Cartoosh: Blog

California May Issue I.O.U.

Posted by Cartoosh on Monday, June 29, 2009 In : Budget crisis 
California May Issue I.O.U. postcard


The state controller of California, John Chiang, warned that the state government will have to start issuing I.O.U. to its creditors, if the lawmakers fail to close the $24 billion budget gap by July 2.

"Next Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression," Controller John Chiang said in a statement announcing that he would be forced to use I.O.U.s to pay the state's bills beginning on July 2.

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Fruitless Fall: The Collapse of the Honey Bee and the Coming Agricultural Crisis

Posted by Cartoosh on Wednesday, June 17, 2009 In : Economy 
Another good book "Fruitless Fall: The Collapse of the Honey Bee and the Coming Agricultural Crisis" has arrived at Cartoosh's Economy Bookstore for your summer reading. Below is the book review for your convenience.

From Publishers Weekly
With a passion that gives this exploration of colony collapse disorder real buzz, Jacobsen (A Geography of Oysters) investigates why 30 billion honeybees—one-quarter of the northern hemisphere's population—vanished by the spring of 2007. He identifies t...
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Panic! The Story of Modern Financial Insanity

Posted by Cartoosh on Sunday, June 14, 2009 In : Economy 
We have added a book to Cartoosh's Economy/Finance Bookstore: "Panic: The Story of Modern Financial Insanity" It's very easy to read. You'll enjoy it. Here is the review from Publishers Weekly:

Lewis (Liars Poker) takes readers on a spin through notable recent financial catastrophes including the stock markets 1987 crash, the Russian default and related failure of hedge fund Long-Term Capital Management, the Asian currency crisis, the Internet bust and the recent subprime debacle. While t...
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GM Filed For Bankruptcy Protection

Posted by Cartoosh on Tuesday, June 2, 2009 In : Automobile 
GM Filed Chapter 11 postcard

Another piece of history was made today, as General Motors filed for bankruptcy protection.

Following Chrysler's bankruptcy filing on April 30, GM's filing is the fourth-largest in U.S. history and the largest for an industrial company. The largest automaker in the U.S. has been in financial trouble, since the global economy tumbled. The company has $172.81 billion in debt and $82.29 billion in assets at the moment.

"The General Motors board of directors authorized the filing of a...

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"Not-So-Bad" Report Card

Posted by Cartoosh on Friday, May 15, 2009 In : Stock market 
stock market rally
As companies report their first quarter earnings, the school is sending home the first quarter report cards. Andy has got a "C", and is anxious about how his dad is going to react.

Turns out his dad works for Wall Street. Investors on Wall Street have been cheering about the corporate earnings for the past few weeks, not because the earnings were so good, but because the expectations were so low. Stocks rose, because all the bad earnings and economic data were seen as "not so bad" or "bet...
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Chrysler Filed For Chapter 11

Posted by Cartoosh on Friday, May 1, 2009 In : Automobile 
Crysler Filed For Bankruptcy Protection card

The Dow Jones Industrial Index gave up an early gain and closed a bit lower than yesterday, after learning that Chrysler - the nation's third-largest car manufacturer - filed for Chapter 11 bankruptcy protection in New York. Chrysler decided to take such an action, after a group of creditors - many of them hedge fund managers - walked out of the negotiation meeting last night defying government pressure to wipe out Chrysler's debt.

To calm the markets, President Obama said of Chrysle...
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Wall Street Gave Ground to The Swine Flu Outbreak

Posted by Cartoosh on Tuesday, April 28, 2009 In : Stock market 
Swine Flu card

The U.S. stock market gave up some ground concerning the more virulent condition of the swine flu. It was reported that the swine flu's death count in Mexico grew to about 150 people from 100 and that cases in the U.S. doubled to about 40.

The Dow Jones industrial index fell 51.29, or 0.6 percent, to 8,025.00. The Standard & Poor's 500 index fell 8.72, or 1 percent, to 857.51. The Nasdaq composite index fell 14.88, or 0.9 percent, to 1,679.41. The Russell 2000 index of smaller comp...
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Glimmers of Hope for U.S. Economy

Posted by Cartoosh on Friday, April 24, 2009 In : Stock market 
Glimmers of Hope postcard
The recent rally in the stock market has been led by the very same financial sector that dragged down the market. Thanks to the modified mark-to-market accounting rules, several banks have seen much improved balance sheets and reported better than expected earnings for the first quarter of 2009.

What's the magic about "the modified market accounting rules"? Here is the excerpt from Barron's:
Dick Bove, the dean of bank analysts, now with Rochdale Securities, explains how mark-to-market ac...

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Wall Street and Main Street

Posted by Cartoosh on Wednesday, April 22, 2009 In : Stock market 
Wall Street and Main Street card


Investors on Wall Street have observed a strong rebound starting in early March after the year-long bear market. The stock market has dismissed dismal economic data and ignored the fact that most Americans are still losing their jobs and struggling to make ends meet. Granted, the market has its own right to do so in anticipating an improved U.S. economy in the second half of the year. Although left out of the Wall Street party this time, we from the remote Main Street pray that th...

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Free Music Download in China

Posted by Cartoosh on Thursday, April 9, 2009 In : Music 
free music downloads in China


After years of legal actions without success against piracy in China, the world’s biggest music record labels decided to adopt the old wisdom: "If you can't beat them, join them."

Last Monday, the record labels, including EMI, the Warner Music Group and Vivendi’s Universal Music, said they would offer free downloads of music to people in China via - a Google's partner.

OK. That part is easy. But, do they still want to make money in China? After observing how Google rack ...

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