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Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.”
Therefore, down the road this is going to be insanely destructive, and probably not far down the road either - I suspect the market will figure this out in a few months and then the wheels will really come off.
Bankers' worst nightmare is the unemployment rate climbing toward 10%, a level at which credit losses could balloon unpredictably because of high defaults among people with previously strong credit histories.
"Certainly starting a war with China on the issue of the currency is very, very dangerous," he said. "The US is relying on the kindness of strangers -- Russia, China, the Gulf States … to finance a huge, and growing, twin current accou
That was the opinion of economist Nouriel Roubini, of RGE Monitor, who was one of the first people to predict the housing crisis, speaking to "Squawk Box Europe" this morning.
The war is on between inflationists and deflationists. If decency and civility do not prevail, I have a more common sense approach to this argument. Open challenge to both Mish and Mr. Schiff the younger.
While Schiff was indeed correct about the US imploding, most of the praise heaped on Schiff is simply unwarranted since he failed where it matters most: not protecting his client's assets.
It was the second straight monthly decline and the lowest confidence reading since the private research firm began tracking the data in 1967.
Ron Paul reports that Congress is poised to open the money faucet to spill truckloads of worthless cash. Whatever your net worth, it will be severely depleted. Do you want to know what Congress intends to buy with our last few dollars? I don't
CNN's Kiran Chetry talks to Rep. Ron Paul about how he would fix the U.S. economic mess.
We must completely abolish the central bank. Money itself must be wholly untied from the state. It must be restored as a private good, privately produced for private markets. Government must have no role at all in monetary affairs. - F.A. Hayek
Facing a $42 billion budget deficit, State Controller John Chiang told the Sacramento Bee he has already borrowed $21.5 billion to try to cover the state's checks, but by Feb. 1, there will be no more options left but to simply stop paying some o
In Phoenix, house prices have declined more than 42.5% from the peak. At the other end of the spectrum, prices in Charlotte and Dallas are only off about 6% to 8% from the peak.
Now, more than 18 months into the biggest financial upheaval in the last 80 years, those bank executives that still have jobs are preparing to swallow large doses of regulatory medicine to help cure a crisis they are accused of causing.
The same executives who were at the controls as the banking system nearly collapsed are the ones the government is counting on to help save it. Even top executives whose banks made such risky loans they imperiled the economy have been spared
Caterpillar, Inc. announced they'd eliminate 20,500 jobs Monday morning.
The wealthy have decided they know who America's poor downtrodden masses are. They see them in the mirror every day.
Most congressional Democrats say the quickest way to save homeowners is to let them declare bankruptcy and allow judges to dictate new mortgage terms. Except the lenders do not want to get dragged into bankruptcy court by millions of overextended bor
President Obama's ban on earmarks in the $825 billion economic stimulus bill doesn't mean interest groups, lobbyists and lawmakers won't be able to funnel money to pet projects. They're just working around it - and making the process
About 2,500 U.S. auto dealers may close in 2009, or more than 10 percent of the nation's car and light-truck retailers, consulting firm Grant Thornton LLP wrote in a report Jan. 21.
"The economics don't make sense," she says. "There's still a tsunami of expected foreclosures, and that has to abate before there's a recovery." Credit Suisse forecasted in December that, over the next four years, 8.1
[Known financial genius] Pelosi told ABC's "This Week" that "some increased investment" might be needed beyond the $700 billion approved last year under the Troubled Asset Relief Program to stabilize the nation's banks
Farm Wars
U.S. companies are reducing dividends at the fastest rate in half a century, squeezing investors who depend on the payouts more than ever to boost returns.
California's unemployment rate jumped to 9.3 percent in December, capping a tumultuous year of massive job losses and a housing slump that has struck most of the country.
Lawmakers on Capitol Hill are bracing for a fresh request from President Obama for another massive round of spending to shore up the nation's faltering financial system, which could send the total price for the bailout soaring toward $1 trillion.
The financial giant Bank of America says it is no longer lobbying the federal government about its unfolding bank bailout. After receiving $45 billion in bailout money, lobbying was just too unseemly.
It took a few dozen trillion dollars, but Sean Hannity finally noticed what the Republicans and Democrats have been doing.
US banks levered cash to loans at 25:1 and liabilities at 33:1 at the credit bubble peak. The long term historic average ratios are about 5-7:1, and 7-10:1 respectively.
NEW YORK – Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales.
