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Monday, February 23, 2009

Great Recession Roundup — February 23, 2009

Items of Interest:

Wall Street: Party Like It's 1997 -- The major US averages stumbled to their worst finish in more than a decade Monday, as investors considered the Treasury Department's looming bank rescue plan and the bailout of insurance giant American International Group came back into focus...

Bloomberg: US Stocks Fall, Sending Market to Its Lowest Close Since 1997
MarketWatch: US Stocks Sliding; Dow Pushing Into Levels Not Seen In Decade
Barry Ritholtz / Big Picture: Bear Market Comparisons, 1929-2009
Kogut, Santos & Bolton / Forbes: How To Prepare For Financial Meltdowns
David Faber / CNBC:
AIG Seeks More US Funds As Firm Faces Record Loss
— American Insurance Group, the insurance giant that is 80-percent owned by the US government, is in discussions with the government to secure additional funds so it can keep operating after next Monday, when it will report the largest loss in U.S. corporate history, CNBC has learned...
Henry Blodget / Tech Ticker:
Citigroup's Clever Plan to Screw Taxpayers Again — From The Business Insider, Feb. 23, 2009: — So Citigroup (C) has proposed that the US taxpayer and other preferred shareholders convert up to $75 billion of preferred stock into common stock, thus bolstering the company's tangible equity …
Paul Krugman / New York Times: Why Not Just Go Ahead and Nationalize?
Gerald O'Driscoll / Wall Street Journal: The Problem With 'Nationalization'
T. Ferguson & R. Johnson / The Nation: Nationalize Banks? Think Twice
William Cohan / Daily Beast: The Real Reason Bank Stocks Are Tanking
John Hussman, Hussman Funds: Citi and BofA Should Go Way of WaMu
Colin Barr / Fortune: What Exactly Is Bank Nationalization?

Felix Salmon / Portfolio:
Michelle Malkin:
Hey, lady, your $800,000 house is NOT my problem — Repeat after me: Property value-preservation is not a civil right. — Craig Meister at the Examiner.com points me to this typical CNN sob story clip of a bus driver named Minta Garcia who is demanding that President Obama halt all foreclosures...
Lee Fang / Think Progress:
Santelli Claims The White House Is Threatening Him: ‘My Kids Are Nervous To Go To School’ — CNBC's Rick Santelli appeared on at least two radio programs today to promote his “rant” against President Obama's housing program. On G. Gordon Liddy's radio program, Santelli called attention …
Phil Rosenthal / Chicago Tribune: Rant raises profile of CNBC on-air personality Rick Santelli
The Daily Reckoning / SeekingAlpha: Why I'll Sit Out Santelli's Tea Party

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