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Non-performing loans rose to 13.3% from 11% last quarter. This figure was just 7.63% 2 quarters ago. The scope of the increasing losses raises the idea of another bailout for the bank (#1 was 2 months ago). From rtve.es: Bankia has lost 7.053 millioneuros in the first nine months of the year compared to the 295 million earned in the same period of 2011, following the allocation of 11.485 million euros in [...] The Congressional Budget Office estimates the U.S. will report nearly a trillion dollar deficit for the first nine months of fiscal year 2012. In its “monthly budget review,” the CBO reports that the Treasury Department has accrued a $905 billion deficit throughout the first three quarters of the fiscal year, which began on Oct. 1, 2011. The deficit was $66 billion less than the $971 billion deficit incurred over the same period of [...] From Bloomberg: Berkshire Hathaway Inc. (BRK/A) said fourth- quarter profit fell 30 percent on smaller gains from Warren Buffett’s portfolio of derivatives. Net income declined to $3.05 billion, or $1,846 a share, from $4.38 billion, or $2,656, a year earlier, Omaha, Nebraska- based Berkshire said today in its annual report. Buffett, Berkshire’s chairman and chief executive officer, is investing in stocks and acquisitions as operating units generate cash. Derivatives bets, made in prior [...] More than 47,000 people have been killed in drug violence in Mexico since President Felipe Calderon launched a military crackdown against drug cartels. (AP Photo/Felix Marquez) (CNSNews.com) – Organized crime-related deaths in one Mexican border state during the first nine months of 2011 exceed the number of Afghan civilians killed in roughly the same period in all of war-torn Afghanistan. According to the Mexican government, from January through September 2011 2,276 deaths were recorded in [...] The U.S. exported more oil-based fuels than it imported in the first nine months of this year, making it likely that 2011 will be the first time since 1949 that the nation is a net exporter of such goods, primarily diesel. That’s not all. The U.S. has reversed another decades-long trend. It began producing more crude oil in 2008 than the year before and accelerated that upswing 3% in the first [...] Japanese Self-Defense Forces’ (SDF) reconnaissance flights over waters near China have increased sharply. Japan’s SDF scrambled fighters 83 times in the first half of the year to investigate China’s military aircraft. During the first nine months of 2011 the number of such flights increased 44 percent from the same period last year, Yang Yujun, a spokesman at China’s National Defense Ministry said in comments carried by the official China Daily. [...] Instead of tackling any specific and highly volatile high frequency macroeconomic data points today (which will most likely be diametrically inverted in the next update iteration), today David Rosenberg focuses on sundry items and flights of fancy that are worth noting, such as that “the S&P 500 has recorded 62 consecutive days in which it has swung by 1% or more in intraday trading. The Dow has also closed 1% [...] http://online.wsj.com/article/SB10001424052748704570104576124701144189910.html Quote from article: “…banks still hold plenty of the bad assets that once spooked investors: mortgage-backed securities, collateralized debt obligations and other risky instruments. Their potential impact concerns some accounting and banking observers. “In part due to those bad assets, the top 10 U.S.-owned banks had $13.8 billion in “unrealized losses” that have lasted at least a year in their investment portfolios as of Sept. 30, according to a Wall Street Journal [...] By JOHN MERLINE, INVESTOR’S BUSINESS DAILY Posted 08:05 AM ET View Enlarged Image When Republicans took control of the House in January, they pledged to make deep cuts in federal spending, and in April they succeeded in getting a bill advertised as cutting $38 billion from fiscal 2011′s budget. Then in August, they pushed for a deal to cut another $2.4 trillion over the next decade. Some analysts have blamed these [...] Well and article from 2004 detailed we were spending 46 Billion a year “With stubbornly high prices, the U.S. economy is feeling the drag of dependence. In the first nine months of 2004, the U.S. exported $72.5 billion for oil.11 Every day the U.S. pays out $390 million for foreign oil, with half of every dollar going to OPEC and a quarter to the Persian [...] By Dan Gallagher, MarketWatch SAN FRANCISCO (MarketWatch) — While Apple Inc. may be keeping its latest product unveiling low-key, the iPhone event slated for Tuesday carries major implications for the company’s largest business. More than 15 months after the launch of the iPhone 4, Apple’s [...] Budget deficit on track to top $1 trillion “The federal budget deficit is on pace to break the $1 trillion mark for the third straight year, ratcheting up the pressure on the White House and Congress to reach a deal to rein in spending. The deficit totaled $971 billion for the first nine months of the budget year, the Treasury Department said Wednesday. Three years ago, that would [...] The federal government notched its 33rd straight month in the red in June, extending its record deficit streak to three times the previous low-water mark, according to preliminary estimates Friday from the Congressional Budget Office. But lower spending, thanks in large part to less money going to Fannie Mae and Freddie Mac, shrank the deficit to just $45 billion in June — down from $68 billion last year. And [...] Consumer bankruptcies jumped 12% Y/Y in the first nine months of 2010 and are expected to hit 1.6M this year, American Bankruptcy Institute reports. Doug McIntyre says it underscores the interconnection between the financial health of consumers, their profligate borrowing, the drop in home prices, and their inability to pay debts – and says “bankruptcy numbers are not done marching higher.” The Administrative Office of [...] By Charlie Weston Thursday October 21 2010 THE average price of a house dipped below €200,000 for the first time since 2002, new figures reveal. A buyer of a house can now expect to pay €190,698, a national house price level not seen for eight years. House prices peaked at €311,000 three years ago. But since then they have continued to fall and are now down 36pc from their peak at the start of 2007. Prices [...] by Marketguy Goldman Sachs (GS) will divide $3.8B among 35,400 employees in Q3, a pay pool reduced significantly from the year-ago period, FT reports. The cuts result from a slump in the bank’s profit as a result of a slowdown in trading, as well as the glare of the spotlight over salary and bonuses. But overall, Wall Street pay remains rich indeed. Goldman set aside $3.8bn for compensation and benefits [...] by ZH Goldman announced Q3 results, in which revenue beat recently dramatically reduced estimates, coming at $8.9bln vs. Exp. $8.03bln, as the earnings print at $2.98 was markedly better than consensus of $2.29. Yet aside from the pig lipstick, results were a material deterioration from the prior year period: Net revenues in the catch all Trading and Principal Investments were $6.38 billion, 36% lower than the [...] From Fortune: U.S. government has been the biggest fee payer to global investment banks in the first nine months of 2010. Remember that $1 billion profit on TARP everyone on Wall Street likes to remind us of whenever taxpayers complain about the bailout? The United States shelled out $1.15 billion in fees, mostly on bond offerings by the government-run mortgage companies Fannie Mae and Freddie Mac. So that just vanished. And [...] by RobotTrader Especially after the QQQQ is down 6 days in a row. Dow will be falling like a stone … Update ~ Green Shoots SAN FRANCISCO (MarketWatch) — U.S. consumer bankruptcy filings rose 11% in the first nine months of this year, versus the same period in 2009, the American Bankruptcy Institute said Monday, citing data from the National Bankruptcy Research Center. http://www.marketwatch.com/story/consumer-bankruptcy-filings-climb-11-20… Quotes of the Day Any people anywhere, being [...] WASHINGTON -(Dow Jones)- The federal budget deficit for the first nine months of the 2010 fiscal year was just over $1 trillion, the Congressional Budget Office reported Wednesday. The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009. Receipts were 0.5% higher for the period compared to the first three quarters of 2009, CBO said [...] |
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