In other news..
Geithner Has Support of Obama, Democratic Lawmakers, Aides Say Surprised?
Jan. 11 (Bloomberg) — Treasury Secretary Timothy Geithner retains the confidence of President Barack Obama as he faces questions about why the Federal Reserve Bank of New York tried to withhold details of the government’s financial-industry rescue, administration officials said.
Federal Reserve Seeks to Protect U.S. Bailout Secrets Move along, there is nothing to see..
Jan. 11 (Bloomberg) — The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
Bernanke Bond Spread Most Since 2007 Shows Decoupling What growth? Real or accounting shenanigans based?
Jan. 11 (Bloomberg) — The correlation between Treasuries and German bunds that has prevailed since credit markets started freezing in 2007 is breaking down as U.S. economic growth leaves Europe behind.
Wages Still Under Pressure
Wages of U.S. employees are generally stagnant and likely to remain so as the pool of unemployed workers helps employers keep wages from rising even as productivity, or output per hour of work, soars.
Economy Still Bleeding Jobs
Employers cut another 85,000 jobs last month, dashing hopes of a turnaround in employment, even as the U.S. economy grows.
CRE: “Almost FREE”
Talk about falling rents … Doug in Chicago sends along this photo “a storefront in a normally bustling neighborhood retail district on North Clark St in Chicago, about a mile south of Wrigley Field”.
The Most Stunning (and Uncommented on) Revelation in Too Big Too Fail
Wilmustad understandably wondered how they were supposed to come up with $14 billion in the next several minutes. Then it dawned on them: the unofficial vaults. The bankers ran downstairs and found a room with a lock and a cluster of cabinets containing bonds – tens of billions of dollars’ worth, dating mostly from the Greenberg era. They began rifling through the cabinets, picking through fistfuls of securities that they guessed had gone untouched for years. In an electronic age, the idea of keeping bonds on hand was a disconcerting but welcome throwback. (p. 400)