But GM has friends in high places…ready to lean on the scales of Mr. Market’s justice. The automaker has already borrowed $13.4 billion. It is asking for another $30 billion. But what kind of a dope would lend $30 billion to a company whose own auditors say they’re worried that it might go out of business?
March 10th, 2009 | Bill Bonner | 0 comments | ContinuedAll Posts Tagged With: "Bank of England"
Life Goes On
What is the stock market telling us? Has it fallen out of love with Obama? Is it terrified of his wealth redistribution policies? Is it stark raving mad? Or is it a perfectly rational reaction to a situation that lacks transparency in the banking sector and an obvious, easy way out of the economic hole we find ourselves on?
March 6th, 2009 | Dan Denning | 2 comments | Continued
Geitner Plan Falls Short
It had been hoped that the Geitner plan would support a further rally in the stock market. In fact, he only spoke for half an hour. During that period the S & P 500 fell by 3.4 per cent. The market – and particularly the traders – was disappointed by his lack of detail. Some people expressed disappointment that he did not commit the new administration to drawing a line under the crisis. The new administration had allowed expectation of a New Deal to grow, and this was not a new deal…
February 13th, 2009 | William Rees-Mogg | 4 comments | Continued
LNG in 2009
Russia supplies Europe with 25% of its natural gas, and 80% of that gets to Europe via Ukrainian pipelines. The Russians say the gas is being siphoned off illegally and then sold at a higher price. Maybe it is. Maybe it isn’t. Who knows? The real issue is control of the energy resource and the network for transporting it. One is no good without the other. Both are critical, and happened to be owned by competing interests…
January 12th, 2009 | Dan Denning | 2 comments | Continued
Life After the Credit Depression
Life after the credit depression (or LACD, as we now call it) is going to be very challenging. It’s a subject that deserves a lot more thought. So we promise more to come. But our main point today is that the institutional keystone of the modern state is, well, crumbling. Why? Go back to 1694 when the British were in perpetual war with the French while trying to build a commercial empire AND kick of an Industrial Revolution…
January 9th, 2009 | Dan Denning | 1 comment | Continued
