Survey Shows Risk of U.S. Municipal Defaults - Nicole Bullock, Financial Times “Some 90 per cent of the 91 bankruptcy lawyers, bankers, fund managers and other turnaround specialists polled earlier this month predicted a US city would default in 2010 or 2011, versus 63 per cent who expected the default of a country in the same time period.” How to Beat the Bond Market – Brett Arends, Wall Street Journal “In your day-to-day life you wouldn't keep lending more money to the people who had already borrowed the most. But that is probably what the manager of your bond fund is doing with your … [Read more...]
A Wake Up to Governments & The First G7 Nations Raise Rates
IMF Warns of 'New Phase' in Crisis – By Tom Barkley and Bob Davis, The Wall Street Journal "Higher debt levels have the potential for spillovers across financial systems, and to impact financial stability," the IMF said, noting that debt levels among advanced countries have already risen to levels not seen since the end of World War II…. "Careful management of sovereign risks is essential: governments need to design credible medium-term fiscal consolidation plans in order to curb rising debt burdens and avoid taking the credit crisis into a new phase," the IMF said in its report. Greece's … [Read more...]
Troubling news on Muni Bonds and China
The $2 Trillion Hole – Barron’s “Some 80% of these public employees are beneficiaries of defined-benefit plans under which monthly pension payments are guaranteed, no matter how stocks and other volatile assets backing the retirement plans perform. In contrast, most of the taxpayers footing the bill for these public-employee benefits (participants' contributions to these plans are typically modest) have been pushed by their employers into far less munificent defined-contribution plans and suffered the additional indignity of seeing their 401(k) accounts shrivel in the recent bear market in … [Read more...]
Canadian Banks and a Chinese Bubble
This is the first installment of Clippings, a new feature from Youngresearch.com. In Clippings we'll periodically post articles on markets, economics, finance, investments, and anything else we find of interest. What U.S. Banks Can Learn from Canada By Derek DeCloet – BusinessWeek “Canadian banks did not fail because they mostly avoided the big mistakes with mortgages. They didn't lend to people who couldn't prove a sufficient income. They did give no-money-down mortgages, but not many—and the practice was effectively banned. They made scant use of teaser rates. They do these things … [Read more...]
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