News Update 12/28/08

Forecast of 10 municipal bankruptcies in 2009 in USA, adversely affecting 2.7 trillion bond market
Commercial Real Estate looking for bailout - My spin - Bail all industries with taxpayer money...except GM, those union workers are the REAL problem that needs to be punished.
Recession re-opens trade rift with China & USA : My Spin - The US is going to learn the hard way that being a debtor nation will NOT allow it to call the shots anymore.
UK banks face over 70 billion in losses from commercial real estate loans , RBS high on the failure list My Spin - stop socializing the banks, they "made" money the last 6 years, they can "afford" to lose money the next 2.
Only full disclosure of financials will get west going again My Spin - I assume the author read my blog posting earlier in the year, and only just got around to writing about it...
Hospitals facing financial crisis My Spin - After all the "important" companies are bailed out, I wonder how basic services such as municipal townships, schools, and hospitals will pay their bills...
GMAC is now a bank holding company, allowing it to get "bank" funds My Spin - If a car company can spin off a division to finance cars, AND also be a bank, I still hold out hope for Bennigan's .....
Cash strapped states to sell ROADS, PARKS, and other PUBLIC assets My Spin - The world has gone mad when the government "for the people" destroys the basic service it provides, public use, and all that is left is serving the wealthy....
Some US Meat plants lose right to sell to Mexico - My Spin - Trade wars are starting, and when it ends, it won't be pretty.
Amazon says 2008 was best year ever - My Spin - Lets wait and see if profits where best ever....
Fry's Electronics Exec is arrested for stealing 65 Million to pay for gambling debts - My Spin - If your going to do this, be smart enough to take the cash and flee to United Arab of Emirates to avoid extradition for crimes, like Halliburton Execs
Japan’s Industrial Output Falls 8.1% as Exports Drop by Record
NY Fed-Backed AIG Fund Buys Another $16 Billion CDOs - My Spin - AIG wanted 14 Billion, but once Congress determined there was no union involved, bumped it to 16 billion, insisting no strings attached for the taxpayer money, and to come back anytime for more.
Mortgage applications hit almost 5-year high: MBA - My Spin - Did ANYONE think to make sure that people wheren't applying at 5 banks in hopes of getting 1 approval?
Consumer spending declinded less than forecast - My Spin - I'll be impressed when the title reads increased more than forecast.
UK Recession will be worst since 1947 - My Spin - UK is worse off than the US, they are being optimistic, it will be WORSE than 1947, unless the financials are valued properly.