Archive for the 'Economy' Category
California Puts 90-Day Hold on Foreclosures
June 16th, 2009The Titanic is sinking, start bailing water with your martini glasses. Via: Los Angeles Times: California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the […]
Elmer Fudd Nation
June 16th, 2009Via: Counterpunch: If I was an oligarch and I wanted to buy my spoiled little shit of a son a toy that would make him laugh and laugh for hours, I’d buy him a middle-class American. Because Americans are funny the way all dupes and chumps are funny. You can trick today’s Americans time and […]
Prechter: U.S. Likely to Lose AAA Rating
June 16th, 2009Via: Reuters: Technical analyst Robert Prechter on Monday said he sees the United States losing its top AAA credit rating by the end of 2010, as he stuck by a deeply bearish outlook on the U.S. economy and stock market. Prechter, known for predicting the 1987 stock market crash, joins a growing coterie of market […]
Supertankers Storing Oil Plan to Deliver Cargoes, ICAP Says
June 16th, 2009Via: Hellenic Shipping News: A fifth of supertankers being used to store oil are scheduled to deliver their cargoes, according to ICAP Shipping, a unit of ICAP Plc, the world’s biggest broker of deals between banks. A so-called notice of redelivery was issued for seven of 33 supertankers storing crude, Simon Chattrabhuti, a London-based analyst […]
Raytheon Surveillance Blimps: “Local Authorities Could Install a Built-in LED Screen to Attract Sponsors”
June 15th, 2009Is your city too broke to pay for one of these blimps? “Raytheon says local authorities could install a built-in LED screen to attract sponsors, generate revenue and defer operating costs.” What a country! Via: Newsweek: At first glance, there was nothing special about the blimp floating high above the cars and crowd at this […]
Pimco Chief: Fed Will Buy More Treasuries and Toxic Mortgage Backed Securities
June 14th, 2009Via: Reuters: The rapid rise in bond yields will force the Federal Reserve to “engage again” in the purchases of U.S. Treasuries and mortgage-backed securities, Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., said Friday. The surge in Treasury yields is lifting mortgage rates, threatening to dampen home demand and kill […]
U.S. Cities May Have to be Bulldozed in “Shrink to Survive” Strategy
June 13th, 2009Change. Via: Telegraph: Dozens of US cities may have entire neighbourhoods bulldozed as part of drastic “shrink to survive” proposals being considered by the Obama administration to tackle economic decline. The government looking at expanding a pioneering scheme in Flint, one of the poorest US cities, which involves razing entire districts and returning the land […]
Connectivity Problem Temporarily Halts Trading on About 240 NYSE Companies
June 12th, 2009Multiple redundant data links and servers… Nothing to see here. Via: Reuters: A loss in server connectivity that caused the New York Stock Exchange to halt trades in about 240 companies has been restored, Ray Pellecchia, spokesman for NYSE Euronext, said on Friday. Pellecchia said the exchange was not planning on canceling trades in the […]
The Federal Reserve Would Be Shut Down If It Was Audited
June 12th, 2009Oh, you can’t just keep throwing confetti through the paper shredder indefinitely and then not account for where it went? Woops. Related: H.R. 1207: Federal Reserve Transparency Act of 2009 Via: CNBC: The Federal Reserve’s balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional […]
“Capitalism” 2.0: Stimulus Fraud Could Reach About $50 Billion
June 12th, 2009Via: MarketWatch: Swindlers, con men, and thieves could siphon off as much as $1 out of every $10 spent as billions of dollars in stimulus money begin flowing into all corners of the economy in coming months. Companies will face increased pressure to try to stem the tide, and need to be prepared to safeguard […]
