With the U.S. mortgage market in turmoil, Democratic presidential front-runner Sen. Hillary Clinton on Tuesday proposed clamping down on lending abuses and providing more aid to families who face losing their homes.
U.S. Treasury Secretary Henry Paulson warned on Tuesday it was a mistake for U.S. lawmakers to blame American job losses on global competition and use it as an excuse for passing protectionist trade laws aimed at China.
People chasing "high yield" CDs are losing their life savings even in FDIC accounts. FDIC insurance is the problem because it causes money flow to the riskiest banks. This is a huge moral hazard as it provides funding for malinvestments suc
Raymond Przybilinski socked away $521,000 from a lifetime of driving trucks, working overtime when he could and playing the piano or accordion late into the evenings at weddings, hotel bars and social clubs.
The media seem to be saying that this is the financial markets's expectation now that Fannie Mae and Freddie Mac might loosen some of their lending restrictions. Fannie and Freddie are implicitly back up by the government(taxpayers).
Wow, this guy (CNBC's Jim Cramer - a bit madder than usual) really self destructs with the truth about what has happened and where our economy is going. And the news isn't good.
Bear Stearns Cos. said co-President and co-Chief Operating Officer resigned 2 weeks after the company told investors that one with assets of about $638 million was essentially worthless, and another worth about $925 million had lost more than 90% of
American Home Mortgage Corp. filed for bankruptcy protection, the latest casualty of a mortgage industry. The Melville, N.Y.-based mortgage lender asked a court in Wilmington, Del. for Chapter 11 bankruptcy protection from its lenders.
Elegant Anal-ysis by the Times Online Irwin Stelzer at the Times Online totally blows it by calling Greenspan a "scapegoat" in the housing crisis. Using Stelzer's own words he is guilty of "elegant anal-ysis" in defending Gre
The economy is losing its umph as summer winds to a close. The downturn in housing is spreading to other parts of the economy. Investors, watching this happen, are becoming increasingly nervous and more selective with their loans. The tightening of c
Aguirre was forced out of the agency after a probe he was leading got too close to prominent Wall Street banker John Mack. His claims prompted Senate hearings and drew heavy press coverage. The final Senate report criticized SEC management of the inv
Homebuilders built houses from hell. Now it's payback time. Numerous websites have sprung up talking about significant quality issues. The cover of Newsweek is talking about "the bonfire of builders". Beazer declares a dividend in despe
Hiring cooled off in July, pushing unemployment in the US up to 4.6 percent - a six-month high. The fresh snapshot of employment conditions around the country, released by the Labour Dept, also showed that new job creation slowed.
It’s a Bloodbath. That’s the only way to describe it. On Friday the Dow Jones took a 280 point nosedive on fears that that losses in the subprime market will spill over into the broader economy and cut into GDP. Ever since the two Bears Sterns hedge
"I think silver will head beyond $8000 an oz. in less than 15 years!" LAST YEAR I INTERVIEWED JAMES TURK who talked about $8,000 gold. Now, I present you with a bizarre forecast of $8,000 silver. What's going on here? We'll have to
Martian Economists and BLS Moonbats http://globaleconomicanalysis.blogspot .com/2007/08/martian-economists-and-bls-moonbats.html Economists at JPMorgan are stating the Bernake wants unemployment to rise to hold down inflation. Those economists are..
When the power elite look at your home they see dollar signs and a way to tie you down to a grid of dependence. You see the place where life happens, where you love, laugh and watch your children grow up. You can come home to America; together we c
The container ship Ever Unique, sailing under a Panamanian flag from China, berthed in Newark. As cranes unloaded the vessel’s shipping containers F.B.I. and Secret Service agents, acting as part of a sting operation, gathered around the container an
"The golden dream by the sea" is how Gov. Arnold Schwarzenegger has fancifully described California. Yet for thousands who bought homes during the Golden State's latest housing boom, foreclosures have turned recent months into a nightma
The Fed's Poole gave a speech. The differences in reporting on that speech are remarkable. But the bottom line is the same no
Treasury Secretary Henry Paulson on Monday said the US maybe unable to pay its bills this fall unless Congress raises the government's borrowing authority, now capped at $8.965 trillion. (Hey, I know, lets raise it to 100 gazillion, that should s
Mortgage delinquencies will peak at 3.6 percent of all mortgage debt outstanding in the summer of 2008, predicts a study by Moody’s Economy.com, released Thursday. "This will result in substantial financial damage," Mark Zandi, chief econom
Government is big because government at national, state, and local levels has assumed so many functions not even the statesmen of two centuries ago envisioned. The reason that government has grown so enormous, though, is because millions of American
Ron Paul: Best friend to small businesses seeking relief from the costly effects of Sarbanes Oxley regulations and to the workers who will be caught in the crossfire.
The economy popped out of its rut this spring and grew at the strongest pace in more than a year, giving President Bush something to crow about. The best barometer of the country's economic fitness -- GNP -- increased at a 3.4 percent annual rat
Think Mr. FICA is bad?... just wait until Mrs. FICA gets a hold of your paycheck.... she likes to shop!
Sales of new homes tumbled in June by the largest amount in five months, provoking new worries on Wall Street about how much the prolonged housing slump will hurt the overall economy. The decline was more than triple what had been expected and was th
Sales of existing US homes fell more heavily than expected in June, as the US property market continued its year-long slump, government figures showed.
The foreclosure rate on Wisconsin homes remained high throughout the first half of 2007, driven by rising interest rates and the soft housing market, an industry monitor reported Tuesday. Wisconsin as a whole had 9,229 foreclosure filings in the
Lenders sent California homeowners the highest number of mortgage default notices in more than a decade during the second quarter, the result of flat or falling prices, anemic sales and a market struggling with the excesses of the 2004-2005 home-buyi