Archive for November, 2008
“Negative Redlining” – marketing disproportionately to minorities – is the accusation being made against two of three leading Wall Street “ratings agencies”. Who is to blame? Who is ultimately responsible in the world of Sir Paulson, Sagely Bernacke, and Mz Nancy Pelosi?
It is a certaintly that as the economy settles lower and lower and the Red Plague spreads, the crime rates and rates of thefts and scams will skyrocket further! Unfortunately, it is only human nature based on Maslow’s documented Hierarchy of Needs.
We all must be judicious for ourselves, our neighbors and our families. Many scams [...]
This past short week was remarkable. The Government, lead by General Paulson, promised to cover more than $300 billion of liabilities of Citigroup. Thus, once again, demonstrating that those controlling America’s money, are protected from their own stupidity and risky behavior. Those who had bought C stock last Friday almost doubled their [...]
Excluding the rally in the last hour on Friday that drove the markets up by 4-5%, the past week was dismal and full of horrific news, statistics and activity.
We saw that the beautiful morphing of Sir Paulson’s plan into a help any entity that could form a nationally chartered bank or buy an existing bank. [...]
Thankfully loan modifications are up!! Unfortunately there are no golden standards. Luck and who the servicing agent is plays a tremendous role in how the modifications are made and what they are based on.
I encouragage readers to comment or link to relevant blogs addressing ways to modify loans and helpful hints, etc….
Popular modification options include:
Lower [...]
The WSJ yesterday highlighted changes in credit card terms that I have been speaking of for weeks. Terms are getting very difficult for the typical user of credit.
The following summarizes some of the changes highlighted.
American Express: Raising rates and fees for advances, purchases, late payments and defaults.
Bank of America: Lowing credit lines and closing accounts [...]
Today, while Paulson and Bernacke were defending themselves and their actions, while Congress dickered about with leaders of the Detroit Three, Wall Street continues its persuit of gravity as the primary driver!!!!!!
Even with the billions being pumped into America’s banks, the 2 trillion dollars of injected liquidity, the stock and bond markets are telling us [...]
Six months ago the world was facing a tremndous threat of global inflation. So much so, the EU Central Bank, in their wisdom, raised their Interest Rate for all of Europe! This, at the same time, was when the US had already cut rates substantially to abate the market’s collapse.
With the global economy collapsing, demand [...]
It is a wonderful thing when America’s largest bank gets free money from Uncle Sam so they can increase lending in America, and instead take $7 billion in cash and put that money in China!!!!!!!!!! What are they thinking!!! Why is the US government and Congress letting US businesss leaders make a joke of the [...]
Three interesting articles worth looking at regarding the Red Plague and its impact on your neighbors and cousins.
Downturn Drags More Consumers Into Bankruptcy
By TARA SIEGEL BERNARD and JENNY ANDERSON Published: November 16, 2008
With their credit cards drained, the latest bankruptcy filers are deeper in debt than those in previous downturns.
http://www.nytimes.com/2008/11/16/business/16consumer.html?partner=permalink&exprod=permalink
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Here Comes a Bankruptcy Boom
November 11, [...]
For Small Businesses and Political Operatives, Please Check Out this Article:
Dear Obama: Send loans fast
The government can spark spending and preserve jobs by getting small businesses the financing they need to survive.
Great article at:
http://money.cnn.com/2008/11/14/smallbusiness/loans_needed_asap.smb/index.htm?cnn=yes&eref=rss_politics&iref=polticker
When I close my eyes and try to envision where our economy is going, not based on the “Morons in the Morning” but based on what is happening on Main Street, Wall Street, and every other commercial avenue, business park, etc. in America, I AM VERY AFRAID!
There are layoffs in all areas of our economy, [...]
Is this unbelievable or what? Those financial institutions not eligible for a part of the free government giveaway of America’s future have devised ways to get in through the back door. And the government and regulators are welcoming them through the back door!!!!!!!!
Check this out from CNN.com:
NEW YORK (CNNMoney.com) — Four insurance companies applied Friday [...]
Lots of bits of news today, most of which showing how weak the economy is, that it can get worse, and that our government is disfunctional.
Retail sales fell last month off the cliff. If anyone owns or works in a typical store, sales volumes are horrible. People are not spending. Major stores are gearing up [...]
I am thrilled to be up and running with this blog. The US economy is shuddering to a trickle, the markets are continuing to fall, house values are moving lower still, and foreclosures and bankruptcies are skyrocketing. There are new and major layoffs announced each day. And, our government, including the Treasury, Federal Reserve and [...]
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Thursday’s Ramblings
November 14, 2008 in Markets, Personal Finance, credit
Tags: 8000, bond yields, comment, credit card, credit card rates, dow, economy, finance, legislation, loans, LTV, money, mortgage, not paying, opportunity, optimism, rates, refi, refinance, SBA
With the Dow up more than 500 points, after breaking through 8000 on the low at about mid day, we are seeing what will likely be the rythym we will experience over the next six to none months.
There should be much optimism regarding future legislation in the first quarter of the coming year, but at [...]