Holiday Reading

• Carmakers’ Woes May Cost Six Million Jobs, Union Head Says (Bloomberg)
• Mounting sadness behind the happy headlines (FT)
• Job losses push safer mortgages to foreclose (New York Times)
• In India, little demand for no frills car (Bloomberg)
• Simon Property Group says things in REIT land to get better... Rational people disagree (Investopedia)
  
• Goodbye globalization (Globe and Mail)
• Chrysler, 363 (f) and dealership agreements (Credit Slips)
• Porsche falls on refi concerns (Bloomberg) [How are those CDS doing?]
• US bond sale faces stiff market resistance (Telegraph)
• Roubini: Don't believe the optimists (Forbes)
• 180 Degree moment of the day: "World economy stabilizing" - Paul Krugman (Reuters, hat tip Mike)
• Reminder: Chrysler Sale Approval Hearing this Wednesday at 10:00 am in New York Bankruptcy court. Will be a firecracker. Show up early.
  

Thanks to John, James and Bret for their generous donations.

Chartology



Charts compliments of Goldman Sachs Sphere: Related Content

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Weekend Reading

• Ben Bernanke's commencement speech at the Boston College School of Law (FRB)
• Obushma-Biney in the home of the frightened (FT)
• Geithner picking the best (for Wall Street) of all derivative worlds (Bloomberg)
• S&P: Britain will be the next stage of the global crisis (Telegraph)
• What are payrolls telling us about the equity market? (Financial Sense Observations, hat tip Ubu)
  
• More on Europe: The really ugly truth on European banks (HY Blog)
• Steve Liesman's favorite portal (Recessionblocker)
• Dollar is dirt, treasuries are toast, AAA is gone (Bloomberg)
• The importance of irrelevant alternatives (Economist)
• Why Peter Schiff's bookings are down 75-85% (Time)
• GM has two more days of life (Sunday Express)
  
• Some pretty ideas here, most lacking a few extra zeroes (Dollar Redesign Project)
• Libya sees 50% chance OPEC to cut oil output at Vienna Meeting (Bloomberg)
• David Rosenberg's most recent interview (Bloomberg)
• Great depressions are so methodical (Institutional Advisors, h/t Ubu)
  
• The new, new economy (Wired)

With sincerest gratitude for recent donations received from: Brendon, Brian, David, Desmond, James, John, Martin, Mehul, Richard, Rida, Ryan, Thomas, Todd and William. The support means a lot. Sphere: Related Content

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Weekend Reading

• Egan-Jones takes dim view of Morgan Stanley's health (Dealbook, hat tip Ubu)
• Faith based economics (John Mauldin via Ritholtz)
• So much for the Volkswagen- Porsche merger (Bloomberg) [next stop much wider CDS]
• Another former NY Pension overseers in Cuomo's probe (Bloomberg)
• Joseph Cassano: the man with the trillion dollar bounty (Times Online)
• Investor sentiment: Is more bulls a good thing? (Technical Take)
• The long pain in Long Beach (WSJ)
• The play (Finem Respice)
• The ungovernable state (Economist)
• Yet another amusing interview with Myron Scholes (NYT)
• FHLB shortages papered over (OptionArmageddon)
• Obama budget chief: signs economic free fall over... [You were expecting?] (Reuters)

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Weekend Reading

• Must-watch panel from Milken conference: Milken, James Walker, Steve Tananbaum, Stephen Nesbitt, David Malpass (Milken Institute)
• Words from the (investment) wise (The Big Picture)
• BlackRock has become Fed's go to firm (Bloomberg)
• An offer you can't refuse (Economist)
  The credit card squeeze (NYT)
• Vanishing credit lines for consumers and small businesses (GEA)
• Chavez seizures fuel Venezuela oil fears (FT)
  O'Connor, Volcker, Levitt main candidates to investigate crisis (Bloomberg)
• Evans-Pritchard: Enjoy the rally while it lasts (Daily Telegraph)
• Chrysler's dissenting lenders abandon fight over Fiat sale (Bloomberg)
• Psychologists are better stockmarket speculators than economists (Alea)
• Shift to saving may be downturn's lasting impact (NYT)
• LCH.Clearnet received $1.2 billion offer from ICAP-led group (Bloomberg)
• John Dizard: The long road to a "goog GM" filing (FT)
  

As always, sincerest gratitude for donations from Daniel, Evil, Hui, Jack, James, Jason, Jeffrey, John, Joel, Navid, Peter, Pooyan, Razvan, Roger, Steve, Vincent, and William.

Chartology:











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Weekend Reading March 8

Lloyds Banking Group gives 75% stake to government, insures assets (Bloomberg)

More FHA-backed mortgages go bad without a single payment (Washington Post)

World Bank changes tune, says global economy will shrink for first time since WWII (NYT)

The inside story of Harvard's endowment meltdown (Forbes)

Like Lewis Black explaining Quantum Chromodynamics: Gretchen Morgensen voices off on CDS (again), while Ben Stein delivers yet more economic preaching.

Death of highly leveraged illiquid strategies (Pension Pulse)

How should feds deal with mortgage fraud (NYT)

Scholes joins the Morgensen choir to the dismay of the few left Platinum Grove investors (Bloomberg)

Yves Smith's musing on the Black Swan (Naked Capitalism)

The real beneficiaries of the AIG bailout (WSJ)

One fifth of Britain's GDP spent so far on bailouts (Guardian)

US unsure of how to proceed with carmakers (FT)

The extinction of Russia's oligarchs (NYT)

Chartology (via Goldman Sachs):

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Weekend Reading

Stimulus bill caps banker bonuses to 1/3 of total comp, compliments of Chris Dodd (NYT, Naked Capitalism has great comment on this)

Berkshire Hathaway propaganda - first Warren, now Charlie Munger on restoring confidence... After S&P drops another 300 points it may well be Becky Quick (Washington Post)

How the crash will reshape America (The Atlantic)

Skyrocketing unemployment poses threat to global stability (NYT)

Weekly Chartology:

• Lending Standards Loosening

• Surging new debt issuance:

• Corporate spreads starting to fall:

• $2.1 Trillion in total losses from credit cycle (per Goldman)

• But only $1 Trillion has been recognized

• GS S&P500 Next Twelve Months P/E ratio and tradiling 10 year average

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