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Inflation is Winning
Today, we turn to our war correspondents for dispatches from the front lines, and we find an important insight:
“Learn to live with inflation,” begins the headline in the Financial Times.
The FT refers to England’s central banker, Mervyn King, who says inflation – already running hotter than at any time in 10 years – is going to heat up even more.
In America, the news is not so different. “Globalized Inflation,” is a headline in the Wall Street Journal, finally catching on. Input prices are running up at nearly twice the rate of the official CPI figure. Prices for goods imported from…
20Jun2008 | Daily Reckoning | Comments Off | ContinuedHigh Yields Raise Red Flags for Bank Stocks
Fifth Third Bancorp (FITB) just became the latest in a string of hard-hit financial firms to slash its dividend to preserve much-needed cash.
Yesterday (Wednesday),the Ohio-based regional bank slashed its dividend to 15 cents down from 44 cents, becoming the 17th company to reduce or eliminate its dividend completely this year, Bloomberg News reported.
Fifth Third certainly wasn’t the first bank to have to resort to this unpopular measure, nor will it be the last.
Financial firms of every stripe have taken a beating from the subprime mortgage crisis that has accounted for $396 billion in write-downs so far. From national consumer banks such…
19Jun2008 | Money Morning | Comments Off | Continued
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