Douglas French Archive

Investors respond to good economic news

November 7, 2009 9:52 AM by Douglas French

The headline unemployment figure released by the Bureau of Labor Statistics (BLS) yesterday was 10.2%. However, the broader U.6 measure of unemployment, capturing short-term discouraged workers (those that have quit looking for a job within the last year) rose to 17.5%.

Shadowstats.com's SGS-Alternative Unemployment Measure rose to 22.1% in October. John Williams, shadowstats' proprietor, includes the long-term discouraged workers in his meaurement.

But now the unemployed can collect an additional 14 weeks of unemployment checks.

Meanwhile, Freddie Mac lost $6.3 billion in the 3rd Qtr. Fannie Mae has asked the government for another $15 billion to stay afloat, and five more banks were seized by the FDIC.

With all of this good news, the DJIA ended up 17.46 for the day at 10,023.42.

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FDIC has its biggest Friday of the year

October 31, 2009 10:43 AM by Douglas French

Nine banks with a total of 153 offices were seized last evening, opening today as branches of the appropriately named U.S. Bank.

"The FDIC and U.S. Bank entered into a loss-share transaction on approximately $14.4 billion of the combined purchased assets of $18.2 billion. U.S. Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector."

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Insolvent Credit Union still operating

October 31, 2009 10:05 AM by Douglas French

Ensign Federal Credit Union of Henderson reported that at the end of the 3rd quarter its net worth was a negative 1.21 percent.

"Financial industry analysts said it is unusual for the federal government to allow an insolvent institution to continue operating." However John McKechnie, director of public and congressional affairs for the National Credit Union Association, "said the administration was not planning to take any action on Friday against Ensign."

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Barber Bureaucracy
2009.10.30 | Comments (16)

Casino mogul Steve Wynn tells it like it is on "Fox News Sunday"
2009.10.14 | Comments (13)

Mamas, Do Let Your Babies Grow Up To Be Barbers
2009.10.07 | Comments (14)

America's Smartest and dumbest cities
2009.10.06 | Comments (9)

Rothbard predicts Obamanomics
2009.10.04 | Comments (3)

Mass Unemployment in the Name of Norma Rae
2009.09.22 | Comments (19)

A Tale of Two Shortages
2009.09.15 | Comments (9)

The Trouble with Democracy: Maslow Meets Hoppe
2009.09.08 | Comments (34)

Imagine This as Kennedy's Last Speech
2009.09.06 | Comments (4)

Inflation's Moral Cost
2009.09.03 | Comments (15)

End the Fed Promotion
2009.09.03 | Comments (5)