{"id":196603,"date":"2008-04-09T16:54:00","date_gmt":"2008-04-09T21:54:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/09\/economics-update-483\/"},"modified":"2008-04-09T16:54:00","modified_gmt":"2008-04-09T21:54:00","slug":"economics-update-483","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/09\/economics-update-483\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>Well, Citi looks headed for a wild ride, with predictions of <a href=\"http:\/\/www.financialweek.com\/apps\/pbcs.dll\/article?AID=\/20080408\/REG\/32470639\/1036\">$17 billion in write-downs for 1Q 2008<\/a>, and rumors that it is <a href=\"http:\/\/www.marketwatch.com\/news\/story\/citigroup-reportedly-close-selling-12\/story.aspx?guid=%7B5BEB2049-EE68-4128-B22D-DC9040CBD0DB%7D&amp;dist=hplatest\">in talks to sell $12 billion of dubious loans at a significant discount<\/a>.<\/p>\n<p>They were paper sold as part of LBO activity which they could not resell.<\/p>\n<p>Insurers are sure to take a beating on <a href=\"http:\/\/www.reuters.com\/article\/bondsNews\/idUSN0840265820080408\">S&amp;P downgrading 4 of them<\/a>, MGIC Investment Corp., Old Republic International Corp., PMI Group Inc., and Radian Group Inc.<\/p>\n<p>In energy, <a href=\"http:\/\/money.cnn.com\/2008\/04\/09\/markets\/eia\/index.htm?postversion=2008040910\">oil is trading near an all time high on weak inventories<\/a>, and in currency, the <a href=\"http:\/\/money.cnn.com\/2008\/04\/09\/markets\/dollar_euro.ap\/index.htm?postversion=2008040910\">dollar is down<\/a>, because the market expects further rate cuts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, Citi looks headed for a wild ride, with predictions of $17 billion in write-downs for 1Q 2008, and rumors that it is in talks to sell $12 billion of dubious loans at a significant discount. They were paper sold as part of LBO activity which they could not resell. Insurers are sure to take &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1004],"tags":[],"class_list":["post-196603","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196603"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196603"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196603\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}