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Monday, June 15, 2009

Great Recession Roundup — June 15, 2009

Items of Interest:

Timothy Geithner & Lawrence Summers / Washington Post:
The Case for Financial Regulatory Reform – Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.

We have taken extraordinary measures to help put America on a path to recovery. But it is not enough to simply repair the damage. The economic pain felt by ordinary Americans is a daily reminder that, even as we labor toward recovery, we must begin today to build the foundation for a stronger and safer system...

By restoring the public's trust in our financial system, the administration's reforms will allow the financial system to play its most important function: transforming the earnings and savings of workers into the loans that help families buy homes and cars, help parents send kids to college, and help entrepreneurs build their businesses. Now is the time to act.

discussion:
Damian Paletta / Wall Street Journal: Details Set for Remake of Financial Regulations
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TradingMarkets.com:
Six Flags files for chapter 11 Bankruptcy -- Theme park company Six Flags, Inc. said in a Form 8-K filing with the Securities and Exchange Commission, or SEC, on June 13 that it had filed a voluntary petition for relief under chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. The filing marks the final step in the company's ...
discussions:
BusinessPundit / Economics Roundtable: Six Flags Files Chapter 11 Bankruptcy. Is Redskins Owner to Blame?
Drea / Business Pundit: Six Flags Files Chapter 11 Bankruptcy. Is Redskins Owner to Blame?
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Reuters:
Is the housing bust about to take Manhattan? -- Some lenders, wary of an announced foreclosure's negative effect on sales, might opt for a more subtle scenario in which they quietly take control of a property.

"You walk in there as a potential buyer and there's still a developer and a broker and a marketing person but in reality the developer has been eliminated from the equation and the bank is deciding whether or not to accept your offer," Hersh said.

Of course, some condo developers are doing what must be done and lowering prices either in consultation with lenders or behind the scenes with buyers....
discussion:
Noah Rosenblatt / Manhattan Real Estate: Reuters Talks Hit To Manhattan RE
Joey / Curbed: TrendWatch: Puppet Developers: A Reuters analysis today comes
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CNBC:
Credit-Card Defaults Jumped to Record High in May — U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America's lending portfolio, in another sign that consumers remain under severe stress.

Delinquency rates—an indicator of future credit losses—fell across the industry, but analysts said the decline was due to a seasonal trend, as consumers used tax refunds to pay back debts, and they expect delinquencies to go up again in coming months...
discussion:
CalculatedRisk / Calculated Risk: Record Credit Card Default Rate

related:
Zero Hedge: 9.91%--The Ominous Charge-Off Rate of Capital One
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Fox6now.com:
Privately held Extended Stay Hotels files for Chapter 11 bankruptcy protection — The Spartanburg, S.C.-based company's brands include Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios. It operates more than 650 hotels in the U.S. and Canada catering to long-term business travelers...
discussion:
BusinessPundit / Economics Roundtable: Extended Stay Hotels Files Chapter 11
Drea / Business Pundit: Extended Stay Hotels Files Chapter 11
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Will Hutton / Guardian:
Paul Krugman's fear for lost decade — As analysts and media hailed the tentative emergence of green shoots last week, Nobel Prize-winning economist Paul Krugman caused international shock with a prediction that the world economy would stagnate just as badly, and for just as long, as Japan's did in the 1990s...
discussion:
Robert Stacy McCain / AmSpecBlog: Paul Krugman and the Limits of Monetarism
Mary / Pacific Views: Paul Krugman on the State of the Recession
Robert Stacy McCain / The Other McCain: It's not every day I quote Krugman
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Krooney / The Page:
Stimulus Concession — Biden tells “Meet the Press” that “everyone guessed wrong” on the impact of the stimulus, economy was worse off than anyone thought. — Backs away from the estimate that the funds could create or save 3.5 million jobs, instead promises 600,000 by the end of the summer...
discussion:
Gaius / Blue Crab Boulevard: Only $1.3 Million Per Job
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USATODAY.com Money
Lincoln Financial will take bailout money, sell U.K. unit — Lincoln Financial Group said Monday that it will take federal bailout money and sell stock and debt to raise $2 billion to shore ...
discussion:
Maria Woehr / Dealscape: Lincoln Financial hops on TARP train
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zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

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