We’re all screwed now. Source: MarketWatch Handing President Obama a significant triumph in his effort to rein in Wall Street after the financial meltdown of 2008, the Senate on Thursday approved the most historic shakeup of the regulation of U.S. banks since the Great Depression. The Senate voted 60 to 39 to approve the bill, [...]
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We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
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Source: Bloomberg.com
Rising costs in the market for dollar loans between banks began to show “distrust” in the financial system, Kotok said. “As soon as you see that, you know you have systemic risk.”
This time, the Fed’s swaps come amid increasing political scrutiny. Congress could ask why the U.S. central bank is expanding the supply of [...]
Source: Telegraph
Flight to safety drove yields on 10-year German Bunds to 2.56pc, below the levels touched in the depths of the Great Depression. The spreads over peripheral European debt rose sharply again, jumping to 137 basis points for Italy, 157 for Spain and 220 for Ireland.
The strains in Europe’s sovereign debt markets are nearing [...]
Source: MarketWatch
By Ronald D. Orol
WASHINGTON (MarketWatch) – Senate lawmakers on Friday approved the most significant increase in the regulation of U.S. banks since the Great Depression, placing new restrictions on the nation’s biggest banks, reining in the Federal Reserve and crafting a major new consumer protection division for mortgage and credit-card products. The mammoth [...]
