itself, Thamesbeat and Whitechapel scenes.
- Manchester: Since the advent of punk rock, Manchester’s indie scene has yielded seminal groups such as Joy Division, New Order, The Smiths and The Fall. Famous for the Madchester scene in the late 80’s led by Factory Records artists The Stone Roses, James, and The Happy Mondays. The Madchester scene heavily influenced the city’s Britpop scene which included blur, Oasis, The Verve and Doves. Singer-songwriters Badly Drawn Boy and Jim Noir operate from the suburb of Chorlton.
- North East: Produced post-punk revivalists The Futureheads from Sunderland and Maxïmo Park from Newcastle upon Tyne. Pete Doherty comes from Hexham.
- Yorkshire (Notably Leeds and Sheffield): Sheffield is best known in indie cicrles for the band Pulp and its frontman Jarvis Cocker. Several members of Mercury Prize winners Gomez studied at Sheffield University. The rise of Arctic Monkeys has paved the way for new bands such as Milburn, Little Man Tate, The Long Blondes, The Dodgems, 65daysofstatic and Firegarden . Not as prolific as Sheffield, Leeds has still produced notable indie acts such as Kaiser Chiefs, The Music, ¡Forward, Russia!, Hadouken!, The Pigeon Detectives and The Wedding Present.
Breathtaking Photos From Nature
These are just some amazing photos of nature on this website.
These are a couple of photos from the ESA SOHO probe, website.
I thought that they were an incredible demonstration of the power of the sun, a huge seething ball of nuclear energy constantly reacting, and so hot we feel it strongly millions of mile away.
This is just a great photo of the aurora from space
Currency pool in asia
This is an interesting story.
Not sure if there is much funny about the situation at the moment. It really does seem like the summers are getting warmer, wetter and the winters milder.
However there was an interesting story the other day on the BBC website about ice cores from the Antarcica.
Deep ice tells long climate story Appears CO2 is at the highest level for the last 800,000 years.
Now 800,000 years ago we were running around without a care in the world for mobile phones or who won survivvor (it was the real survivor I suppose).
But even 800,000 year ago it is still recent compared to the age of the dinosaurs (160 million years ago, big cold blooded animals, needing a warm climate). As you know they seemed to become extinct all of a sudden around 60 million years ago.
Logic is this. Now if oil is a bi-product of organic matter and all the oil seems to sit in massive underground reserves, in one location, could this be related to this very extinction event?
Now wouldn’t it be ironic if by burning fossil fuels, we could be simply returning the Carbon Dioxide from the past, back into the atmosphere once again. One big circle.
Still not good for humanity and the end of the world as we know it, but a big circle all the same. Funny that.
Skype is becoming ever more important for me and communication. Here are some alternatives I found. I liked the idea of having via a webpage.
While there’s probably no one service that provides a feature-for-feature replacement for Skype, there are plenty that offer great VoIP and video calling services, some of which are even better than Skype’s. Here is a list
via 9 Great Alternatives to Skype for VoIP and Video Chat — Online Collaboration.