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Comments by JP Morgan got to the heart of the issue of why the latest figure is not a bottom. According to MarketWatch the firm said in a note, "The government's rapid easing of credit and rollout of infrastructure projects has bolstered FAI, helping offset decreased investment by export manufacturers and property developers." The US faces the same problem with its stimulus package. If it does not catch hold quickly unemployment, falling housing prices, and lack of access to credit will overwhelm the money being pushed into the economy by the Administration. (See pictures of China's electronic waste...
...MarketWatch pointed out that the spreads on credit-default swaps for U.S. government debt jumped to 97 basis points Tuesday, nearly seven times higher than a year ago and 60% higher than at the end of last year, to a level roughly in line with those of France, according to data supplied by Markit. Those swaps are gambles that America will renege on its financial obligations. Being on par with France is even more humiliating than if we were compared to Cameroon which had a GDP of only $44 billion last year, less than Bernie Madoff took from his clients...
...According to MarketWatch, the average forecaster thinks the economy shed 640,000 jobs last month. Some estimates are well over 700,000. The impression that the employment situation is getting worse was confirmed by Ben Bernanke's testimony before the Senate yesterday. (See pictures of the global financial crisis...
...mobilization to bail out Eastern Europe has begun in earnest. According to MarketWatch, "The World Bank, the European Bank for Reconstruction and Development and the European Investment Bank issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) in aid to support Eastern Europe's bank sector." That is almost certainly only the beginning of the process...
According to MarketWatch, the data show that "loans modified in the first three months of 2008 showed that 37% of borrowers were more than 30 days behind on their payment within three months, and 55% had re-defaulted within six months." This information opens a Pandora's Box of whether the Administration's plan to help homeowners bring down their monthly payments will make any difference to the real estate market. (Read "How to Fix the Housing Market...