S&P Expects Profound Changes in Banking System - The series of events that have led to the shutting down of the credit markets and eroded confidence in the global financial system will lead to the most profound changes in the banking system since the Great Depression, according to Standard & Poor’s Ratings Services. In a new report How The Credit-Market Crisis Is Changing The World Of Banking, … - Research Recap

————

Thoughts from the Frontline Weekly Newsletter - The Financial Fire Trucks Are Gathering - by John Mauldin 

————

Former Federal Reserve chairman Volcker will advise Obama - …  he was tapping a seasoned figure from past economic struggles to head a new advisory panel dedicated to creating jobs and stabilizing the markets. … - Chicago Tribune 

————

Summary of Board Decisions from the November 24, 2008 Board Meeting - Financial Accounting Standards Board (FASB) 

————
Jim Rogers is Wrong… The Dollar’s Not Done - by Louis Basenese - has 4 points - Investment U 

————

1.  Ten-year Treasury yield dips below 3 percent - November 26, 2008 - You don’t see this happen everyday. Actually, you dont’ see this happen ever. Earlier today, the yield on the ten-year U.S. Treasury dipped below three percent for the first time ever. - themessthatgreenspanmade 

2.  Quantitative Easing: Interest Rates Head to Zero? - from FT.Com — Financial markets notched up another historic milestone on Wednesday as the yield on 10-year U.S. Treasury debt fell below 3% for the first time in 50 years (since March 1956, see chart above). The decline in yields – to a low of 2.98% … - Mark Perry - Carpe Diem

————

30-Year Fixed Mortgage Rate Chart - Talk of the 30-year fixed mortgage rate falling back below 6% filled the airwaves yesterday, so below we provide a two-year chart of the rate for those that are interested … more comments at Bespoke Investment Group 

————

1.  Radical Solutions For A Crazy Crisis - Nouriel Roubini - The fight against deflation has to be unorthodox. -   Forbes

2.  The Deficit Turns $1 Trillion - David Serchuk - With the deficit forecast at over $1 trillion for 2009, how are we going to pay for bailouts? - Forbes

————

Call to Let Tax Breaks Cover Banks Outside US - LYNNLEY BROWNING - … same mortgage-related issues at the heart of the bailout. The foreign banks, including UBS, Deutsche Bank, Credit Suisse, Royal Bank of Canada and HSBC, … - New York Times

————

good summary  - Credit Crisis Watch (November 28, 2008) - - For the world’s financial system to start functioning normally again, it is imperative that confidence in the credit markets be restored. This post is the first issue of a “Credit Crisis Watch” that will gauge the progress being made to unclog credit markets. - Posted by Prieur du Plessis under  - Investment Postcards from Capetown

————

Home shoppers rush in as mortgage rates fall - Anna Bahney -  … It is pretty remarkable stuff,” says Bob Walters, the chief economist at Quicken Loans, where applications quadrupled Tuesday from Monday. “Some people might be trying to hold out for even lower rates,” he says, “but in 30 or 40 years, we haven’t seen them go much beneath these levels. They could, but you’re betting against history.”  USA TODAY 

————

1.  Fighting the Global Slump: Less Is Dangerous  -  Peter Coy - Amid a debt-deflation spiral, the governments’ greatest risk is enacting stimulus measures that are too little to fight the slump -  BusinessWeek

2.  Asia’s Economic Lessons for the U.S. - Richard Elkus  - The U.S. is mortgaging its future by outsourcing technological inventions in exchange for short-term cash - BusinessWeek

————

Chance of a 75bps Fed Rate Cut Remains at 36% on US Thanksgiving  -  However, the implied probability for a 50bps Fed rate cut remains fully priced in for the FOMC meeting set for Dec. 16. - ForexTV.com