Archive for the 'Economy' Category
California: Foreclosures Up 327% from 2007 Levels; 517 Per Day
April 23rd, 2008Via: Los Angeles Times: The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report, warning that the widening foreclosure problem could “spread beyond the current categories of dicey mortgages, and into […]
Dollar Over the Cliff
April 22nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. USDX is printing 71.31. The strategic support was 71.34. There is potential for strong move down unless a multilateral intervention occurs right away.
Bank of America Net Income Falls 77% on Writedowns
April 21st, 2008Via: Bloomberg: Bank of America Corp., the second- largest U.S. bank, said profit dropped for a third straight quarter as the company set aside $6.01 billion for bad loans.
On Average, U.S. Military Units Pay $88 for Fuel, Per Day, Per Service Member in Iraq
April 21st, 2008Cui bono? Mmm hmm. Via: AP: Think you’re being gouged by Big Oil? U.S. troops in Iraq are paying almost as much as Americans back home, despite burning fuel at staggering rates in a war to stabilize a country known for its oil reserves. Military units pay an average of $3.23 a gallon for gasoline, […]
BANK OF ENGLAND SWAPS BONDS TO REVIVE BANK LENDING
April 21st, 2008How long can the game of make believe continue? Until is doesn’t, I guess. For now, dig the hole deeper. Sterling slammed vs. dollar and euro. Via: Bloomberg: The Bank of England offered to swap government bonds for mortgage securities to kick-start bank lending, with Governor Mervyn King pledging to meet demand even if it […]
Japanese Oil Tanker Attacked Off Yemen
April 21st, 2008Monitoring… Via: Bloomberg: A Nippon Yusen K.K. crude oil tanker was fired upon by a small boat off the coast of Yemen. There were no injuries. The oil carrier named Takayama was hit at 4:40 a.m. Yemeni time by a “rocket-like weapon”, the Japanese Coast Guard said today in Tokyo. The vessel, which carries a […]
White Collar Job Market 2009
April 20th, 2008Research Credit: EG
Vacant Homes in U.K. Prove Speculator Nightmare as Losses Mount
April 18th, 2008Via: Bloomberg: Richard Lee spent 5.3 million pounds ($10 million) buying 20 rental homes across the U.K. with just 150,000 pounds of his own money. Today, the properties are worth about 60 percent less and owned by the banks that financed the purchases. Lee was one of thousands enticed by one of Europe’s top five […]
California Real Estate: March Early and Mid Stage Foreclosures Exceed February Sales by 342%
April 17th, 2008Mr. Mortgage on the latest real estate numbers from California. It’s not that bad, it’s worse: He has a blog: mrmortgage.typepad.com
POTASH PRICE RISES MORE THAN 300%
April 17th, 2008Via: Canada.com: Potash Corp. of Saskatchewan Inc. said Wednesday that the marketing company for Saskatchewan potash producers and a leading fertilizer company in China have agreed to set potash pricing this year at about $576 US a tonne, some $400 higher than last year. “Significantly higher potash prices and extraordinarily tight supply have become much […]
