MF Global and HSBC case

As usual, Zero Hedge and others hype a story way beyond the reality (see here for the Bloomberg story), such as: ZH: ”is whether or not MF Global was rehypothecating (there is that word again), or lending, or repoing, or whatever you want to call it, that one physical asset that it should not have been . . . → Read More: MF Global and HSBC case

How to Make Money in a 'Fugly' Stock Market: Bob Moriarty

Despite the “fugly” future that Bob Moriarty, founder of 321gold.com, talks about in this exclusive interview with The Gold Report, he’s downright bullish on the U.S. dollar for the time being. He says it’s not only a safe haven but “the best investment to be in for the last six months.” As for . . . → Read More: How to Make Money in a ‘Fugly’ Stock Market: Bob Moriarty

Harrisburg or Bust

Remember this is all about the capital of the Commonwealth of Pennsylvania.

The latest on the financial soap opera otherwise known as Harrisburg.

The real endgame playing out as Moody’s withdraws its rating on certain Harrisburg water bonds.

Yet money or not, money has to be spent on Harrisburg’s water infrastructure.

Harrisburg may get what it asked . . . → Read More: Harrisburg or Bust

Muniland News Tsunami

The muniland news filters are being hit by a tsunami this afternoon:

Patriot/News: Harrisburg debt insurer rejects City Council proposal with city days away from state takeover

Bloomberg/WashPo: Jefferson County, Ala., wins initial bankruptcy hearing approval from court

Reuters: The Sharks Circling Harrisburg

Trib: Allegheny sewer project at estimated $6 billion

Bond Buyer: Jefferson . . . → Read More: Muniland News Tsunami

Why Not Default

Seriously, what’s so difficult about allowing student loans to be discharged in bankruptcy?

Today, President Obama is effectively giving college students and their parents his middle finger. Whereas Jobs’ prank was harmless and symbolic, the President’s plan to bail out student loans will derail the  entrepreneurial dreams and financial security of countless young people. . . . → Read More: Why Not Default

To bankrupt or not to bankrupt

The news is that Harrisburg has filed for bankruptcy.  While technically true that they have filed for bankruptcy, this may be shot down before it all begins.  The funniest part of this at the moment is that all the judges for this are in Tampa for a conference.  So hold your breath.

Remember, bankruptcy . . . → Read More: To bankrupt or not to bankrupt

The Harrisburg Miasma = Pennsylvania's Miasma

The thing that gets me about the fiscal mess in Harrisburg these days.  The city is so broke it is seeking bankruptcy. Even if that does not go forward, why are they in this situation?  Is the city itself that mismanaged?  Even if you want to think so, the actual fiscal miasma they are . . . → Read More: The Harrisburg Miasma = Pennsylvania’s Miasma

Greek Debt Crisis

So, who cares about the Greek debt crisis? It’s a small country, a long ways away.

Answers:

Greece as a Country: “We care!”

The Euro currency countries: “We care!”

Europe Generally: “We care!”

U.S. and International Financial Community: “We care!”

Stock Investors: “We care!”

All right, already.  Here’s why they care.

The background

Through . . . → Read More: Greek Debt Crisis

Life after default

No… I don’t do macro. More micro defaults:

The city of Vallejo California is exiting out of chapter 9 bankruptcy soon, all while Jefferson County, Alabama plays hardball with its bondholders in its bankruptcy.

As I pointed out in the past, by comparable metrics of debt per household, Pittsburgh is so far past where . . . → Read More: Life after default

Gift Card Advice as Borders Closes the Book on Business

In the wake of Borders recent announcement it’s folding up shop, those holding gift cards from the bookstore chain may have cause for concern. While the second-largest bookseller says it’s presently honoring gift cards, shoppers are well advised to use up their balances before it’s too late. We faced a similar situation when Blockbuster . . . → Read More: Gift Card Advice as Borders Closes the Book on Business