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Tuesday, June 9, 2009

Great Recession Roundup — June 9, 2009

Items of Interest:

Banks granted granted repayment right for TARP fundsAP / Washington Post:
10 Banks Allowed to Repay $68B in Bailout Money
— The Treasury Department has approved 10 of the nation's largest banks to repay $68 billion in government bailout money. — The department on Tuesday said the banks, which were not named, will be allowed to repay the money …

related:
Matthew Yglesias / Myglesias:
Banks Repaying TARP Money to Uncuff Themselves from Regulation
discussion:
Room for Debate: Do Post-Bailout Banks Need New Rules?
Rick Newman / Flow Chart:
How TARP Paybacks Expose the Weakest Banks -- The government has finally acknowledged something it wanted to keep secret six months ago: Which banks are in the worst financial health.

It’s now obvious that Citigroup, GMAC, Bank of America and perhaps a dozen other large banks are in rough shape, but when the Troubled Assets Relief Program went into effect last October, the idea was to mask problems at sick banks by flooding the whole financial system with liquidity. President Bush’s Treasury Secretary, Henry Paulson, famously imposed TARP bailout funds on big banks like Goldman Sachs and JPMorgan Chase, which took the money even though they said they didn’t need it. . .
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Barry Ritholtz / The Big Picture:
Was the TARP a Ruse? — The rush to repay TARP monies gives … -- The rush to repay TARP monies gives us another opportunity to consider why the hell this absurd financial giveaway ever happened in the first place. A close inspection suggests some dishonesty on the part of the prior Treasury Secretary. . .
discussion:
Bloomberg: U.S. Said to Plan Approval Today for 10 Banks to Repay TARP
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Mary Katharine Ham / Weekly Standard:
TARP Oversight Chair Says She Doesn't Know Whether It's Working
discussion:
Gorman Gorman / The Note: Is TARP Working? Warren: Who Knows?
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Nouriel Roubini's Global EconoMonitor
Green Shoots or Yellow Weeds? -- New York – Recent data suggest that the rate of contraction in the world economy may be slowing. But hopes that “green shoots” of recovery may be springing up have been dashed by plenty of yellow weeds. Recent data on employment, retail sales, industrial production, and housing in the United States remain very weak; Europe’s first quarter GDP growth data is dismal; Japan’s economy is still comatose; and even China – which is recovering – has very weak exports. Thus, the consensus view that the global economy will soon bottom out has proven – once again – to be overly optimistic...
discussion:
James Pethokoukis / Reuters:
Roubini: 9 Reasons Why the Recovery Will Be a Bust
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Lyle Denniston / SCOTUSblog:
Court clears Chrysler sale, without dissent — Word was circulating in Washington and New York Tuesday night that the Chrysler deal could be wrapped up as early as Wednesday morning, with the electronic transfer of funds to pay Chrysler for most of its existing assets. . .
discussion:
DRJ / Patterico's Pontifications:
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Diana Oleck / CNBC Realty Check:
Risk in Reverse Mortgages -- Yesterday, in a speech to the American Bankers Association, the Comptroller of the Currency, John Dugan, suggested that the next area of concern in the mortgage market may be “reverse mortgages." . . .
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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