This post and accompanying chart from the WSJ just blew my mind: “More Americans Drowning In Mortgage Debt”. As you can see, 30% of Californians and Floridians, 1.9 million and 1.3 million respectively, are underwater on their mortgages!!!! Wow…..
Very simply, Eastern Europe has become Europe’s version of the subprime market. – Robert Brusca, FAO Economics The disaster spotlight is now being pointed at east and central Europe. – Gernot Mittendorfer, CEO Ceska Sporitelna, a large Czech bank owned…
Our financial performance is increasingly being challenged by some of the most difficult economic conditions our Company has faced in its 84-year history. It is our expectation that the economic environment will remain extremely challenging through 2009, if not beyond. …
If actions taken by the Administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability – and only if that is the case, in my view – there is a reasonable prospect that the…
One of the biggest threats to financial stability in the eurozone comes from the region’s exposure to central and eastern European banks. Indeed, more than 80% of emerging Europe bank assets are owned by western European banks. This was fine…
It’s a really disappointing quarter. The surprise is that the bigger disappointment came on the media networks side instead of the theme parks. They took a real hit at ESPN and in the broadcast business, which reflects the tough advertising…
Our sales stayed pretty strong through October and well into November. We pretty much hit a wall in December. – Jim Owens (subscription required), CEO Caterpillar The depth and duration of economic decline throughout the world makes it very difficult to…
U.S. officials are wary about taking the most extreme step — nationalizing banks altogether… But as the market value of many firms evaporates, they may be left with no other alternatives to raise cash. From a political standpoint, there’s not…
At the first sign of strength, most investors become amnesiacs. They become so concerned with making money, or missing the chance to make up losses, that they rush into stocks at the very time they should be most cautious. Now,…
Demand for our services weakened sequentially throughout the quarter and global economic trends continue to worsen, substantially reducing our second half outlook. – Alan Graf Jr., CFO, Federal Express Yesterday after the close, Federal Express (FDX) took down their full…