BANZAI7 NEWS--The US Federal Reserve has signaled it sees the recession in North America as near the end. In comments from its policy setting panel, the Fed says the economy is showing signs of leveling and financial markets are improving.
In this morning's news:
Sales at U.S. retailers unexpectedly fell in July as a boost from the cash-for-clunkers automobile incentive program failed to overcome cuts in other spending.
Foreclosure filings jumped again in July, despite a massive government program aimed at keeping millions of borrowers in their homes.
There were 558,000 initial claims filed in the week ended Aug. 8, an increase of 4,000 from an upwardly-revised 554,000 the previous week, according to the Labor Department's weekly report. Economists had expected initial claims to fall to 545,000.
Standard & Poor’s Ratings has issued a sobering report on refinancing. Among companies that are either classified by S&P as “Weakest Links” or that have bonds trading at distressed levels, a substantial $695 billion in debt will come due between now and 2014.
Personal bankruptcy filings reached 1.25 million in the year ending June 30, up 34 percent from the year before, as Americans continued to grapple with debt, unemployment and devalued homes, according to figures released Thursday by the Administrative Office of the U.S. Courts.
U.S. stock futures headed down Friday after data showed the July consumer price index was unchanged from the prior month as was expected, but also signaled that there may not be the economic growth investors have been hoping for.
And then this doozy reported on Reuters:
Check out the footnotes to Regions Financial Corp.’s latest quarterly report, and you’ll see a remarkable disclosure. There, in an easy-to-read chart, the company divulged that the loans on its books as of June 30 were worth $22.8 billion less than what its balance sheet said. The Birmingham, Alabama-based bank’s shareholder equity, by comparison, was just $18.7 billion.
So, if it weren’t for the inflated loan values, Regions’ equity would be less than zero. Meanwhile, the government continues to classify Regions as “well capitalized.”
While disclosures of this sort aren’t new, their frequency is.
Welcome to Bernanke's Mystical Recovery Tour.
BERNANKE'S MYSTICAL MYTHICAL RECOVERY TOUR
(Beatle's-Magical Mystery Tour)
Sing along: http://www.youtube.com/watch?v=h7pvA4EHi08
Roll up, roll up for Bernanke's Mystical Mythical Recovery Tour, step right this way.
Roll up, roll up for Bernanke's Mystical Mythical Recovery tour.
Roll up, roll up for the Mystical Mythical tour.
Roll up (AND) IT'S JUST ANOTHER WISHFUL FED HALLUCINATION, roll up for the Mythical Mystical tour.
Roll up AND MAKE YOUR BAILOUT RESERVATION, roll up for the mystical mythical tour.
Bernanke's Mystical Mythical Recovery tour is saving Wall Street's swindlers today,
But hoping to save the rest of us...maybe someday.
Roll up, roll up for Bernanke's mystical mythical recovery tour.
Roll up, roll up for the mythical tour.
Roll up WE GOT ALL THE JOBLESS JOBS YOU'LL NEED, roll up for the mythical tour.
Roll up ECONOMIC STIMULUS GUARANTEED, roll up for the mythical tour.
Bernanke's Mythical Recovery tour is hoping to save us someday,
Hoping to save us someday.
When a man buys a T-Bill from the Mystical Mythical Recovery Tour
He has no idea what to expect
We guarantee him yet another rollercoaster asset bubble everytime
And that's just what he gets
A mystical mythical debt bloated monetary trip.
Bernanke's mystical mythic recovery tour.
Roll up, roll up for the mythical tour.
Roll up, roll up for the mythical tour.
Roll up (AND) THAT'S A FEDERAL INVITATION, roll up for the mythical tour.
Roll up TO MAKE A BAILOUT RESERVATION, roll up for the mythical tour.
Bernanke's mystical mythic recovery tour is throwing economic logic away,
Throwing economic logic away.
Bernanke's mystical mythic recovery tour is defying fiscal gravity each day,
Defying fiscal gravity each day.
Here's another clue for you all.
The Walrus is Ben...
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