quotable
"US bank earnings plunged nearly 25% in the third quarter, falling below $30bn for the first time since 2003 as the sagging US housing market hit profits… Net income for banks in the period fell to $28.7bn, down $9.4bn from last year driven by a steep increase in provisions for loan losses and a drop in non-interest income, according to the FDIC. Loan loss provisions rose $9.2bn, or 122%, to $16.6bn compared to the same period a year earlier… The $16.6bn in provisions is the most made since the second quarter of 1987..."
Financial Times, November 28, 2007
Commentary
Credit Bubble Bulletin
by Doug Noland | Jan 27
The Fed goes from loosest to only looser - the dollar suffers and global risk assets gain.
Read moreThe Bear's Lair
by Martin Hutchinson | Jan 24
The Illusions of Private Equity
Leveraged buyouts incentivize dodgy negotiating and financing tactics. “Gentlemanly capitalism” is far more economically efficient.
Read moreFeatured Commentary
by Satyajit Das | Jan 18
Britain rejected the Treaty changes, refusing the invitation to join the Europeans on the maiden voyage of the Titanic.
Read moreGuest Commentary
by Michael Pento | Jan 5
Math Vindicates S&P Debt Downgrade
Their rating of U.S. debt is still too high and the downgrade came way too late.
Read more
