Quotable
"US bank earnings plunged nearly 25% in the third quarter, falling below $30bn for the first time since 2003 as the sagging US housing market hit profits… Net income for banks in the period fell to $28.7bn, down $9.4bn from last year driven by a steep increase in provisions for loan losses and a drop in non-interest income, according to the FDIC. Loan loss provisions rose $9.2bn, or 122%, to $16.6bn compared to the same period a year earlier… The $16.6bn in provisions is the most made since the second quarter of 1987..."
Financial Times, November 28, 2007
Commentary
Credit Bubble Bulletin
by Doug Noland | Oct 1
The dollar was this week's big loser.
The Bear's Lair
by Martin Hutchinson | Oct 4
The great growth story is acquiring a few dents. Those who have rushed ahead too fast to embrace the new world of the BRICs will lose their shirts.
Read moreFeatured Commentary
by Satyajit Das | Aug 31
The complexity of the issues means that ultimately no laws governing derivatives may be truly effective, validating a Marxist (Groucho's) proposition.
Read moreGuest Commentary
by John Browne | Sep 30
A Candid Appraisal of the Recovery
The rise in retail sales was a blip, the solvency of many sovereigns is dubious, and the likely GOP sweep is unlikely to have significant effect on that most insolvent of developed Western nations, the U.S.
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