 
Rex Nutting
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SFGate
Outstanding consumer credit fell at a 7.2 percent annual rate in September, the eighth consecutive decline, the Federal Reserve reported Friday. Credit balances had never fallen eight months in a row before in the 66-year history of the data. Consumer credit... Credit - Federal Reserve System - Business - Financial services - Central bank
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Joseph Lazzaro
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BloggingStocks
Fed signals low rates will continue 'for an extended period'
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Filed under: Forecasts , Federal Reserve , Recession , Financial Crisis Is a Fed rate tightening up ahead any time soon? Despite concern that low, real, short-term interest rates are hurting the dollar. Don't count on it. First, the U.S. Federal Reserve wants to encourage banks to lend -- for auto purchases, and especially for business loans -- ...
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Peter Boockvar
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The Big Picture
Consumer Credit continues downward trend
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Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July ‘08. After a flat reading in Aug, (didn’t fall b/c of the CARS program), non revolving debt outstanding [...]
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Latest financial news
Consumer credit falls for 8th month
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Consumer credit fell in September for the eighth straight month, the longest streak of declines since the Federal Reserve started keeping records in 1943.
Business and financial news
Consumer credit decline longest on record
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Consumer credit fell in September for the eighth straight month, the longest streak of declines since the Federal Reserve started keeping records in 1943.
Peter Boockvar
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The Big Picture
The Home Buying Tax Credit costs what?
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The Home Buying Tax Credit costs what? On the day President Obama signed the extension of the home buying tax credit, Rasmussen Reports released the results of a poll today saying that 57% favor the $8,000 tax credit for 1st time home buyers but when they hear that it will cost an additional $10b+, support [...]
NPR Topics
Worried Consumers Continue To Shun Credit
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Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. The Federal Reserve said borrowing fell at an annual rate of $14.8 billion in September.
My Dollar Plan
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Pfblogs.org
$8,000 First Time Home Buyer Tax Credit Extended
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The $8,000 First Time Home Buyer Tax Credit that was set to expire on November 30 was extended today. The new deadline to take advantage of the first time home buyer credit is to have a signed contract by April 30, 2010 and close on the house by June 30, 2010. First Time Home Buyer Tax Credit As a reminder, here are some of the rules for the ...
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But at subsidiary Southern California Edison, third-quarter earnings jump 47% on lower expenses and higher customer rates. Edison International, parent of Southern California Edison Co., said Friday that its profit dropped 8.2% in the third quarter as the recession pushed sales down and power rates declined in the Midwestern U.S.
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Www.nypost.com
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NY Post
Blackstone profits in Q3
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Blackstone Group LP, the world's largest private-equity company, reported a third-quarter profit of $275.3 million, helped by fees from selling assets and finding acquisition targets. Profit excluding some costs tied to the firm's 2007 initial pub...
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FT.com
Buffett's Berkshire Hathaway triples profit
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Warren Buffett highlighted his rebound from last year's poor performance as strong stock markets and derivatives gains helped Berkshire Hathaway, his investment vehicle, triple profits in the third quarter to $3.24bn.
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Www.nypost.com
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NY Post
Buffett's Berkshire profits triple
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Billionaire investor Warren Buffett's Berkshire Hathaway said third-quarter profits tripled as stock markets advanced and the cost of compensating insurance customers for storm damage dropped. Net income advanced to $3.24 billion, or $2,087 a shar...
LLC.
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Financial Services
Impac Mortgage Holdings, Inc. Announces Upcoming Release of Third Quarter 2009 Earnings and Conference Call
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IRVINE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (Pink Sheets: IMPM), a Maryland corporation, or the "Company," announces the scheduling of a conference call and live webcast on Tuesday, November 10, 2009 at 9:00 a.m. P.T. (12:00 p.m. E.T.). We will discuss our third quarter 2009 financial results, which are expected ...
FT.com
Swiss Re swings back to growth
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Disparate third-quarter earnings results among the continent's insurers have highlighted the difference a year can make
The Seattle Times
Earnings Preview: Live Nation 3Q seen lower
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Live Nation Inc., the world's biggest concert promoter and proposed merger partner of Ticketmaster Entertainment Inc., is scheduled to report its third-quarter earnings on Monday. The following is a summary of key developments and analyst opinion related to the period.
