All have heard the quote, “Those who fail to study history are doomed to repeat it.” The truth is, whether you study history or not, we’re all doomed to repeat it. There’s nothing new under the sun … including recessions and depressions.
And in each instance of recession or depression, it felt like the [...]
I stop by my local post office several times a week to retrieve mail from Post Office Box 7. (Someone asked recently how I managed to get POB 7. I asked for it and it was available.) The staff of the Ruston Post Office have always been helpful and friendly.
A couple of [...]
J.P. Morgan Chase & Co. plans to help as many as 400,000 borrowers by modifying the terms of $70 billion in Option ARMS. 70 billion divided by 400,000 mortgages is $175,000 per mortgage. That’s a lot of help!
While this move by the bank may keep a large number of these borrowers in their [...]
“The Mess That Greenspan Made” is Tim Iacono’s blog which is subtitled, “How Eighteen Years of Easy Money Changed the world”.
His post, “Renters Unite!“, on October 16 describes a phenomenon that has been happening “under the radar.” He writes about renters being kicked out of the homes they rent because of landlords who lose [...]
Interested in knowing what caused this current financial crisis?
A good place to start is with, “The $58 Trillion in the Room“, Jesse Eisinger October 15, 2008 article in Conde Nast’s Portfolio.com.
His opening paragraph contends the financial crisis has its roots in “a small team of bankers at J.P. Morgan in New York“. Eisinger builds [...]
The Next Meltdown: Credit-Card Debt describes an additional source of stress to our already mired economy. Rising (credit card interest) rates are accelerating credit-card defaults and soured debt could further undermine the financial system, is an appropriate subtitle for Jessica Silver-Greenberg’s article in BusinessWeek.
I like to say, “every pendulum swings”. Lately, the financial [...]
One of the best articles I’ve read about the credit crunch is from The San Diego Union-Tribune and is available on today’s SignOnSanDiego.com.
“Credit squeeze literally hits home as card limits, equity lines pared” explains the credit crunch well and includes a lot of helpful information. The Revolving Credit Card Crunch graphic shows the 5 [...]
In my opinion, one of the best features of Slate is the Today’s Papers department. Today’s Papers offers a great summary each morning of what’s in the major U.S. newspapers. I find reading Today’s Papers provides a good way to stay in touch with the state of the economy. More than just [...]
The US Federal government (aka “US taxpayers”) bailed out American International Group (AIG) to the tune of $85 Billion on September 16. The bailout occurred in the form of a loan (at 11%) to the company which has made such bad decisions with their own money.
Less than a week later, a group of AIG [...]
The number is numbing. Disconnected from the daily news about the decline of the US economy, the number of homeowners who are underwater seems impossible to believe.
In light of the condition of our economy, though, the Wall Street Journal article by James R. Hagerty and Ruth Simon, “Housing Pain Gauge: Nearly 1 in 6 [...]
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