Jun - 27th
More banks keep failing - FDIC takes over 5 banks on Friday
Posted at 3:20 am | Filed Under Politics, Bailout News, California Housing Crash, Florida Housing Crash, The Economy
45 banks have gone under so far this year. According to AP via Yahoo Finance:
NEW YORK (AP) — Regulators on Friday shut down five small banks, boosting to 45 the number of failures this year of federally insured banks. More are expected to succumb in the prolonged recession.
The Federal Deposit Insurance Corp. was appointed receiver […]
Jun - 9th
The American way of people living beyond their means
Posted at 2:39 pm | Filed Under Credit Crunch, Bailout News, California Housing Crash, The Economy, Real Estate
More signs of this bubble economy that is bursting. We have built our prosperity on credit and we are now paying the price. According to this article in the LA Times:
To get cash for business expenses, one-third of California small-business owners took out exotic, high-risk products, such as those that required little proof of income […]
Jun - 8th
Robert Shiller says that home prices may keep falling for years
Posted at 11:26 am | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Robert Shiller, the guy who predicted the housing bubble and bust and one of the few economists who warned us about it while realtors and the government were saying that the subprime mess was contained, is now telling that despite what you might hear from the permabulls (ie realtors, mortgage brokers, the government, Jim Cramer, […]
Jun - 3rd
Even Tim Geithner is “underwater” on his home
Posted at 5:42 pm | Filed Under Politics, Bailout News, The Economy, Real Estate
It looks like the housing crash is hitting everybody. CNBC reports that:
Real estate agents say Geithner recently rented out his Westchester County home after it didn’t sell — even though he reduced the price to less than he paid.
Real estate agents say Geithner recently rented out his Westchester County home after it didn’t sell — […]
Jun - 3rd
Bernanke wants the US to be fiscally responsible?
Posted at 5:36 pm | Filed Under Politics, Bailout News, The Economy
Oh really? Give me a break.
According to the Wall Street Journal:
WASHINGTON — Federal Reserve Chairman Ben Bernanke Wednesday urged lawmakers to commit to reducing the nearly $2 trillion budget deficit, warning that the government can’t borrow “indefinitely” to meet the growing demand on its resources.
“Unless we demonstrate a strong commitment to fiscal sustainability in the […]
Jun - 3rd
Whatever happened to the Toxic Assets Plan?
Posted at 5:32 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Wasn’t that the reason Hank Paulson pushed to pass the first 700 billion bailout plan last year?
Well, apparently the FDIC gave up on that idea. According to CNNMoney:
The Federal Deposit Insurance Corp. said Wednesday it has postponed the initial sale of bank assets under its Legacy Loans Program, or LLP. The FDIC said it wasn’t […]
May - 28th
Evicted turning to motels as last resort
Posted at 7:51 am | Filed Under Credit Crunch, Bailout News, California Housing Crash, Real Estate
Visit msnbc.com for Breaking News, World News, and News about the Economy
May - 26th
No bottom in housing - Home prices will continue to fall
Posted at 1:37 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
Excellent article on the San Francisco Chronicle web site.
On the demand side, the surge in joblessness, still-high home prices, the credit crunch and a dearth of move-up buyers cut into the pool of potential home buyers.
On the supply side, an assortment of factors seems poised to trigger new waves of foreclosures that will continue to […]
May - 19th
Even the Rich are suffering these days
Posted at 11:24 am | Filed Under Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
We have been saying this for a long time. Rich people are the last ones to suffer a recession but they are not immune to it. It has taken a little long but the rich are finally joining the rest of the country. According to the Wall Street Journal:
Fire-sale auctions of mansions, yachts, sports cars […]
May - 17th
What’s your American Dream?
Posted at 3:03 am | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
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