“I think this is really dishonest”
The stock market hasn’t been this nasty since the 1970s. House prices continue their dive, and consumer confidence has gone splat. via Houston Chronicle
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03/31 Food prices around the world are going up leaving many angry. via ClipSyndicate
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Talk of the Town brings you the latest in news, music and celebrity talk. Rumors of Brad and Angelina getting married Madonna stands up for Britney The Kid’s Choice Awards John Russell reports. via Reuters
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“Stresses related to interest rate rises and threats of a recession could be having a negative impact on work-life balance for small business owners”
MORE than half the country’s business owners feel a recession is on the way as rising interest rates and global market instability takes it toll on confidence. via News.com.au
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“If you compare this program to similar start-up programs in civilian companies, then you could definitely say that 1/8the Recruiting Assistance Program 3/8 has been successful during the first 1/8eight 3/8 months of its existence”
Like most soldiers, Capt. Steven Alvarez joined the Army Reserve to make a difference, not big bucks.
But when he learned of a new Army program that pays reservists who recruit on their own time up to $2,000 per recruit, he signed up both to encourage his soldiers to follow suit and to bolster his bank account.
‘The truth is, I’m no different than anyone else,’ said Alvarez, 44, a member of the 143rd Sustainment Command (Expeditionary) in Orlando. ‘I can use the money. I have a 1951 pickup that needs a new engine and with kids and a mortgage, the truck is not a fiscal priority in my family’s budget. If I can help the Army and make a little money on the side to rebuild my truck, why not?’ Read more
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“Based on current knowledge and the market situation, we believe $430 billion is more likely”
The financial market crisis could cause losses of up to $600 billion at banks and other financial institutions worldwide, a German magazine reported on Saturday, citing an internal report by German financial … via WTNZ-TV Knoxville
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For the most part, central New York has avoided the subprime mortgage crisis. However, new numbers out Friday point out hot spots where these risky mortgages are heading toward foreclosure. via ClipSyndicate
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“Bank of America will hopefully correct the bad practices Countrywide put in place. But enriching people who specialized in deceiving borrowers for the sake of their bottom line will not help that cause.”
Countrywide Financial Corp. CEO Angelo Mozilo and President David Sambol will receive $19 million in stock next week as part of the company’s pending takeover by Bank of America Corp, according to a regulatory filing.
The payments of stock valued at $10 million for Mozilo and $9 million for Sambol were disclosed in a regulatory filing late Thursday by Bank of America. The payments, described as ‘performance-based’ stock rights and grants, are required by agreements the executives struck with Countrywide less than a year before the sub-prime meltdown forced the Calabasas mortgage lender to sell itself, according to the filing. Read more
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“Until prices stabilize and consumer confidence returns, we believe inventory levels will remain significantly out of balance with demand”
A new KB Home development is seen in Los Angeles, in this Sept, 26 , 2007 file photo. via The Florida Times-Union
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“In broad outlines, we agree with large parts of Secretary Paulson’s plan”
The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation’s financial services industry from banks and securities firms to mortgage brokers and insurance companies.
The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.
The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system. Read more
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“And I’m looking forward to that day, and I know they are, as well.”
President Bush visits Freehold Township, New Jersey, Friday to spotlight efforts to save struggling homeowners from foreclosure.
The president plans to stop by a mortgage counseling company that’s part of the “Hope Now” alliance. Hope Now is an industry group organized by the Bush administration to coordinate a response to the mortgage crisis.
With upwards of two million Americans in some kind of mortgage trouble, the alliance faces a huge job.
But Bush is stressing the up side: despite the subprime mess, most Americans are making their payments. And more households are working out problems than are entering foreclosure. Read more
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“Basically, what the feds are doing is cutting interest rates aggressively so you have to find higher interest rates elsewhere”
Investing in overseas stocks has been like a whirlwind trip abroad for U.S. investors the past few years. via Medford Mail Tribune
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“I feel blessed by Jesus and God who looked out for me”
A homeless man testified Friday he was befriended by an elderly woman who is now charged with killing two other homeless men for profit and was pressured to sign documents with his personal information - papers … via USA Today
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“No conclusive evidence has been found that the intruder actually misappropriated any personal information”
A computer system at Antioch University that contained personal information on about 70,000 people was breached by an unauthorized intruder three times last year, the school said Friday. via The Columbian
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03/27 Motorola will spinoff its handset unit but can it stand alone? via ClipSyndicate
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3/26 The US dollar drops for the second day against the euro and yen after news of an unexpected drop in sales of US durable goods. via ClipSyndicate
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“This report further corroborates the notion that, in addition to the financial crisis, the U.S. faces a real economic downturn”
Sales of new U.S. single-family homes fell to the slowest pace in 13 years while orders for durable goods tumbled unexpectedly last month, according to government data that added to signs the economy has … via KZRR 94 Rock
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3/27 Thailand’s government has plans for the future of their automobile industry which has many automobile corporations wanting to get a piece of the action. via ClipSyndicate
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3/26 Crude oil prices rose today up to $106.00 upon news gasoline refinery production and inventories are down. via ClipSyndicate
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Consumer confidence plunged to a five-year low Tuesday as tight credit markets, rising prices and worsening job prospects weigh on American consumers. But Gerri Willis is here to give us reasons for optimism.
