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I am going to name it the 5-year hybrid ARM, 30-year term, 8-year graduated payment, 176% combined loan-to-value, mega-balloon (document below). And you thought Pay Option ARMs were exotic!
Free-market economist Peter Schiff debates lamestream media propaganda pundits about the coming recession or worse in 2006. Particularly humorous moments include watching pundits recommend buying financial stocks like Merrill Lynch, Bear Stearns, an
Dec. 3 (Bloomberg) -- General Motors Corp. and Chrysler LLC told Congress they need $11 billion in government loans just to survive the year. Democrats pledged to keep them out of bankruptcy without saying how.
Dream on if you believe it - unless you're a Wall Street banker.
Straight Light
Even just to think of America as an island in the Caribbean without the Federal Reserve where Robinson Crusoe lived with mutineers, pirates and cannibals for almost three decades is an intellectual obscenity. edwin a. sumcad/12/03/08.
With President-elect Barack Obama vowing to plow hundreds of billions of dollars into the nation's infrastructure, some state officials are warning that public works projects will fail to effectively lift the country out of recession unless they
Humbled and fighting for survival, Detroit's once-mighty automakers appealed to Congress with a retooled case for a bailout as large as $34 billion Tuesday, pledging to slash workers, car lines and executive pay in return for a federal lifeline.
The Treasury Department has no mechanism in place to track how institutions are using $150 billion in taxpayer money that the government injected into the banking system as of last month, the Government Accountability Office concluded.
GM, the largest U.S. automaker, said sales dropped 41 percent, while No. 2 Ford was down by 31 percent. Toyota, Asia’s biggest automaker, posted a 34 percent decline and Honda Motor Co. slid 32 percent.
As rates approach zero, SNB President Roth, like his counterparts at the U.S. Federal Reserve, may instead have to find new tools to restore the flow of credit through the economy and head off the risk of deflation.
Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it. [Hey, it worked for Paulson.]
European stocks were little changed Tuesday as hopes of a modest rebound on Wall Street following the previous day's savage retreat amid mounting fears about the U.S. economy helped offset the impact of the overnight slump in Asian markets.
The automakers are working against a deadline today for the plans after Congress’s partisan deadlock last month over how to pay for the loans. The companies also will report November sales today that likely extended a 15% slide through October.
Federal Reserve Chairman Ben S. Bernanke signaled he’s ready to dig deeper into the central bank’s toolkit after cutting interest rates almost as much as he can, opening the door to a shift by policy makers this month.
The U.S. economy, now officially in recession, may be in the midst of the longest slump in the post- World War II era as job losses mount and credit dries up.
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed. It ignored remarkably prescient warnings that foretold the financial meltdown
Schwarzenegger, a 61-year-old Republican, wants lawmakers to raise taxes and cut spending to narrow the gap that is projected to swell to $28 billion over the next 18 months.
The declaration was made by the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.
"Manufacturing is in freefall, with output collapsing," Shepherdson wrote. "We see no prospect for near-term improvement."
"In other words, we expect available consumer liquidity in the form or credit-card lines to decline by 45 percent."
Words Eye View
Our generation has never known hard times for the most part. We have been the most fed, spoiled, pampered and protected species of humanity that has ever ridden the conveyor belt of history together in all of the 6,000 years since the dawn of creatio
According to the president of GM Brazil-Mercosur, the funding will come from the package of financial aid that the manufacturer will receive from the US government and will be used to "complete the renovation of the line of products up to 2012.*
"The world is not going back to normal after the magnitude of what they have done. When the dust settles this will either work, and the money they have pushed into the system will feed through into an inflation shock," wrote Tom Fitzpatrick
We have to be candid about the dire situation of the financial markets and the significant pain and suffering that awaits employees in countries affected by the downturn. I’ll outline some of the potential good that may come to business as a result o
Days go by without a sale. His debts are mounting. His friends offer him cash to get by. “I’m trying to survive as a car dealer,” said Mr. Thomas, now 59, “and I don’t know if I can.”
Bloomberg has provided the latest update in that saga and it is not good. The Fed continues to stonewall and it seems apparent that it will only reveal how U.S. taxpayer money is being spent if forced to do so by law.
Until now, the average consumer would stick to necessities, but during times of increased spending, such as gift-giving holidays like Christmas, consumers now have to check their budget and gauge whether or not such purchases are truly feasible.
"A reasonable price for oil is 80 dollars a barrel," said Shahristani on arrival in Cairo to attend a consultative meeting by the OPEC cartel to study slumping crude prices. (Really? Pre or post Hyper-inflation dollars. Such BS)
US Federal Government has pledged $8.56 trillion in economic bailout for financial institutions so far
US Federal Government has pledged $8.56 trillion in economic bailout for financial institutions so far.