The Seattle Times
Earnings Preview: Ticketmaster 3Q results seen up
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Ticketmaster Entertainment Inc., the nation's largest ticket seller and proposed merger partner of Live Nation Inc., is scheduled to report its third-quarter earnings on Monday. The following is a summary of key developments and analyst opinion related to the period.
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Maria Woehr
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Dealscape
Would you like a bailout? Are you a banker frustrated at politicians or a politician frustrated at bankers? Do you want to track the national debt? There's an iPhone app for that.
discussions
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Jasmine Antonick
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Under the Radar
Pizza Hut iPhone App Generates a Million in Dough
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From Russell Buckley over at MediaWeek: “If you’re one of those marketers who think this iPhone Apps trend is all very well, but in your heart of hearts a little well…. overhyped, you’re not going to like this story very much as you’re going to have to rethink your world view. Because Pizza Hut’s recent iPhone [.
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L.A. Times
IPhone sales in China are nothing to call home about
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Only 5,000 of the Apple phones have sold since the Oct. 30 launch. High prices and a lack of Wi-Fi capability are blamed, especially with a thriving gray market in iPhones. Apple Inc.'s iPhone has been a ringing success wherever it has been launched. But in China few are picking up the buzz.
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Seeking Alpha
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Pfblogs.org
Europe's Biggest Newspaper Forcing Purchase of Its iPhone App
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TechCrunch submits: By Markus Goebel So much for the coming mobile nirvana of free mobile content – at least for iPhone users in Germany. Today Europe’s biggest newspaper, BILD-Zeitung, intends to use, in effect, brute force to compel users buy its new iPhone app. The paper tabloid is to block anyone using an iPhone browser from ...
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This creates by far the largest U.S. bank focused on the Chinese American market and the largest bank based in Southern California. United Commercial was the 120th bank to fail in the U.S. this year. Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators Friday night and ...
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Www.calculatedriskblog.com
Bank Failure #120: United Commercial Bank, San Francisco, California
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From the FDIC: East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, California United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
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Bank Deals
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Pfblogs.org
Five Banks Fail including United Commercial Bank
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It was another busy Friday for the FDIC with 5 bank failures. The largest bank that failed was United Commercial Bank which had 63 U.S. branches and $11.2 billion in assets. East West Bank agreed to assume all deposits and branches of United Commercial Bank. One thing unique about United Commercial Bank is that it had branches in China, and ...
Paul Donsky
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Ajc.com
United Security joins list of failed banks
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Georgia's banking crisis has claimed its 26th victim: United Security Bank of Sparta, a tiny lender based in a town about halfway between Atlanta and Augusta.
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-- The nation's unemployment rate surged to 10.2 percent in October, hitting double digits for the first time in 26 years.
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Latest Business Headlines
Unemployment Rate Soars Past 10 Percent
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(AP) The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher. Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the ...
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The Independent
Stephen Foley: Don't despair as US jobless rate hits 10 per cent
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There is both beauty and beastliness in round numbers. The US unemployment rate has been marching determinedly upwards for two years, but the fact of its passing 10 per cent is no less startling for that. That it has happened a month or two earlier than most forecasters predicted only added to the breathlessness of the headlines.
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There seem to be a couple of fundamentally different approaches to the problem of "understanding society." I'm not entirely happy with these labels, but perhaps "empiricist" and "critical" will suffice to characterize them. We might think of these as styles of sociological thinking. One emphasizes the ordinariness of the phenomena, and looks at ...
discussions
EBay Inc. said Friday that the investor group buying a majority stake in Skype has reached an agreement with the founders of the online calling service, clearing the way for the deal to proceed. Niklas Zennstrom and Janus Friis sold Skype to eBay in 2005 but... Janus Friis - EBay - Skype - Niklas Zennström - Auctions
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HOLLY SANDERS WARE
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NY Post
Skype founders get stake
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Online auction giant eBay ended a year-long battle with the founders of Skype yesterday, clearing the way to sell off the Internet calling service. Litigation had been flying back and forth among Skype's founders, Niklas Zennstrom and Janus Friis,...
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Neil Buchalter
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Dealscape
Skype founders settle with investor group
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Online auction company eBay Inc. announced a settlement Friday between the founders of Skype and the private investors looking to buy the Web telephony unit. The agreement will allow the buyout to...
FT.com
Skype founders settle dispute
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Group of investors free to buy online communications service Skype from Ebay have agreed to give the founders a large stake in the business
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Concentrate on putting people back to work instead and you just might find that those uninsured will magically all of a sudden have … read more healthcare again.
