left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Thursday, June 4, 2009

Great Recession Roundup — June 4, 2009

Items of Interest:

NY Times:
Plan to Help Banks Clear Their Books Is Halted -- The Federal Deposit Insurance Corporation indefinitely postponed a central element of the Obama administration’s bank rescue plan on Wednesday, acknowledging that it could not persuade enough banks to sell off their bad assets...

Selling off the troubled mortgages, even with government help, would force banks to mark down the loans and book big losses...

Calculated Risk:
NY Fed President on PPIP -- Dudley’s TALF Comments Add Signs of a PPIP Stall. The Federal Reserve may not start lending against residential mortgage-backed securities under its Term Asset-Backed Securities Loan Facility, Federal Reserve Bank of New York President William Dudley indicated.

David Zaring / Conglomerate: PPIP Set Back Once More
The Baseline Scenario / Economics Roundtable: Legacy Loan Program Called Off
Mary Kathleen Flynn / Dealscape: FDIC to test bad asset sales next month

The Economist:
The Fed's exit strategy — We talk to Timothy Geithner's successor at the New York Fed WILLIAM DUDLEY, the president of the Federal Reserve Bank of New York, spoke to The Economist recently and shared his thoughts on quantitative easing and exit strategy. We discuss these issues in this week's print edition, and there's a longer, accompanying Q&A that you can ...
How the banks own Congress, part XVI — As presented in a (publicly accessible) blockbuster Wall Street Journal article today, "Congress Helped Banks Defang Key Rule" the case is clear. The financial industry, eager for changes in accounting rules that would boost their balance sheets, lobbied Congress intensively. In a rare display of bipartisan amity, both Democrats and Republicans ...
Felix Salmon / Economics Roundtable :
How the regulatory sausage is made, mark-to-market edition
Angelo R. Mozilo charged by SECDealBook / NY Times:
S.E.C. Accuses Countrywide's Ex-Chief of Fraud -- Angelo R. Mozilo, the Bronx-born businessman who built Countrywide Financial into the nation's largest mortgage lender before it was knocked down by the credit crisis, has been charged with securities fraud and insider trading in a civil suit brought by the Securities and Exchange Commission....

USATODAY.com Money:
SEC charging ex-Countrywide CEO Mozilo with fraud — Former Countrywide Financial CEO Angelo Mozilo and two other former officials of the mortgage giant were charged with fraud by federal regulators Thursday in the first government lawsuit against top corporate executives for actions related to the financial crisis. ...
Nelson / NY Times:
Rising Interest on Nations’ Debts May Sap World Growth -- Countries worldwide are paying higher interest rates on their expanding debt, which could translate into hundreds of billions of dollars more in spending. discussions ...
Zac Bissonnette / BloggingStock:
Peter Peterson gives $1 billion to anti-national debt group — Blackstone Group co-founder Peter Peterson has elected to donate $1 billion -- which he calls the "vast majority" of his "net proceeds" from the company -- to his very own Peter G. Peterson Foundation. The foundation prints a mission statement on its website: Our mission is to increase public awareness of the nature and urgency of key economic ...

Paul Kedrosky / Infectious Greed:
Sovereign Debt Repayment in S**t -- While we worry about the U.S. inflating away its debts, that wouldn't be so bad, historically speaking. Back in the late 19th century Peru was repaying its debt obligation in guano proceeds ...
Real Property Alpha:
California Housing: Good as 1988 Gold -- Chart showing California property prices in terms of gold dating back to 1975. Prices have now returned to 1988 levels.

Chart showing California property prices in terms of gold dating back to 1975----
The Daily Show on the "big mess" at GM:

The Daily Show With Jon StewartM - Th 11p / 10c
BiG Mess
Daily Show
Full Episodes
Political HumorEconomic Crisis

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