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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Wednesday, February 24, 2010

News Update

Keep in mind folks, this is news summary in last day or so. The news is like this EVERY DAY. I just don't have the strength to read and create summaries like this. It's outright depressing.

S&P Cuts Ratings On 2,861 Classes Of Prime Jumbo-Backed RMBS - My Spin - I thought this was just a subprime issue. Jumbo loans? wow. That is going to hurt!

Fitch Downgrades Greece's Biggest Banks On Government Concerns - My Spin - Germany should cut Greece loose, they lied when they entered the EU with help of Goldman Sachs by doing some fancy paper shuffling to reduce their debt load. Kick them to the curb save the Euro. Of course, I doubt that will happen, so the Euro isn't going to be a good place to be as Greece, Spain, Italy, all start falling like dominoes and the weak leaders cave to cover all losses punishing those who have savings.

Gallup:Nearly 20% of U.S. workers underemployed - My Spin - The government has unemployment under 10%, with sketchy stats on underemployment. This poll statistic seems more real to me than government headline numbers......

Q4 Report: 11.3 Million U.S. Properties with Negative Equity - My Spin - people are crazy, walk away. Why pay for an "asset" that is worth less than you owe? I bet many of these same people buy items on sale.....why bother, pay list and give Macy's a 10% bonus for doing a good job.

Harvard’s Rogoff Sees Sovereign Defaults, ‘Painful’ Austerity - My Spin, hey Rogoff, check my blog, I was a bit early predicting sovereign defaults in Jan 2009...and again in Jan 2010, ur late to the party. Nice to see reality joining mainstream....

The FDIC is up to 702 banks with $402.8 billion in assets on the watch list, 8.7% of all lenders. My spin - The scary thing is I bet not 1 top 10 bank is on the list, and assets in top banks dwarf the 700 banks. But don't worry, FDIC has unlimited funds right?

FDIC is out of money, starting borrowing to pay off failed banks debts - My Spin - yea, well, I hope the FDIC can borrow 500 billion more to cover those banks on the watch list.

Citigroup Warns Customers It May Refuse To Allow Withdrawals in Texas - my spin - How nice Citi is giving advance warning it may refuse access to your own funds. I wonder if the law didn't prevent them from doing this in other states would they warn everyone........

Greenspan Calls Crisis ‘By Far’ Worst Ever, Recovery Uneven - My Spin - Greenspan, shut the #@$% up. You ran this runaway train for decades, and now in the final few years your prodigy Bernanke is at the helm, your going to comment how bad it is? #@$% you.

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