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Lori Montgomery and Shailagh Murray
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Wash Post Business
Democrats round up health bill votes
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House Democratic leaders pushed with mounting confidence Friday toward a historic vote on expanding the nation's health-care system, and President Obama joined an intense last-minute lobbying campaign to pick up the last few votes needed to secure the measure's passage.
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Right on schedule, President Obama signed into law this morning H.R. 3548, a federal extension of unemployment insurance. The bill extends jobless benefits to unemployed Americans set to exhaust their insurance by December 31 in states (like Illinois) where unemployment rates are high. According to the Illinois Department of Employment Security, ...
discussions
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Stephen Bernard
/
SFGate
AIG said Friday that it was profitable for the second consecutive quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. American International Group Inc. also said the amount of its government... Insurance - American International Group - Business - Government - bailout
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FT.com
Modest AIG profits highlight fight ahead
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AIG underlined the challenge it faces to retain a viable business and emerge from US government control after reporting a modest quarterly profit driven by accounting gains that offset weakness in its core insurance operations
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Times Online
AIG reports second quarterly profit
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American International Group (AIG), the insurer that survived the credit crunch thanks to a $121 billion Government bailout, reported a second consecutive quarterly profit after writing back up the value of some assets.$
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An increasingly bitter dispute among economists is raging over the accuracy of the preliminary official figures showing a 0.4 per cent economic contraction in the third quarter. In one camp sits Goldman Sachs, led by Kevin Daly, who says the figures are “unbelievable, literally”. Now Danny Gabay of Fathom Financial Consulting accuses ...
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Nitin Desai, a member of Manmohan Singhs council on climate change, says a hard-nosed concession-based negotiation to reach a consensus on how to combat global warming would likely founder
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Mark Thoma
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Economist
Martin Feldstein joins those arguing that China must let the value of the renminbi rise: Why the renminbi has to rise to address imbalances, by Martin Feldstein, Commentary, Financial Times: Global leaders have agreed reducing global imbalances is a priority....
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John M.
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Housing Doom
AEI Subprime VI: Q&A
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Well I think at some point we’re going to have a government in power that’s going to make a choice between the American people and our creditors, who are predominantly foreign. And I think that choice will involve letting the dollar depreciate. I don’t think we’ll ever actually repudiate our debts, as long as we [...]
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MUMBAI: Foreign fund HSBC Global Investment Funds Mauritius has acquired 0.68 per cent stake in engineering major Larsen and Toubro, after buying shares worth Rs. 628.72 crore, through an open market transaction. The fund house has ...
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Steven Mufson
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Wash Post Business
Chinese company to buy a stake in AES
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AES, the Arlington-based power generating company, said Friday it would raise $2.2 billion for new projects by selling 15 percent of its stock and more than a third of its wind-generation business to a unit of China's sovereign wealth fund.
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Mumbai, Nov. 6 Pension funds managing the New Pension Scheme (NPS) for Government employees will conform to new investment guidelines by the end of this fiscal, said fund managers.
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BANGALORE: BEML has bagged the order for supply of walking draglines to the Northern Coalfields Limited (NCL), valued at Rs.185 crore. The order includes consumable spares for three years. Draglines are used in opencast mines. The equipment is ...
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The Great Recession is apt to delay Burlington Northern Santa Fe Corp.'s potential construction of a truck-and-rail cargo project in southern Dallas County, according to the railroad's top executive.
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CrossingWallStreet.com
Montana Farmers Fear a Buffett ‘Dictatorship’
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The WSJ reports on the fear of an Omahalebensraum : Few states have more at stake in Warren Buffett’s acquisition of Burlington Northern Santa Fe than Montana. The company owns 90% of the state’s tracks, which are the primarily means for Montana farmers and coal miners to ship their goods across the country. To get a sense of how the deal is ...
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The European Central Bank’s message yesterday was pretty straight-forward: expect its exit strategy to be implemented gradually from December, when the last offer of one-year liquidity will be held. But one remark of Jean-Claude Trichet, ECB president, was curious. “We are satisfied with the present functioning of the market,” ...
Nord Stream, the proposed gas pipeline between Russia and Germany, clears two crucial hurdles as Sweden and Finland give the go ahead for the $7.4bn project
Gold purchases do nothing to change the monstrous growth of reserves in surplus nations, particularly in Asia, which means they also do nothing to address the global macroeconomic imbalances that leaders profess to worry about
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