Word: marketeers
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...reasons that GDP did so poorly is that capital expenditures fell at an annual rate of 38%. A fair portion of that drop was due to slow activity in the housing market. Recent figures on home sales should cause any capable analyst to believe that housing will not be a source of any hope for a recovery...
...After the GDP numbers were released, the Fed put out the minutes of its two-day Federal Open Market Committee. At the core of the statement was one of the greatest hedges in recent memory...
...Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability...
...believe housing prices will hit a low enough level that consumers will make purchasing decisions on their own. If a home that was worth $500,000 three years ago can be purchased for $200,000 at the end of this year, it may bring buyers into the market without any aid whatsoever. If nuclear physicists can be hired at the minimum wage, they will probably all find employment. If the year drags on and the economy does not show signs of substantial improvement, the hope that the government will solve the problem will fade...
...might argue that given GM's troubled state, the market value of the bonds is not $27 billion but more like $3 billion. But if you accept that troubled-debtor logic, then it's only fair to apply the same logic to the money owed by Chrysler to the UAW's VEBA - so its chips should be marked down as well. (In fact, by law the VEBA's IOU is junior to the bondholders' IOU.) Thus, the VEBA's IOU should not translate into a 39% equity stake but a small sliver of that. (Read about Detroit's attempts...