Solarbird (solarbird) wrote,

  • Mood:

This should've been Friday

Well, Friday was saved by essentially everyone in the administrative branch promising that Congress doesn't matter and there'll be an auto bailout/bridge/cash infusion/whatever for GM and Chrysler in some form or another real soon now. RGE Monitor again talks about some details.

Also check that same link for commentary on Barrons's and Morgan Stanley's uncertainty about November's sales numbers being artificially inflated. Yes, they're calling shenanigans. More on that also at Bloomberg, an overview at RGE Monitor.

On previous bailouts, in response to Bloomberg News's Freedom of Information Act lawsuit. the Fed has refused to disclose any more data about the US$2T in in bailouts so far. And they're talking about another US$2T in debt issuance.

As noted previously, the US dollar/Yen trade recovered quite a bit; it was trading last around 円91 to the dollar. But the dollar index has slumped, down 2.7% across the week, and Brad Setzer suggests it's likely to drop further. In Forbes, meanwhile, Frank Beck talks up the idea of an intentional dollar devaluation.

Shipping numbers perked up quite a bit on Friday, but again, only in the Cape class. But the decline-per-day in other classes has slowed quite a bit; they may be bottoming out as well. Brad, again, has his take, noting that US exports have been falling rather badly, and that the deficit has been and is likely to continue getting worse.

Canadian homebuilding has finally dropped off the cliff, joining essentially the rest of the Anglosphere. Also, Ottawa and Ontario have signed off on Can$3.3 in bailouts for the domestic Canadian auto industry. Great Britain has also come up with a bailout programme for its industry.

The Detroit newspapers are reportedly going to a 3-days-a-week print schedule. Daily editions will still be published online.

Finally, Mr. Mortgage takes apart the US Bank loan sheet. On a related note, is this the first post-meltdown bank bombing?
Tags: economics
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