Life the Universe and ....: More economic issues

Wednesday, November 12, 2008

More economic issues

CAR GIANTS RUN OUT OF ROAD... PELOSI BACKS SPECIAL SESSION FOR 'AID'... 'EMERGENCY'... BUSH-CONGRESS SHOWDOWN LOOMS...

A Quiet Windfall For U.S. Banks

With Attention on Bailout Debate, Treasury Made Change to Tax Policy

By Amit R. Paley

The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention. Continue

Global systemic crisis Alert For Summer 2009:

The US Government Will Default On Its Debt

By GEAB

Our researchers anticipate that, before next summer 2009, the US government will default and be prevented to pay back its creditors (holders of US Treasury Bonds, of Fanny May and Freddy Mac shares, etc.). Of course such a bankruptcy will provoke some very negative outcome for all USD-denominated asset holders.

The DOW a year from now

By Denver Research Group

Without new dollars flowing on a consistent basis to middle class consumers, many analysts believe the DOW would necessarily fall below the level of the post dot.com, post 9/11 crash of 2002 (8,000)...most likely to the range of 6,500-7,000. Continue

Government Announces New Program for At-Risk Mortgages: The goal of the new program would be for borrowers' annual mortgage payment to equal 38 percent of annual income. The companies would do that by extending the loan term, reducing the interest rate and, if necessary, delaying payment on a part of the principal of the loan. If a borrower is able to meet payments for three months, the change becomes permanent.

Citigroup freezes US home repossessions: Citi said it was imposing a moratorium on foreclosures for all clients willing to work "in good faith" to restructure mortgages, as long as they have sufficient income to make payments of some sort.

Where Homes Are Worth Less Than the Mortgage: While home values have declined across the country, in some places the declines are so sharp that people owe more on their mortgages than their houses are worth

Fed Refuses To Identify Recipients Of $2 Trillion In Emergency Taxpayer Loans: The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

UK: Now banks raise credit card costs: Banks have increased interest rates on credit and debit cards held by tens of millions of shoppers despite the cost of borrowing falling to its lowest level for more than 50 years, research for The Independent reveals today.

American Express approved to be bank holding company: American Express has announced to cut 7,000 jobs, or nearly 10 percent of its global work force after it reported last month that its profit fell 24 percent in the third quarter.

US Postal Service Looks To Cut 40,000 Jobs In First Layoff In History: "We lost 2 billion dollars and like any other business we have to stay afloat." And to keep from sinking, the United States Postal Service is considering cutting thousands of jobs nationwide.

Starbucks 4Q profit drops 97 pct on closure costs: Seattle-based Starbucks said profit in the quarter fell 97 percent to $5.4 million, or a penny a share, from $158.5 million, or 21 cents per share.

DOW Could Reach 5000 By Jan 2009

These Are UNPRECEDENTED Times

Barky's Bailout Team - What 'CHANGE'?

Crude Oil Falls Below $59 A Barrel

Let The Bankrupt Banks Fail

Credit Crisis Tentacles Reach Everywhere

UK Mortgage Market Shrinks By 80%

Mexico Hedges Nearly All Oil Exports

FED OK Amex To Become A Bank

Fed REFUSES To Tell Where $2 Trillion Went!!

Circuit City Files BK - Shares Fall To 11¢

Asian Stocks Fall As Confidence Drops