Archive for the 'Economy' Category
Zeitgeist
July 30th, 2007Zeitgeist is an extremely impressive film that delivers a vast amount of fascinating information in a coherent way. It’s definitely worth setting aside a couple of hours of interruption free time to watch this. If you know any people who don’t quite “get it” yet, this will rattle their cages. Who produced this??? They’ve made […]
Foreclosures on the Rise: Living the American Nightmare
July 30th, 2007Via: San Francisco Chronicle: To many people in the affluent Bay Area, losing a home to foreclosure sounds like a Depression-era relic or a Rust Belt phenomenon. Our real estate prices have defied gravity for so long; our job market is so strong; our cachet as a place to live seems so obvious. How could […]
Goldman Sachs: The Glue That’s Holding the Black Ops Economy Together
July 29th, 2007Hedge fund collapsing? Can’t get credit? We can help. Call our toll-free number to speak with a representative now! Via: Wall Street Journal: A number of hedge funds have profited by anticipating the difficulties in the housing market. But others made money in recent years through holdings of riskier debt, and now these managers are […]
U.S. Subprime Mortgage Market Could Spiral Out of Control Into a Global Financial Crisis
July 29th, 2007Via: Market Watch: The problems in the U.S. subprime mortgage market could spiral out of control into a global financial crisis, economist Mark Zandi said Thursday. With a “high level of angst” in the financial markets about who will take the losses from more than $1 trillion in risky mortgages, we could be just one […]
NYSE Imposes Trading Curbs as Stocks Tumble
July 26th, 2007Plunge Protection Team, please pick up the white courtesy phone. Via: Reuters: The New York Stock Exchange said on Tuesday it instituted downside trading curbs at 11:06 a.m. (1506 GMT) as U.S. stocks fell sharply on concerns about deterioration in the credit markets. The New York Stock Exchange Composite Index (.NYA: Quote, Profile, Research), which […]
It’s the Old Sell-Gold-to-Cover-Stock-Losses Play
July 26th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Some of you will understand this: Story #1: Dow Leads Global Selloff on Credit Woes: Wall Street suffered its second-biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate […]
“We Are Experiencing Home Price Depreciation Almost Like Never Before, With the Exception of the Great Depression”
July 25th, 2007Via: Bloomberg: The U.S. stock market tumbled the most in four months after Countrywide Financial Corp.’s earnings prompted concern the housing crisis is spreading. Shares of homebuilders sank to their lowest since 2003 and financial companies dropped after Countrywide, the largest U.S. mortgage lender, said more borrowers are falling behind on home- equity loan payments. […]
Dollar Gaps Up, Central Banks Sell Gold
July 25th, 2007WARNING: This is not a recommendation to buy sell or hold any financial instrument. HAHA! I love it. It’s gold dumping time in Europe. And how about that U.S. Dollar index… Via: Market Watch: The dollar rose to a two-week high against the euro and gained against the yen early Wednesday, rebounding from multi-year lows […]
Halliburton Used Bribery Network to Bloat War Costs
July 25th, 2007In other news, Halliburton’s second-quarter net income more than doubled. Via: New York Times: Federal investigators have uncovered what they describe as a sweeping network of kickbacks, bribes and fraud involving at least eight employees and subcontractors of KBR, the former Halliburton subsidiary, in a scheme to inflate charges for flying freight into Iraq in […]
CALIFORNIA FORCLOSURES INCREASE 799% OVER SAME PERIOD LAST YEAR
July 25th, 2007Via: Los Angeles Times: A sagging real estate market and tighter lending standards are exacting a rapidly growing toll on Californians, forcing them from their homes in record numbers, figures released today show. Foreclosures in the state during the second quarter totaled 17,408, up 799% from the same period last year. The current rate handily […]
