Archive for the 'Economy' Category
U.S. Dollar in Strong Decline
April 10th, 2007Via: Reuters: The dollar fell towards last week’s two-year low against the euro on Tuesday, reversing gains sparked by a robust U.S. jobs report, while the yen hit a record trough versus the euro as carry trades flourished. As European traders returned from the long Easter weekend, they pushed the dollar down across the board, […]
Bids Drying Up for Alt-A Paper
April 10th, 2007Via: Business Week: At least five Wall Street analysts downgraded shares of American Home Mortgage Investment Corp. after the home lender said its mortgage loans are fetching lower prices from investors. While it has been well publicized that investors are shying away from “subprime” mortgage debt — or home loans to people with bad credit […]
Bank of America Delays BullionValut Deposits
April 6th, 2007In Money: Going Tactical, I discussed how I wanted to immediately move some of our money into gold using the BullionVault system. I did, indeed, try to move some money to BullionVault. I used the electronic payment option for customers with U.S. bank accounts and followed BullionValut’s instructions exactly. Since I haven’t used BullionVault before, […]
Enronization of America
April 4th, 2007Via: Prudent Bear: The U.S. economy has been held up for the last half decade only by the housing and consumption bubbles caused by cheap money. Much of its healthy capitalist tissue has rotted internally, and been replaced by corrupt politically-determined rent-seeking. Only when the cheap money finally disappears, and recession occurs, will we be […]
New Zealand Dollar Breaks Above 72
April 3rd, 2007WARNING: This is not a recommendation to buy sell or hold any financial instrument. If youre gonna play the game, boy, ya gotta learn to play it right. You got to know when to hold em, know when to fold em, Know when to walk away and know when to run. You never count your […]
New Century, Biggest Subprime Casualty, Goes Bankrupt
April 2nd, 2007Via: Bloomberg: New Century Financial Corp., overwhelmed by rising defaults from borrowers with poor credit records, became the largest subprime mortgage lender ever to fail as it filed for bankruptcy today. New Century plans to sell most of its assets within 45 days, said the Chapter 11 filing in federal court in Wilmington, Delaware. About […]
Uninsured Patient Billed More than $12,000 for Broken Rib
March 31st, 2007Via: San Francisco Chronicle: There are 47 million people in this country without health insurance. Richmond resident Joey Palmer is one of them. He learned how costly this can be after fracturing a rib in a relatively minor motorcycle accident and subsequently being hit with a bill for more than $12,000 from San Francisco General […]
Crude Oil Near Six-Month High on Iran’s Capture of U.K. Crew
March 30th, 2007These prices are going to start pounding the U.S. economy. Via: Bloomberg: Oil traded near a six-month high as 15 British sailors and marines seized in the Persian Gulf remained in Iranian custody for an eighth day, heightening concern the standoff will threaten oil supplies from the Middle East. U.K Prime Minister Tony Blair said […]
Money: Going Tactical
March 30th, 2007WARNING: This is not a recommendation to buy sell or hold any financial instrument. UPDATE 6 April 2007: Bank of America Delays BullionValut Deposits In the post below, I discussed how I wanted to immediately move some of our money into gold using the BullionVault system. I did, indeed, try to move some money to […]
U.S. Government Has Spent More Than Half the Public’s Treasure on Past, Current and Future Military Operations
March 30th, 2007Free trade. The invisible hand of the market. Capitalism. Would you like an order of Freedom Fries with that? Via: Common Dreams: In the words of the great economist and engineer Seymour Melman, we live in a “permanent war economy.†Since the end of World War II, the federal government has spent more than half […]