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“The Federal Reserve acted last week to bring some stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates”
Mortgage applications jumped by nearly 50 percent last week as home loan rates fell after the Federal Reserve cut interest rates and took steps to restore bond market confidence, an industry trade group said on … via WLIT-FM Chicago
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Not such a bird brained parrot, a car for the tallest man in the world, and the self-milking cow. via Reuters Video
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Hi it’s Tuesday, March 25, 2008. I’m Rebecca Field with today’s UPI entertainment update. via ClipSyndicate
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3/24 Amid speculation the Federal Reserve rate cuts will assist in reviving the economy, the US dollar rises against both the euro and yen. via ClipSyndicate
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The trustees of Social Security and Medicare are certain to kick off a fierce round of debate when they release their annual assessment of the fiscal health of the government’s two biggest benefit programs.
The battle will be waged not only between the Democratic-controlled Congress and President Bush but also in this year’s presidential campaign, where the issue is expected to attract a lot of attention in light of the looming retirement of 78 million baby boomers.
All sides will try to use Tuesday’s report to score political points, but that is probably as far as the debate will go - at least until a new president takes office next year. Read more
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“Retirement is no longer viewed as a welcome relief, many see it as a financial battle, where they cannot possibly hope to be the winners.”
In the red: More pensioners have debts Soaring levels of debt among those in their late 50s and early 60s means many will have to keep on working long after their retirement age. via This Is London
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Federal prosecutors say more than 100 homeowners in California and across the country were victimized in a mortgage scheme that siphoned off nearly $13 million in home equity.
The U.S. Attorney’s Office in Sacramento announced the indictment of Charles Head of La Habra and 18 others on Monday. Prosecutors allege they preyed on homeowners struggling to make payments on adjustable-rate mortgages.
Under the scam, homeowners facing foreclosure were promised lower house payments and even cash upfront to help pay bills if they agreed to add another name to their home’s title. They also were required to pay rent to that investor while they got their finances back in order. Read more
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Asia’s stocks surged on Tuesday cheered by JP Morgan’s raised bid for ailing bank Bear Stearns. via Reuters RSS Reuters.com
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“This is the case even though writing down the value of a mortgage is often more profitable than foreclosing”
Democrat Hillary Rodham Clinton proposed several remedies to the nation’s home mortgage problems Monday, including one tool more often associated with Republicans than Democrats. via Topeka Capital-Journal
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“I wouldn’t be looking for a pattern of improvement until April, May or June”
Home prices in many cities continued to plunge by record levels in January as sellers cut their asking bids and rising foreclosures took their toll, new data showed Tuesday. via KARE-TV Minneapolis
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03/26 A look at some of the cars making headlines at the NY Auto Show. via ClipSyndicate
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“The fact that the Fed is willing to come in and buy it at some level makes people think ‘OK, it’s not zero,’”
Wall Street extended its big advance Monday as investors applauded a new agreement that will give Bear Stearns Cos. via KansasCity.com
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The internet offers a great opportunity to find outrageous deals on cruise specials travelling all across the world. The Italy vacation packages come with round-trip air transportation and hotel accommodations for seven nights included. During your stay at the hotel you will receive a daily breakfast, plus five dinners served with wine and bottled water. You’ll love the half-day tour of San Remo, historic Dolceacqua and Monte Carlo. The real highlight of the trip is the full day tour of the French Riviera including Nice and Cannes, plus a full day boat excursion to Cinque Terre and Portofino. You’ll get a true sense for the local flavors and scents when you tour an olive oil factory and a perfume factory in Provence’s Gras. You are accompanied by a professional tour director during excursions so you can hear about each location’s history.With the many London vacation packages available you will get the opportunity to immerse yourself in this diverse and vibrant city. London is famous for its history, culture, shopping, dining, and theater, and on this trip you will get to see it all. You will sample the varied sights of London such as Buckingham Palace, Westminster Abbey, the Tower of London and many more.
It’s the nightmare scenario for a person retiring, or just retired. A bear market - a harsh, lengthy downturn - devours savings just when a person needs to start using the stash. via Baltimore Sun
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“It’s definitely a spotty market because there is a tremendous amount of volatility”
Investors who managed to remain calm during Wall Street’s latest tempest could find they have what it takes to invest in small-cap stocks. via Medford Mail Tribune
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You’ve been hearing about how bad the economy is recently. But no matter how bad the news may get, there are some things you can do to insulate yourself from the slowing economy.
