Wayne Swan was sworn in yesterday as Treasurer. Swan has said that dealing with inflationary pressures in the economy will be the government’s “number one priority”. With inflation rising and the US heading for a possible recession, the prospects of a second Labor term depends on how Rudd and Swan handle what happens next.
Sub prime market
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Will China be the biggest sub-prime loser?
We all know that China has accumulated a staggering $US1.3 trillion in foreign reserves over the past few years, but it’s only starting to now dawn on analysts that the one-party totalitarian state might in fact be the biggest losers from the collapsing US sub-prime mortgage market.
Macquarie Fortress breached
Macquarie Bank shares today suffered their biggest ever fall after embarrassing revelations about investor losses in a fund that has been hit by the contagion engulfing the US structured credit market.
$1 billion Aussie hedge fund flounders from US sub-prime contagion
It took a London-based reporter for the Financial Times to break the news overnight, but the first Australian hedge fund has reportedly run into trouble.
