Clegg: Coalition 'will work': Deputy Prime Minister Nick Clegg has promised a coalition government "that will work", at his first joint press conference with Prime Minister David Cameron. British govt says will introduce bank levy: Britain's new coalition government will introduce a levy on banks under a major overhaul aimed at preventing another global financial crisis, according to a joint accord published Wednesday. Bernanke Said to Tell Senators Euro Aid No Panacea : Federal Reserve Chairman Ben S. Bernanke told U.S. senators today that the euro region’s almost $1 trillion aid package to stem its debt crisis isn’t a cure- all, according to a participant. Record-High Gold Tells of "Inflation & Sovereign Debt" Threat: The price of Gold jumped to new all-time highs against all-but-three of the world's major currencies on Wednesday morning, breaking US$1245 an ounce in London trade. U.S. home prices drop by $25 billion: A report by San Francisco’s Trulia Inc. says home prices around the United States were cut by 10 percent in April. In total, some $25 billion has been slashed from the list prices of for-sale homes. Home Buyer Tax Credit Takes its Toll: One full week after the tax credit's expiration, mortgage applications fell 9.5 percent; this as mortgage interest rates dropped below 5 percent. Senate votes to bar mortgage kickbacks, liar loans: The Senate adopted a measure that would prohibit mortgage lenders from offering incentives to brokers who steer customers into more-expensive loans. The amendment, would end "liar loans" by requiring lenders to verify that borrowers have enough income to repay their mortgages. Chase's Foreclosure Disgrace: Here’s the problem with the Obama Administration’s approach to foreclosure prevention: it depends entirely on the banks voluntarily doing the right thing, even when homeowners have held up their end of the bargain to prevent a foreclosure. Wall Street: Land of the Million Dollar Babies: Wall Street is know around the world as the land of the million dollar babies since is chock full of people who have gotten incredibly rich as a result of handouts from the government Morgan Stanley Shares Decline On Reports Of Federal Probe: -Morgan Stanley (MS) shares fell Wednesday on reports federal prosecutors are investigating whether the bank misled investors about mortgage-derivatives deals it helped design and sometimes bet against. Don't Touch US Banks with a 'Bargepole': Investor: U.S. banking stocks aren't clear of the financial crisis and investors should avoid them at all costs, Julian Pendock, partner at Senhouse Capital, told CNBC Wednesday. California: $18.6 Billion Budget Deficit: The governor said California may have to eliminate entire welfare programs, including the main one that provides cash and job assistance to families below the poverty line, without an influx of cash from the federal government. Hungry By the Numbers : How the government defines hunger — and what it looks like up close. Need a Laugh? Watch this delightful two-minute clip and you can't help but smile.
Thursday, 13 May 2010
By Mike Whitney
This is a point that bears repeating: "...nearly $14 trillion worth of complex-securitized products were created" on top of just "$1.4 trillion" of subprime loans." No doubt, the investment bankers and hedge fund managers who inflated these monster balloons, knew that they were doomed from the get-go, but then, they must have also known that "I.B.G.-Y.B.G.", which in Wall Street parlance means, "I'll Be Gone and You'll Be Gone." Continue
By Bill Quigley
Organizations across the US are engaging in "housing liberation" and "housing defense" to exercise their human rights to housing. Here are a few examples. Continue
(While Taking Their Money)
By Gordon Arnaut
Did you know that the poor (and mostly black) people in the US caused the global financial crisis that threw the world economy into its worst slump since the Great Depression of the 1930’s Continue
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