It looks like we could see some improvement in the employment numbers, but don't get too excited: [more]
"Regulators said they expect the cost of bank failures to grow to about $100 billion over the next four years -- up from an estimate of $70 billion earlier this year. Faced with that sobering news, they voted to require banks to prepay $45 billion in premiums to replenish an insurance fund that will start running dry on Wednesday."
"The FDIC board's proposal to require early payments of premiums for 2010-2012 could take effect after a 30-day public comment period." [more]
"Oil prices fell sharply Thursday for a second straight day as growing supplies of crude, gasoline and heating oil exposed how badly the U.S. recession has cut into energy demand." [more]
For a while there, if the market was up 1%, crap stocks (FNM, FRE, BAC, C) were probably up 3%+...some days jumping much more. Today, the market is up modestly, and all of these stocks are down. I don't know if this means anything...maybe they'll all jump 10% on Monday and keep leading the market higher. Who knows? Any ideas?
"The people of the United States deserve a lot better than this," Rep. Dennis Kucinich (D-Ohio) says of the Baucus plan. "Unless you have a public option there is no way that you can drive down the cost for health care because the insurance companies won't have any competition." [more]
Gold rises, and actually stays above $1,000 this time.
Oil falls more than 3.5% to below $70.
Stocks decline modestly.
It was an interesting day. Did something happen that caused oil to drop so sharply? OPEC announced no further production cuts earlier this week. I didn't see any report indicating increasing reserves, but there had to have been some catalyst.
I believe there were 5 last Friday. If we continue to have a few each week, we'll probably have at least 135 by the end of the year. If the rate of bank failures continues to increase at the same pace, we'll have over 1500 bank failures next year...probably not even close. Of the bank failures announced last Friday, I believe only one will take a significant chunk out of the FDIC fund. How long will it be before the fund is entirely exhausted? Will it be before the end of the year?...that would be $600M+ per week. [more]
I don't really follow currency exchange rates, but I was just looking: [more]
We had more job losses in July than in August, correct? However, in July the unemployment rate fell .1%, and in August it increased .3%? [more]
According to this WSJ article, we've received a return of over $30 billion already! Yeah!! [more]