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All great empires and nations decay from within. By the time they hobble off the world stage, overrun by the hordes at the gates or vanishing quietly into the pages of history books, what made them successful and powerful no longer has relevance.
Florida officials voted to suspend withdrawals from an investment fund for schools and local governments after redemptions sparked by downgrades of debt held in the portfolio reduced assets by 44%.
This graph shows New Home Sales vs. Recession for the last 35 years. New Home Sales were falling prior to every recession, with the exception of 2001. This is what we call Cliff Diving!
Evoking Depression-era memories, Wells Fargo & Co. President John Stumpf on Thursday became the latest banker to predict continuing difficulties in the U.S. housing market as risky mortgages made to overextended borrowers disintegrate into large loan
The tide has turned, dear reader. On Friday, the Dow lost another 224 points. The Wilshire index, meanwhile, is helpfully quoted in dollars. So you can see immediately how much money people are losing. From the top around 15,900 to last week - when
Kohn's latest speech was disingenuous at best and a blatant lie at worst. The Fed claims to seek "price stability" but idly stands by ant lets bubbles expand to amazing proportions. Then after the bubble pops, all of a sudden the Fed cl
Real estate deals are coming apart at the fastest pace since September 2001. Sales of debt secured by commercial mortgages tumbled 80 percent from a year earlier. More than 75 deals have been withdrawn because banks aren't lending. Banks also hav
JPMorgan estimates that Ambac and MBIA own CDOs that have $29 billion in losses. The working capital of MBIA is $6.96 bln and Ambac $5.65 bln. Ambac and MBIA claim they will raise money through reinsurance but the entire market cap of the companies i
Prices suggest traders anticipate defaults rising to the highest levels since the Great Depression, according to analysts at RBS Greenwhich Capitol in Greenwhich, Connecticut .
Port St. Lucie police seized 420 pounds of marijuana and 400 marijuana plants during an 18 home grow house raid in St. Lucie County Tuesday morning.
Thus, 21% of all mortgage holders--holding about $3 trillion in aggregate mortgage debt--would be put into a negative-equity position if home prices fell by 15%.
Prices of existing U.S. single-family homes in the third quarter slumped 4.5 percent from a year earlier, matching a record decline from the previous period as the housing downturn deepened, according to a national home price index. The S&P/Case-Shi
Rising foreclosures will lead to billions of dollars in lost economic activity next year in the nation's major metropolitan areas, but homeowners and financial institutions have the ability to work together to contain the effects, according to a
Investors from Dubai to China could be considering similar deals with cash-strapped U.S. banks, hoping to ride a recovery in their stocks and avoid the political barriers that could have been thrust in their path in better times, analysts said.
Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market value.
$9 trillion in debt. $60 trillion in unfunded forward obligations. Dollar index below 75. Double-digit inflation. $100 oil and $800 gold. All, apparently, due to the economic terrorism of one Montana tax protester.
The US looks so wounded, that tomorrow's economic superpowers are now "dollar divesting" - despite the fact that doing so will further weaken the currency, undermining their reserve values even more.
CNBC described the layoffs as "massive" and said they would not be restricted to fixed income and mortgage divisions.
Economist Shiller says it's Time for Bold Thinking on Housing. He then goes on with proposals that are nothing more than the same government intervention policies that have failed before. Shiller, like Bernanke, has no idea what the root cause of
"We are going to see economic times the likes of which no living person has seen," Trends Research Institute Director Gerald Celente said, forecasting a "Panic of 2008."
A glass of milk costs New Yorkers up to 42% more than last holiday season. The wholesale price of eggs has soared 86% compared to last fall, at one point. "I'm spending $50 to $80 more a week on food than last year", according to one Ha
"We all know that more hits from these subprime loans are coming, but are having a devil of a time figuring out how it will happen or how to stop it," said Lawler, who was once chief economist for Fannie Mae. "We've never been in t
Christopher E. Hill predicts a U.S. financial crash is imminent. Mr. Hill believes that the United States is afflicted by a number of interconnected “bubbles” that when one is pricked, a “domino effect” will follow and result in a major economic cris
"People didn't leave happily, There's used, dirty carpet. The grass is dead." "Mr. Bosch says he now has 120 bank owned properties for sale or in escrow compared with none a year ago.
Indeed we have never been in this situation before because never before in history has the Congress, the Fed, and central bankers worldwide acted as recklessly as they have and still continue to act.
Does are current definition of "middles class" (not to mention "upper class") include having insufficient cash assets to make even a token down payment on a home?
Saudi newspaper al-Riyadh reported that Saudi Arabia may have started considering a revaluation of its riyal against the dollar ahead of a meeting of heads of Gulf Arab states in early December.
Saudi newspaper al-Riyadh reported that Saudi Arabia may have started considering a revaluation of its riyal against the dollar ahead of a meeting of heads of Gulf Arab states in early December.
In order to curb investment frenzy, China mandates a lending freeze. One day after the mandated freeze is announced, reports came in that a Credit "heart attack" engulfs China and Korea. So much for Paulson's quip about the strong globa
European banks agreed to suspend trading in the $2.8 trillion market for mortgage debt known as covered bonds to halt a slump that has closed the region's main source of financing for home lenders. This suspension could last through the end of th
