St. Regis is in Foreclosure

I just read the news a little while ago. Im out with my girlfriend so Ill post the article when I get back to my macbook. I had so many amazing nights there its insane to think it might be shut down. And you thought the Depression was only for the poor.

Max Keiser US Dollar is Finished

US Banks Slow to Absorb Commercial Property Losses

A U.S. Federal Reserve report found that banks in the country are slow to take losses on their commercial real estate loans that have been hit by slumping property values and rental payments, the Wall Street Journal said.

Citing a Sept 29 presentation made by Fed analyst K.C. Conway to banking regulators, the paper said the report's remarks suggested that regulators were preparing for a rerun of housing-related losses that plagued many banks after the residential property bubble burst.

Conway is a senior real estate analyst at the Federal Reserve Bank of Atlanta.

The Journal said a Fed official had confirmed the authenticity of the document, but added it did not represent the central bank's formal opinion.

Conway's report predicted that commercial real-estate losses would reach roughly 45 percent next year, the Journal said.

According to the paper, the report said that the most "toxic" loans on bank books were interest-only loans, which get no benefit from amortization, since it requires borrowers to repay interest but no principal.


The Journal said the report also stated that banks have been slow to absorb the losses on their loans, partly due to "capital preservation" concerns.

A spokesman for the Federal Reserve did not immediately reply to a Reuters email seeking comment that was sent outside regular U.S. business hours.

- Via CNBC

H1N1

Embedded video from CNN Video

I've had the Flu at least 20 times in my life. And I'm still here posting away on my blog. I'll be passing on this along with my family and girlfriend. The side effects are far to grave for me to take this.

Robert Fisk on the Gulf 'ditching the dollar' in oil trade

Gold Move!!!

Warning: This is not a recommendation to buy, sell or hold any financial instrument.
I have to conclude that the immediate term direction on gold is up. It’s setting up an ascending triangle on the hourly interval and it has overlapping supports (daily) just below. Even if the hourly ascending triangle fails, a retracement to around $1028 could be considered part of a healthy pullback.

Spot gold, hourly interval

While gold looks set to make new highs, short term, this breakout is occurring without the U.S. Dollar Index breaking down and out of its range. That should concern gold longs here. 75.912 on the U.S. Dollar Index must be taken out to the downside, or gold is going to correct.

U.S. Dollar Index, daily interval

If you have large profits on a speculative gold position (and I know that many Cryptogon readers do), I would consider taking profit on a portion of your holdings, or buying protective puts; especially on the next push higher—if it happens—over the next several hours to days. A more important tripwire for gold longs to watch is the 77.475 level on the U.S. Dollar Index.

- Via Cryptogon