Category Credit crisis

Hillary Clinton says she’ll ignore the law and constitutional issues so as to aid those whose mortgages are about to reset. Mish says this makes her no better than the current inhabitant of the White House, who also ignores the…

Two major Wall Street firms [Merrill and Goldman] have finally thrown in the towel and are now calling for a recession. For a variety of reasons, Wall Street is usually late to call downturns, so this probably means that 1)…

This is in addition to their investment pool for local governments which has been frozen to prevent withdrawals after defaulted SIVs were found to be among their “investments.” “These were highly inappropriate investments for taxpayers’ money,” said Joseph Mason, a…

5.5% of the $1.63 billion PayPal fund is in “illiquid assets.” Yup, more SIVs. The rot continues to spread everywhere. Bonus points for those of you can describe which Circle of Hell the investment manager at PayPal will be plunged…

Libor is the interest rate that major banks lend each other money. Set each day in London, it is often used as the basis for other interest rates such as for mortgages and credit cards. Libor is on the run.…