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Corazon Aquino, who led the “People Power” revolution which led to democracy in the Philippines is suffering from colon cancer. via Reuters
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“I want to make sure I have enough money to feed my family”
For months, Americans have been subjected to a sort of economic water torture - a maddening drip of bad news about jobs, gas prices, sagging home values, creeping inflation, the slouching dollar and a stock … via Florida Times-Union
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“Negotiate, negotiate, negotiate”
Although the price of a first-class postage stamp is going up a penny on May 12, small businesses will get a break for the first time on Express Mail and Priority Mail costs. via Seattle Post-Intelligencer
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“It is my impression that the management has made a decision to try to take, upfront, the potential losses that it believes may be nascent.”
Bank of America Corp , the largest U.S. retail bank, may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios, … via WTNZ-TV Knoxville
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“And at the end they basically say, ‘We’re going to reissue the rule from last year with no changes.’”
The Homeland Security Department on Friday offered a lengthy defense of its proposed program that would force employers to fire workers whose names don’t match their Social Security numbers, and said it would … via The Modesto Bee
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The IRS has announced that it will begin sending out more than 130 million economic stimulus payments starting may second. via KTVO
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“We’re not providing any comment”
The US Federal Reserve is open to the idea in principle, the report said. Central banks on both sides of the Atlantic are in talks about the feasibility of mass purchases of mortgage-backed securities in a bid … via Australian Broadcasting Corporation
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“This is an outrageous breach of security and privacy, even from an administration that has shown little regard for either over the last eight years”
U.S. Secretary of State Condoleezza Rice says she has apologized to Barack Obama for an incident in which State Department contractors unnecessarily reviewed his passport file. via 680News
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“Gains mainly seemed to be driven by short covering … rather than real buying power, so it was otherwise very quiet trading in the market”
Asian stock prices mostly rose in light trading Friday after a turbulent week. Trading was light, however, as most markets worldwide were closed for Good Friday. via Slam Sports
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“This really has no bearing to the fair market value of these assets anymore”
The subprime mortgage crisis has yielded at least one benefit for states: Mortgage-related investments have become so cheap that they are luring some pension funds to buy. via Albany Times Union
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“We just need to keep plugging away.”
Wall Street investment bankers got another lesson about the dangers of risk-taking this past week with the downfall of Bear Stearns Cos. The question now obviously is, how long will it last?
Those bankers, many of whom lived through market debacles like the dot-com bust at the start of this decade, turned out to have very short memories. And so analysts believe the sale of Bear Stearns to JPMorgan Chase & Co. for a stunning $2 per share ultimately won’t have that much of an impact on how Wall Street conducts business. Read more
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“This individual’s actions were taken without the knowledge or direction of anyone at TAC and are wholly inconsistent with our professional and ethical standards”
The passport files of presidential candidates Hillary Clinton, John McCain and Barack Obama were accessed improperly by State Department workers, officials said Friday, in a disclosure that prompted apologies … via The Press Democrat
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Almost anyone who’s bought a house or taken out a mortgage in recent years knows the problems: • Lenders’ ‘good-faith estimates’ of loan and settlement fees provided at application too often are off the … via Baltimore Sun
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Many homeowners are stuck paying the mortgage on an up north cottage they can’t unload because other families, who might once have ventured into the vacation-home market, are cutting back in light of … via Detnews.com - Business
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“People in the financial community were able to take sectors of the economy hostage and we have to pay a ransom. The best we can hope for is to keep the ransom as low as possible and help the least undeserving.”
I DON’T know too many economists who get confused with preachers. But there are times when they talk about virtue and temptation as if they were free-market holy rollers. via Boston Globe
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3/20 Earlier this week, CME Group Inc. announced an agreement to purchase the NYMEX energy and precious metals exchange for $9.4 billion dollars. via ClipSyndicate
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“The corporate fraud cases are pretty large entities”
The FBI’s criminal probe of the mortgage lending industry has grown to 17 firms, involves large companies, and could take years to conclude, bureau officials said on Tuesday in a Reuters interview. via KNST-AM Tucson
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From a gallon of milk at the grocery store, to the price of pizza and a gallon of gas - no one knows better than you just how much prices are rising. Here are our top tips on how you can beat inflation.
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“It’s all down to personal responsibility”
Last Updated 7:58 pm PDT Thursday, March 20, 2008 Sacramento police’s real estate fraud investigators have arrested a 30-year-old man on suspicion of identity theft, according to a news release Thursday. via Sacramento Bee Newspaper
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Separatist rebels are being blamed by police for the explosion in the city of Srinagar. via Reuters Video
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“Slowing consumer spending and weak employment conditions are among the concerns behind the Fed’s decision to lower the target federal funds rate”
Rates on 30-year mortgages dropped below 6 percent this week for the first time in more than a month, reflecting aggressive efforts by the Federal Reserve to cut interest rates to protect the economy from a … via ABC News
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3/20 Looking to take advantage of huge consumer demands in China and India, Dell Inc. announced today that they will release even more new PC’s in the fast growing Asian markets. via ClipSyndicate
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U.S. stocks were heading for a higher open Thursday, with investors poised to buy back into the market following its steep slide a day earlier. via The Florida Times-Union
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