Posts Tagged ‘New York Times’

Drama ahead in 2010?

Wednesday, December 30th, 2009

It’s that time again, when all of the pundits and analysts weigh in with their predictions for the new year, and, as we leave “the aughts” behind, the new decade. The past two weeks have been chockablock with best of/worst of ’09 lists, events of the year, people of the year, etc. (Time magazine’s choice for Person of the Year for 2009, Fed Chairman Ben Bernanke, actually ties in very nicely with Futures’ January Markets piece, “Interest rate policy: Under pressure.”) The consensus among many pundits is that the coming decade HAS to be better than the one we’re leaving behind. (more…)

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Posted in General, economy | 1 Comment »

Big banks' fog follies

Tuesday, December 15th, 2009

Did you hear? Citigroup is paying back its $20 billion in TARP money! But as this New York Times editorial points out, big banks’ motives for paying back the government are (surprise, surprise) less than pure; namely, the banks want to get out from under the pay caps and restraints of the bailout. As the Times says:

“The Treasury Department, which seems to have no qualms about Citigroup’s self-proclaimed strength, plans to sell its $25 billion stake over the next six to 12 months… The Treasury Department’s approval is a grim reminder of the political power of the banks, even as the economy they did so much to damage continues to struggle.” (more…)

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Speculators: In vogue again

Wednesday, July 8th, 2009

As a reporter covering the futures markets, it’s not often that the mainstream media has its eye on what’s going on in my world. But on my way past a newsstand this afternoon, I noticed that the front pages of both the New York Times and the Wall Street Journal (admittedly, not quite as mainstream) featured stories about the thing that’s got traders buzzing again: Washington attacks on speculators. The speculation blame game is nothing new (in fact, this time last year several mainstream media outlets got into the act of covering it, including 60 Minutes, in an infamous and much-maligned-within-the-industry piece). Last summer there were hearings galore in the House and Senate blaming speculators for the rising price of oil, while the Commodity Futures Trading Commission (CFTC) said all evidence was to the contrary. But this time, it’s different.

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Posted in Regulatory/actions | No Comments »

Golden ticket

Wednesday, April 8th, 2009

In today’s New York Times, Maureen Dowd explored the new real-life gold rush in California. With the economy approaching rock bottom, some are hoping to strike it rich panning for gold, just like in days of yore.  Here’s an excerpt from her column: 

With the dollar diminished and financial institutions in the doghouse, a hard nugget suddenly seems a safer bet than an ephemeral derivative. (Gold is trading at about $880 an ounce.) News reports are heralding a neo-Gold Rush from Modesto to the Mojave Desert, a revival in prospectors at California’s streambeds, spurred by the sputtering national economy, the state’s 10.5 percent unemployment rate leaving many with free time and the weighty price of gold.

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Posted in General, economy | 1 Comment »

All the news fit to predict…

Monday, April 6th, 2009

Many fingers have been pointed in who started the subprime mess. Which administration is to blame? What regulator dropped the ball? Although it’s been said this is a very long term problem (perhaps had its genesis as far back as Reagan), the constant tinkering of rules and regulations and pressure by administrations to push home ownership have continued feed the fire that now is an inferno. Some enterprising person found this story nytimes1999 from the New York Times pretty much predicting the financial crisis today. Peter Wallison of the American Enterprise Institute is the soothsayer in the 1999 article. In February 2009 he wrote a piece for the American Spectator providing an updated view and laying the blame at alot of doors.

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