Daily Archive: Tuesday, March 3, 2009

NY Fed To Begin $200 Billion TALF March 17

[Skip to the end] Yes, which is interesting as the banks are the Fed’s ‘designated agents’ for lending. Seems they could figure out how to continue to use them for that purpose, rather than set up a form of an in house shadow infrastructure to do the same thing. They are in ...Read More

50% Chance NYC Will Default On Its Debt

[Skip to the end] NYC defaulted when I first started in the early 70’s. Charlie Sanford, my department head at Banker’s Trust, was the one who pulled the plug. He was at a meeting for a revenue anticipation bond and said in his distinctive voice something like, “Revenue, what revenue? We’re out.” ...Read More

More detail on Personal Income gains

[Skip to the end] This is relentless and tends to cushion downturns: Personal Income and Outlays Mar 2 (BEA) — Personal current transfer receipts increased $66.6 billion in January, compared with an increase of $29.9 billion in December. The January change in current transfer receipts reflected 5.8-percent cost-of-living adjustments to social security ...Read More

Deficit up = Savings up

[Skip to the end] Shoppers’ New Frugality Hurts Business by Kelly Evans Mar 3 (WSJ) — U.S. consumers increased their spending in January, while the savings rate reached its highest level in nearly 14 years amid a deepening recession. Does that ring a bell? The last time savings was this high was ...Read More

2009-03-03 USER

[Skip to the end] ICSC UBS Store Sales WoW (Released 7:45 EST) ICSC UBS Store Sales YoY (Released 7:45 EST) Redbook Store Sales MoM (Released 8:55 EST) Redbook Store Sales MoM (Released 8:55 EST) ICSC UBS Redbook Comparison TABLE (Released 8:55 EST) Pending Home Sales MoM (Released 10:00 EST) Pending Home Sales ...Read More