Monday, August 25, 2008

More Dollar issues

Feds close bank in Kansas; ninth collapse this year...

HSBC continues recovery after computer problem...

The Great Consumer Crash of 2009

By James Quinn

For the last seven years the American consumer has carried the weight of the world on its shoulders. This has been a heavy burden, but when you take steroids it doesn’t seem so heavy. The steroid of choice for the American consumer has been debt. We have utilized home equity loans, cash out refinancing, credit card debt, and auto loans to live above our means. It has been a fun ride, but the ride is over. We can’t get steroids from our dealer (banks) anymore. Continue

Immigrants Returning to Mexico in Record Numbers: Immigrants are returning home to Mexico in numbers not seen for decades — and the Mexican government may have to deal with a crush on its social services and lower wages once the immigrants arrive.

The Great Consumer Crash of 2009: For the last seven years the American consumer has carried the weight of the world on its shoulders. This has been a heavy burden, but when you take steroids it doesn’t seem so heavy. The steroid of choice for the American consumer has been debt. We have utilized home equity loans, cash out refinancing, credit card debt, and auto loans to live above our means. It has been a fun ride, but the ride is over. We can’t get steroids from our dealer (banks) anymore.

US regulators shut Columbian Bank in Kansas: The FDIC said the bank's deposits will be assumed by Citizens Bank and Trust of Chillicothe, Mo. Its nine offices will reopen Monday as branches of Citizens Bank. Depositors of Columbian Bank will continue to have full access to their deposits, the agency said. It was the ninth failure this year of an FDIC-insured bank.

Freddie, Fannie Failure Could Be World `Catastrophe,' Yu Says: A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China's central bank. ``If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,''

What Will Mac ’n’ Mae Cost You and Me?: These government-sponsored entities guarantee or hold $5.2 trillion in mortgages and have been hammered by defaults across the nation. Fannie Mae’s shares closed on Friday at $5, down from almost $70 a year ago. Freddie Mac fell to $2.61, which is down from about $65. Their heavily leveraged balance sheets magnify even a small rise in delinquencies.

Buffett - 'Game Over For Freddie & Fannie

American Real Estate Crash - Slideshow

Gold Reserves More Important Than Ever

Imminent Bank Failures- Worst Yet Come

Lehman, Treasury, Fed Lose Control

The Real US Dollar Crisis Is Ahead

Another Friday, Another Bank Closing

Buffett - For Fannie/Freddie `Game Is Over'

End Of Intl Financial System If Freddie/Fannie Fail

The Great Consumer Crash Of 2009

Recession Fear For Half The Planet - Goldman Sachs

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