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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Economy Watch: April 25, 2010 - May 1, 2010

Goldman Sachs's worst week. At least so far.

Goldman Sachs wrapped up its terrible week today by watching shares of its stock lose 9.4 percent of their value, which translates to a one-day loss in company value of $8.1 billion. Yes, $8.1 billion. Yesterday, the company was worth...

By Frank Ahrens  |  April 30, 2010; 5:00 PM ET  |  Permalink  |  Comments (5)
Categories:  Corporations , The Ticker , Wall Street  | Tags: Business, Carl Levin, Goldman Sachs, Lloyd Blankfein, SEC, Standard & Poor, United States Senate, Wall Street  
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Bernanke: Look like you know what you're doing even if you don't

Image via WikipediaUPDATED at 2:45 p.m.: One of the sayings of aspiring Wall Street masters of the universe goes like this: "Fake it till you make it." It seems our Fed chairman may feel the same. The Fed waits years...

By Frank Ahrens  |  April 30, 2010; 2:45 PM ET  |  Permalink  |  Comments (3)
Categories:  Fed Reserve , The Ticker  | Tags: Ben Bernanke, Federal Open Market Committee, Federal Reserve System, Monetary policy, Real estate bubble, Twitter, Unemployment, Wall Street  
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Video: Goldman Sachs is a market-maker. What is that?

"Market-maker." You've heard the term a lot in recent days and weeks. Goldman Sachs says it is a market-maker. The SEC says Goldman committed fraud when creating one particular market in sub-prime mortgage securitizations. But what exactly is a...

By Frank Ahrens  |  April 30, 2010; 10:00 AM ET  |  Permalink  |  Comments (2)
Categories:  Corporations , The Ticker , Video  | Tags: Allegedly Unethical Firms, Business, Fabulous Fabrice Tourre, Fraud, Goldman Sachs, Lloyd Blankfein, SEC, Subprime lending, Wall Street, market maker, video  
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First-quarter GDP rises at a 3.2 percent rate driven by consumer spending

The U.S. economy grew at a 3.2 percent rate in the first quarter of this year, roughly in line with estimates. The number, released this morning, is the government's first estimate of U.S. gross domestic product in the first three...

By Frank Ahrens  |  April 30, 2010; 9:00 AM ET  |  Permalink  |  Comments (9)
Tags: Business, Consumer spending, GDP, Good, Government, Gross domestic product, Inventory, United States, United States Economy, europe, greece debt crisis, greek debt  
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New jobless claims drop by 11,000

Unemployed Americans filed 448,000 new jobless claims last week, a figure that was down 11,000 from the previous week and that was in line with expectations. Continuing unemployment claims last week rose slightly to 4.66 million, up from 4.64 million...

By Frank Ahrens  |  April 29, 2010; 8:40 AM ET  |  Permalink  |  Comments (5)
Categories:  The Ticker  | Tags: Unemployment, United States, Work, new jobless claims  
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Markets eventually shrug off Spain downgrade, turn positive

Image by U-g-g-B-o-y-(-Photograph-World-Sense-) via FlickrUPDATED at 2:30 p.m.: The markets appear to have eventually shrugged off the Spanish debt downgrade and have turned pretty strongly positive on the day. We'll see how the Fed's dovish statement on interest rates and...

By Frank Ahrens  |  April 28, 2010; 2:30 PM ET  |  Permalink  |  Comments (1)
Categories:  The Ticker , Wall Street  | Tags: Ben Bernanke, Business, ECB, European Central Bank, Federal Reserve System, Germany, Greece, Greece and Portugal, Greece debt, International Monetary Fund, Investing, Standard & Poor, Stock market, Wall Street, european debt crisis, greece debt crisis, greek debt, portugal downgrade, spain downgrade  
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Blankfein speaks Martian, Levin speaks Venutian

UPDATED at 6:18 p.m.: There's really no way to describe the looong exchange between Sen. Carl Levin (D-Mich.) and Goldman Sachs chief executive Lloyd Blankfein as anything else than two people not speaking the same language. Levin was speaking...

By Frank Ahrens  |  April 27, 2010; 6:18 PM ET  |  Permalink  |  Comments (126)
Categories:  Congress , Corporations , The Ticker  | Tags: Carl Levin, Dan Sparks, Fabrice Tourre, Fabulous Fab, Goldman Sachs, Long Beach mortgage, SEC, Subprime lending, United States, United States Senate, United States Senate Homeland Security Permanent Subcommittee on Investigations, Wall Street, daniel sparks goldman sachs, fabrice tourre emails, josh birnbaum, josh birnbaum goldman sachs, shitty deal  
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Fabulous Fab's love letters to Goldman Sachs

UPDATED at 9:19 a.m. WITH TOURRE'S TESTIMONY TO BE DELIVERED TODAY: As readers of this blog know, I have developed a fascination with the self-described "fabulous" Fabrice Tourre, the 31-year-old Goldman Sachs executive at the heart of the SEC's...

By Frank Ahrens  |  April 27, 2010; 9:19 AM ET  |  Permalink  |  Comments (7)
Categories:  Congress , Corporations , The Ticker  | Tags: Business, Collateralized debt obligation, Fabrice Tourre, Goldman Sachs, Hedge fund, John Paulson, SEC, Wall Street, video  
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Stocks mixed at opening following strong Caterpillar earnings

Stocks are mixed at opening this morning following strong first-quarter Caterpillar earnings on a day absent any big market-moving data. In the first 20 minutes of trading, the Dow is up two-tenths of 1 percent. The broader S&P 500 and...

By Frank Ahrens  |  April 26, 2010; 9:59 AM ET  |  Permalink  |  Comments (1)
Categories:  Corporations , The Ticker  | Tags: Asia, Business, Caterpillar, Equities, Investing, S&P 500, Stocks and Bonds, Twitter  
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