Wednesday, July 08, 2009

More economic issues

FBI: Mortgage fraud 'rampant' and growing...

Obama advisor: More Stimulus...

Wall St hits 10-week low...

Congress digs into spending bills...

US Lurching Towards 'Debt Explosion'
Long-term Interest Rates on Course to Double

By Philip Aldrick, Banking Editor

The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank.
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Calls grow to supplant dollar as global currency: The call to find an alternative to the U.S dollar as the global reserve currency is gaining momentum as France joined calls by China, India and Russia for a review of the world's currency practices.

US dollar focus of G8 summit: A sliding dollar would have massive repercussions for the world economy as it looks to emerge from one of the most savage recessions in generations, which has seen global trade collapse by up to 20 percent.

Delinquencies on U.S. Home-Equity Loans Reach Record: Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.

Consumer loan delinquencies rise to record high: The number of people delinquent on their loans rose to a record high in the first quarter, according to the American Bankers Association.

California Hotel Foreclosures Double in Last Three Months: The number of California hotels in default or foreclosed on has jumped 125% in the last 60 days. The state now has 31 hotels that have been foreclosed on and 175 in default.

As California struggles, Fitch cuts debt rating: California suffered a new setback in its financial crisis on Monday when Fitch Ratings cut its rating on the state's general obligation debt to just two notches above junk status

Who Killed California's Economy?: . Unable to pay its bills, the state is issuing IOUs; its once strong credit rating has collapsed. The state that once boasted the seventh-largest gross domestic product in the world is looking less like a celebrated global innovator and more like a fiscal basket case along the lines of Argentina or Latvia.

Get The Cuffs - They're At It Again - Securitization

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British Airways Worker Vote Against Job Plans

Investment Banks, Like Roaches, Survive Nearly Anything

Private Banks Must Restructure To Survive

Lowest-Paid Brits Pay More Tax Than Millionaires

BBC Cuts Program Budget Over £2B Pension Hole

Chinese Call For End To Dollar's Dominance

Calls Grow Within G8 To Expel Italy

G8 Should Focus On Fighting Protectionism

Don't Stop Spending, Brown Tells Europe

Currency Trading Tax To Help World's Poor

Euro House Price Slide Dims Recovery Hopes

PepsiCo Invests $1B In Russia

Gold Investors Add 43% To Bullion Holdings

Brown Warns G8 Of New Recession Dangers

US Lurching Towards 'Debt Explosion'

Unions And Firms Call For Peoples Bank

The Great 'Output Gap' Hides Threat Of Inflation

G8 Leaders Likely To Stand Firm On Stimulus

25% Of Graduate Job Possibilities Vanish

Banksters Love Cap And Trade

CA - A Day Of Reckoning

CA Heads Toward Depression

Goldman Sachs - Vampire Squid On Humanity's Face

India, Russia, China Question Dollar Dominance

The Unemployment Time Bomb Is Ticking

QE Sugar Rush For Broke Banks That Should Die

BoE Consider Expanding Qantitative Easing To £150B

We Are Losing The Opportunity To Rebuild Banking

UK Lines Up 'Doomsday' Cutbacks

City Financials To Hide Bonus Boom From Taxman

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