Archive for the 'Economy' Category
Northern Rock Online Clients Can’t Access Funds
September 17th, 2007No money today, try again later… Let’s see, off the top of my head, I like these related posts: Wells Fargo: WTF? Barclays Admits Borrowing Hundreds of Millions at the Bank’s Emergency Rate Waiting for Clarity on the Brink of Oblivion Via: Guardian: As thousands of customers queued up outside branches in a bid to […]
American Home Mortgage Bouncing Property Tax Payment Checks
September 17th, 2007Via: Baltimore Sun: Checks sent out by the troubled American Home Mortgage Investment Corp. to pay the property taxes of more than 70 homeowners in the Baltimore metropolitan area have bounced, local officials said yesterday. Baltimore City received bad checks for 53 properties – a total of about $63,500. Baltimore County said American Home Mortgage […]
Kick Em’ When They’re Down: Miners Spend Billions to Wipe Out Bad Gold Hedges
September 16th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. This might indicate that speculators will enter the market to bring the hammer down upon the big players who got caught short, squeezing prices much higher. If you’ve ever seen a nature documentary that shows how lions move in to attack […]
World’s Banks Hit for $30 Billion in Credit Crunch
September 16th, 2007Via: Times Online: THE world’s investment banks are to reveal a $30 billion (£14.9 billion) hit from bad debts as they unveil results that give the first real insight into the impact of the debt crisis. City analysts predict the banks will have to write down as much as 10% of the $300 billion of […]
Product Not Available: 2007 American Eagle Gold Uncirculated One Ounce Coin
September 14th, 2007HAHA! No gold today, please try again later. Via: U.S. Mint: Due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time. We expect products to be available with adjusted pricing on […]
Northern Rock Shares Crash as Customers Queue
September 14th, 2007UPDATE: Police Called to Disperse “Panicked Crowds” of Northern Rock Customers Trying to Withdraw Money – – – – – Remember that number I told you to watch for on gold? $721. It reached $718 today. Via: Telegraph: Thousands of panicked Northern Rock customers have rushed to withdraw millions of pounds out of their accounts, […]
Dollar’s Retreat Raises Fear of Collapse
September 14th, 2007Via: International Herald Tribune: Finance ministers and central bankers have long fretted that at some point, the rest of the world would lose its willingness to finance the United States’ proclivity to consume far more than it produces – and that a potentially disastrous free-fall in the dollar’s value would result. But for longer than […]
UK: Bank of England Provides Emergency Funding to Large Mortgage Company
September 14th, 2007Panic? Why would anyone panic? I mean, I always associate the phrase, “emergency financial support” with smooth sailing and total confidence. Who do these pricks think they’re kidding? Via: BBC: The Bank of England has agreed to give emergency financial support to the Northern Rock, one of the UK’s largest mortgage lenders, the BBC has […]
A Secret Time Bomb Made of Gold
September 13th, 2007Anyone who hangs out in gold bug backwaters / Pentecostal snake handling dens already knows this story. What’s different about it this time? Barron’s. No, friends, Barron’s isn’t usually where gold bugs go to catch drippings from the alter. Whether or not The Time is actually upon us, nobody knows. On a technical note, gold […]
U.S. Stock Market Index Values vs. Collapsing Dollar
September 13th, 2007IMPORTANT NOTE: If you think, “I’ll just buy Canadian dollars then,” you’re totally missing the point of this. The point is not to suggest one gamble over another, but to let you know the reality behind the high index numbers. Via: University of Michigan: Lupia, who also is a research professor at the Institute for […]
