Archive for the 'Economy' Category
Three Quarters of Adjustable Rate Mortgage Holders Don’t Know How Much Their Payments Will Increase After Reset
October 23rd, 2007Fantastic! Via: CNN: About $50 billion in adjustable rate mortgages reset this month, driving interest rates up for many borderline borrowers. And despite efforts to raise awareness, it doesn’t look like anyone is really prepared for what’s to come. “I don’t know if there’s anything much [borrowers] can do,” said Keith Gumbinger of HSH Associates, […]
U.S. FEDERAL RESERVE OFFERING EMERGENCY FUNDING TO BRITISH BANKS
October 21st, 2007U.S. Dollar holders: Brace for impact. Via: Telegraph: The Fed’s board of governors wrote to both banks 10 days ago, granting them access to funds for customers “in need of short-term liquidity”. The letter to RBS made particular reference to investors holding mortgage-backed securities – which have been at the centre of the sub-prime crisis. […]
California: Abandoned Real Estate Developments and People Who Bought at the Top
October 21st, 2007Oh man, it’s getting ugly out there.
Miami Real Estate Crash: Properties Sell for Half Price at Auction
October 21st, 2007Trying to catch a falling knife too soon… It’s going to get so much worse.
Vultures Are Circling Over Distressed Properties
October 21st, 2007Via: Washington Post: Call them grave dancers, vulture funds, turnaround specialists or the more euphemistic “opportunity investors.” However you identify them, the deal is the same: When hyperactive real estate markets lose their sizzle, or property owners no longer can afford to hang on to their houses, well-capitalized investors smell blood and move in. That’s […]
Zimbabwe’s Millionaires Worth Only $1
October 20th, 2007Via: Times Online: Zimbabwe’s currency has fallen to record levels, with one million Zimbabwean dollars buying a single US dollar (48p) and inflation reaching 8,000 per cent. The bleak data was announced as people in the capital Harare struggled to cope without electricity for the third day. “We closed our business today,†said a woman […]
Wall Street Caught in a Perfect Storm, or Not
October 20th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. When you start a fire, be to windward of it. Do not attack from the leeward. —Sun Tzu, The Art of War Look, 367 points is fly fart antics at these levels. On a percentage basis, the Dow only lost 2.64%. […]
Debtor Nation: The Rising Risks of the American Dream, on a Borrowed Dime
October 20th, 2007Via: Harvard Magazine: Consumerism is as American as cherry pie. Plasma TVs, iPods, granite countertops: you name it, we’ll buy it. To finance the national pastime, Americans have been borrowing from abroad on an increasingly stunning scale. In 2006, the infusion of foreign cash required to close the gap between American incomes and consumption reached […]
Goldman Sachs: Traitors and Con Artists
October 20th, 2007Good one. Via: 321Gold: Goldman Sachs controls our Treasury and quite a few aspects of the banking system and has a huge influence on more than one country’s central banks. A Goldman Sachs man took over the banking system of Canada this week, for example. Just last month, Bernanke had a lunch with Paulson, the […]
U.S. Armaments Industry Backing Hillary Clinton
October 19th, 2007In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing […]
