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“They’ve done the math on their account and they’re very angry,” said Corey Calabrese, a Fordham Law student who is an administrator of the school’s walk-in clinic for debtors at Manhattan Civil Court.
It makes some homeowners in foreclosure liable for the difference between their mortgage and what their lender can recoup from reselling the house. In the current housing market, the difference is generally more than $100,000...
"As the hotel economy worsened, we have seen it impact all property types.The properties range from the luxurious St. Regis Monarch Beach Resort in Dana Point to the more economical Extended Stay and Red Roof Inn chains.
“They don’t want to cut spending and they don’t want to raise taxes,” said McKenzie. “They find it’s easier to steal the money.”
Carloads originated on U.S. railroads in June 2009 were down 19.5% (252,078 carloads) from June 2008 to 1,037,928 carloads. June 2009 was the eighth straight double-digit monthly carload decline...
This one falls into the category of one picture is worth a thousand optimistic promises. Follow the red dots...
The stock market is pricing in not just a "recovery" but 5-7% GDP growth over the next year! That is simply insane: there is zero support for such a belief anywhere in the macro economic view...
Russia and China have put forth "proposals" which have been highlighted as possible alternatives to the dollar. China has proposed the formation of a new global currency based on a reform of SDR system: "It is a feasible plan to reform the present SDR and make it into a real settlement currency, a universally accepted 'currency basket' that would replace the dollar at the heart of the monetary system," (Li Ruogu, chairman of the Export-Import Bank of China, Reuters, 6 July 2009)
It is just a matter of when. Guaranty Financial will be the largest bank failure this year with approximately $14 billion in assets.
Naked swaps, where the investor doesn't own the debt on which the contracts are based, have proliferated in the market and may be prohibited under legislation being drafted by House Financial Services Committee Chairman Barney Frank. (Sounds fishy to me)
Dear Editor, I wonder why I have not heard or read any discussion about an obvious solution to the State budget problem.
Read Letter
The chart shows Residential real estate in blue and Commercial in red. Residential real estate peaked 21-24 months before Commercial, but note how much faster commercial is falling now. Can you say banking disaster?
A proposed plan to solve California’s budget crisis would reduce the state’s prison population by 27,000, it was reported Tuesday, as opposition to the new fiscal deal mounted.
The Los Angeles Times reported that the budget deal, announced by California Governor Arnold Schwarzenegger and bipartisan lawmakers on Monday, would involve the early release of thousands of inmates.
The Times said the reduction would be achieved through a combination of measures including allowing prisoners to finish their sentences on home detention and creating incentives for completion of drug rehabilitation plans.
07.21.2009 Peter Schiff video....
On a one month basis, activity decreased in 46 states in June, and was unchanged in 1 state. Here is the Philadelphia Fed state coincident index release for June.
Excuse me? 57% delinquent credit cards among small business? You mean to tell me that nearly six out of ten small business accounts can't pay their bills? This is bullish?
Advanta Corp., the credit-card company that cut off almost 1 million small-business accounts after posting three quarterly losses, said the default rate more than doubled in June from May to 56.95 percent.
Unlike other analysts, Shiller doesn’t believe the key to a U.S. economic recovery lies in the housing sector. He argues that the United States should first get its credit markets in order and get banks lending money again.
The seizure of the St. Regis Monarch Beach, where American
International Group Inc. sponsored a luxury retreat just days after
accepting a federal bailout, is the most dramatic sign yet of the deep
troubles in the market for high-end hotels.
California Governor Arnold Schwarzenegger and top lawmakers told
reporters on Monday evening they had reached an agreement to close a
$26.3 billion deficit to balance the state's budget, ending weeks of
lengthy and often tense negotiations.
The market anarchist, it seems, is the moderate in the mix. We
who aim for the stateless society recognize that “economic growth”
comes in two varieties — natural and artificial — and that the variety
matters.
According to Moody's, CRE prices fell in 8.6% in April (about 16% in two months). Talk about cliff diving!
And it’s our own consumption activity that’s causing the emission of greenhouse gases, then quite frankly Americans need to pay for that,” Commerce Secretary Gary Locke told the American Chamber of Commerce in Shanghai.
President Obama claims he will save 3.5 million jobs. When? Who gets to count? The reality is no one is counting and the number is fabricated.
A new financial crisis will develop from the failure to effectively regulate derivatives and the extra global liquidity from stimulus spending, Templeton Asset Management's Mark Mobius said.
"Political pressure from investment banks and all the people that make money in derivatives” will prevent adequate regulation, said Mobius, who oversees $25 billion as executive chairman of Templeton in Singapore. “Definitely we’re going to have another crisis coming down,” he said in a phone interview from Istanbul on July 13.
Nick Gillespie (Reason) and Ernest Hancock discuss why some states (CA, AZ, ...) are broke. First, though, you have to hear about Martha Stewart because the interview is from Sep 2003.
"Our social services offices have seen a lot of former mortgage brokers applying for food-stamps and welfare," he noted, adding that the number of individuals and businesses in his county seeking bankruptcy protection rose 62%...
Follow the change in unemployment from the beginning of the current recession.
The blow to state coffers, which the report said appeared to worsen in the second quarter of the year, reflects the gravity of the recession and suggests the extent to which many states will probably have to resort to more spending cuts...
Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one to make his case the economic free-fall has ended.
The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.
