I’m sure this is already posted everywhere, but anyway:
From 1984 through 2006, only 13 auctions failed, typically because of changes in the credit of the borrower, according to Moody’s Investors Service. There were 31 failures in the second half of 2007, and 32 during a two-week period beginning in January. That compares with more than 480 failures yesterday alone, according to figures compiled by Deutsche Bank AG, Wilmington Trust Corp. and Bank of New York Mellon Corp.
We are witnessing something unprecedented in all aspects. As you know that I always was a supporter of Kondratieff wave theory and so I’m ready to see many 75-year old records, in whatever form they will come
P.S. About jobless claims today. Great economist David Rosenberg said that by his calculations the break-even number for NFP growth is at 350k of weekly jobless claims. Right now the 4-week average is at 361k, i.e. negative NFP number is guaranteed.
Another interesting point (from briefing.com): 4-week average at start of 1990 recession was 362K, 2001 recession was 373K. In this recession jobs are not falling as fast as before and this fooled everyone. But in fact the “Sudden Debt” blog explained that due the reduction in relative employment in manufacturing this time the jobless numbers will not grow as fast as in previous recessions. He predicted this few months ago and he’s proven to be right