Obama can't help himself. Trying to get his international ego boost, he jets and bows his way across the planet. His travels have not saved one job, one business or one more home from foreclosure. Thirteen states reported unemployment rates above the national average of 10.2%, according to a government report released on Friday. Michigan is at 15%. California is at 12.5%. Overall, jobless rates increased...
A team of NPR reporters unearths the truth about health care. By Stephen Spruiell In May 2008, Chicago Public Radio teamed up with National Public Radio (NPR) to produce an episode of the show This American Life called “The Giant Pool of Money.” The episode garnered widespread praise and won several awards for explaining the subprime-mortgage crisis with clarity and concision. It was such...
An astonishing one in seven US mortgages are in foreclosure or delinquent; even those with safe credit ratings are losing homes. That is a consequence of the falling job market but even so, Americans with solid credit ratings comprised 33% of the quarter’s foreclosures. Many are victims of the so-called ’subprime’ mortgages which had escalating payments that [...]
the price of water Archein Lions kill rare white tiger at Czech Republic zoo BBC (hat tip reader Steve L) Moira man fights off deer attack Press Republican (hat tip reader John L) Cinema popcorn is nutritional horror show: US study Raw Story (hat tip reader John D) The jobless rate-interest rate conundrum Tim Iacono Canada’s sub-prime mortgage time [...]
The Community Reinvestment Act is a law originally passed in 1977 that directed federal regulatory agencies to ensure that the banks they supervised were not discriminating against particular communities in making credit available.The onset of the subprime mortgage crisis triggered a flood of sloppy, lazy attacks on the CRA claiming that since the crisis was [...]
Hedge fund manager John Paulson is the hottest investor in the world right now. In 2007, he made $15 billion by shorting subprime mortgage backed securities (see "Trader Of The Year: John Paulson Made Billions Shorting Subprime Mortgages", Top Gun FP, April 8, 2008). Gregory Zuckerman aptly titled his recently published book about Paulson's trade The Great Trade Ever. [More...]
It is generally agreed that our current financial mess was precipitated by the sub-prime mortgage fiasco. The system was already burdened by too much debt to absorb those new losses. The commentators have moved on to the American hobby of assigning blame: to President Clinton and the Democrats for forcing the banks to offer high-risk loans to the poor, the bi-partisan officials for deregulation, and...
You can take this however you like : Let the confusion end: The Atlantic has hit the news stands with a breaking revelation: It's the Christians! To wit: Did Christianity Cause the Crash ? ... recently, critics have begun to argue that the prosperity gospel, echoed in churches across the country, might have played a part in the economic collapse. In 2008, in the online magazine Religion Dispatches,...
by Dani Rodrik project-syndicate.org (2009) Something happened in late August that I never thought I would see in my lifetime. A leading policymaker in the Anglo-American empire of finance actually came out in support of a Tobin tax - a global tax on financial transactions. The official in question was Adair Turner, the head of the United Kingdom Financial Services Authority, the country's chief financial...
The Economy May Be Collapsing, But The War Business Is Booming By Justin Raimondo, November 18, 2009 Courtesy Of Anti-War News We often hear the complaint that America doesn’t make anything anymore: that is, our economy seems driven not by producing actual things, but utterly intangible creations such as credit default swaps and securitized sub-prime mortgages . Our once-bustling factories are...
Facing a hail of criticism, Goldman Sachs' top officer has offered a halting apology for the premier investment bank's role in the subprime mortgage crisis that sank the nation's economy.
Facing a hail of criticism, Goldman Sachs' top officer has offered a halting apology for the premier investment bank's role in the subprime mortgage crisis that sank the nation's economy.
Bloomberg reports that the head of Toll Brothers doesn't think much of the quality of loans being guaranteed by the Federal Housing Administration. The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5 percent, may create another lending crisis, Toll Brothers Inc. Chief Executive Officer Robert Toll said. “Yesterday’s subprime...
Robert Toll, CEO of Toll Brothers (TOL), the largest luxury homebuilder in the U.S., is cautioning that the Federal Housing Administration is going to end up as the next subprime mortgage crisis. And with good reason, too: Bloomberg : “Yesterday’s subprime is today’s FHA,” Toll said today at a New York conference for builders sponsored by UBS AG. “It’s a definite...
In a letter to his clients, investing guru John Paulson, best known for making billions from bets on the collapse of the subprime mortgage market, told investors shares of Bank of America (BAC) may double in the next two years as writedowns ease. According to a quarterly letter to clients, a copy...
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