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Be Your Own Counterfeiter
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Notes From a Press Conference Naif
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What Good is the News?
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Stressful Enough
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Introducing the New Ford Squeeze
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Non-Economic Questions of the Day
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The Stress Test Blind Alley
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Recovery Without Rebalancing
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The Shape of Your Recession
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Nov 21 2007 12:00am EDT
Countrywide Datapoint of the Day
Countrywide is now trading at a price/book ratio of 0.39. The collapsing share price now looks increasingly like a self-fulfilling prophecy: the number of entities willing to lend Countrywide a few billion more, when its entire market cap is now floating around the $5 billion mark and it has total debt of $122 billion, can probably be counted on the fingers of one thumb. I wonder what the mark-to-market value of Bank of America's $2 billion in convertible bonds is? Boy was I wrong about that investment.
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