Jasper found this item from the McClatchy News Service for us: Regulatory reports show 5 biggest banks face huge losses [1]. Here is a key quote: Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31. Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days. Hmmmm… “Derivatives [2].” Where have I heard that word before?
DD sent is this: Buffett: The economy has ‘fallen off a cliff’, Investor tells CNBC unemployment level could climb a lot higher [3]
Susan Z. forwarded this: Michael Kosares: Gold coin shortage likely to become chronic [4]
Items from The Economatrix:
The $700 Trillion Elephant in the Room [5]
Wholesale Inventories Fall Again in January [6]
Bank of America Cancels Visa-Holders’ Job Offers [7]
Chinese Looking for House Bargains in US [9]
Celente: Expect Hunger Riots All Over
[10]
Meredith Whitney Says Credit Cards are the Next Credit Crunch [11]
The Next Hit: Quick Defaults [12]
Job Losses Could Drown Stimulus [13]
Arlen Specter: Nation on Brink of Depression [14] “[He] said the nation’s economic situation is more dire than the public has been told, but did not elaborate.”
Roubini: Recession Will Probably Last 36 Months [15] JWR’s Comment: I’ll go out on a limb here, and characterize Roubini’s prediction as wildly optimistic
Surviving The Great Depression [16]
On the Lighter Side of Insanity: Cow Flatulence to be Taxed [17]