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Monday, October 6, 2008

Credit Crises Spread

Items of Interest:

NY Times:
Financial Crises Spread in Europe -- European nations scrambled on Sunday night to prevent a growing credit crisis from bringing down major banks and alarming savers as troubles in financial markets spread around the world, accelerating economic downturns on three continents.

The German government moved to guarantee all private savings accounts in the country on Sunday, hoping to reassure depositors who had grown nervous as efforts to bail out a large German lender and a major European financial company failed...

New Zealand Sees Wider Deficits as Economy Contracts -- New Zealand's government said its budget deficit will be almost twice as large as earlier forecast amid the economy's first recession in 10 years and a deepening global financial crisis...
Rebecca Christie / Bloomberg:
U.S. Treasury's Kashkari to Lead Bank Bailout Office — Oct. 6 (Bloomberg) — The U.S. Treasury will name Neel Kashkari, assistant secretary at the department, to run the $700 billion Wall Street rescue program on an interim basis, according to a Treasury official.
Tobin Harshaw / The Opinionator: The Kid Is Alright ... Right?
Brad DeLong / Grasping Reality with Both Hands: Good Luck, Neel Kashkari
United States - Department of The Treasury:
Treasury Officials — Neel Kashkari — Interim Assistant …
Deborah Solomon / Wall Street Journal: Paulson to Tap Adviser to Run Rescue Program
David Cho / Washington Post: Paulson Adviser To Oversee Rescue
Megan McArdle:
How did it all happen? — As I write this, the dow is down 430 points, below 10,000 for the first time in four years. Tyler Cowen has published his list of what went wrong, with which I largely concur. Another way to think about it is as a series of cognitive errors that afflicted everyone …


Tyler Cowen / Marginal Revolution:
What caused the financial crisis?
Myglesias / Matthew Yglesias: How To Succeed In Business Without Really Trying
Now Wall Street may shun $700bn bail-out — Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government's $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come...
BJ Bjornson / Newshoggers.com: Poison Pill - Continued
Izoneguy / www.redstate.com: Government cannot be the cure all
Washington Wire:
Congressional Scrutiny of the Wall Street Continues
TChris / TalkLeft: Waxman Wants to Work
NY Times:
Nervous Days as Consumers Tighten Belts -- Cowed by the financial crisis, American consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse before it gets better.

In response to the falling value of their homes and high gasoline prices, Americans have become more frugal all year. But in recent weeks, as the financial crisis reverberated from Wall Street to Washington, consumers appear to have cut back sharply...
NY Times:
Pressured to Take More Risk, Fannie Reached Tipping Point --
“Almost no one expected what was coming. It’s not fair to blame us for not predicting the unthinkable" — Daniel H. Mudd, former chief executive, Fannie Mae
When the mortgage giant Fannie Mae recruited Daniel H. Mudd, he told a friend he wanted to work for an altruistic business. Already a decorated marine and a successful executive, he wanted to be a role model to his four children — just as his father, the television journalist Roger Mudd, had been to him...
NY Times:
The Reckoning: Agency’s ’04 Rule Let Banks Pile Up New Debt
Citigroup, Wells May Carve Up Wachovia in Compromise, WSJ Says

NY Times:
NY Times:
Foreclosures and the Right to Vote -- The foreclosure crisis could do considerable damage to the nation’s voting system. More than a million people have lost their homes in the past two years. And because voter registration is based on people’s residences, they could face politically motivated challenges at the polls...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia