ジンバブエ化

Gold hits record against euro on fear of Zimbabwean-style response to bank crisis （銀行危機へのジンバブエ的対応の懸念により、ゴールドが対ユーロで記録達成） By Ambrose Evans-Pritchard Telegraph：18 Feb 2009 Gold has surged to an all-time high against the euro, sterling, and a string of Asian currencies on mounting concerns that global authorities are embarking on a "Zimbabwe-style" [more...]

Date: 2009-02-27 15:39:53

Blog posts (635) | Videos (163)
 

That Giant SUCKUP Sound

Note: This column originally appeared at Pajamas Media on Thursday morning. _________________________________________________ Let’s see ... s separate from the bailout fund. Then there are the “efficient car” loan guarantees already on schedule ... had congressmen known how Treasury would really use the money. Too bad; now it’s too late. It’s not only [more...]

Date: 2008-11-22 13:40:51

Monstrous Mortgages

It's good to know that in these tough economic times, when thousands if not millions of people can no longer afford their home, ... for a pre-approval or a loan, but just to get a lot of questions answered and put together a few scenarios ... have raised the minimum credit score they require for certain types of loans. No surprise, right [more...]

Date: 2009-02-19 17:10:15

Kiva Card a Simple Way to do Serious Good

We all seem to be broke these days. Why would anyone in their right mind want to donate money during a financial crisis? Easy ... not just helping someone out. In bad global economic situations like the current one, you could save someone’ ... not have access to funds at all, or be subject to loan sharks. Most recipients are women. Their [more...]

Date: 2008-10-15 17:07:46

Bring On The Stimulus

For weeks, Barack Obama has been framing his economic stimulus package as an umbrella bill encompassing much of his broad domestic agenda ... loan guarantees and other support to open up credit for renewable-energy investors, providing health ... U.S. economy. "If we do not act boldly and swiftly, a bad situation could become dramatically worse [more...]

Date: 2009-01-24 23:00:58

Equity Sharing

Author: Angela Category: Investors Insights One method of home sharing and ownership that is often proposed by late-night infomercials is the ... for handling the party facing foreclosure. It is a bad idea. If you’re going to be sharing a title with people ... you of all your ownership in the property by, for instance, borrowing from someone else, [more...]

Date: 2009-03-06 17:56:12

Consumers vote with their wallets

The retail sales numbers for September contain some very bad news for anyone hoping that Monday's stock market rally signalled an end to the ... by an annualized 5 percent at some point in this year's second half. We're not sure the pain will get that bad ... of credit easing, albeit on a very small scale. So perhaps we can all heave a huge sigh of [more...]

Date: 2008-10-15 16:36:10

Watch Obama's Address to Congress

Short video summarizing the speech's message in case you didn't see the whole thing: In all seriousness though: " ... now, especially when everyone is suffering in part from their bad decisions. I promise ... . That's what this is about. It's not about helping banks -- it's about helping people. Because when credit is available again [more...]

Date: 2009-02-24 14:55:00

economic rape…

Behind Insurer’s Crisis, Blind Eye to a Web of Risk , September 27, 2008 “It is hard for us, without being flippant, ... , I didn’t really even know what A.I.G. was and had never considered things like credit default swaps ... , to keep it afloat. It has softened the terms it set for the original $85 billion loan it made back [more...]

Date: 2009-03-02 18:18:14

Flashback: 1999

I spotted the image above over at Theo's place , and it prompted me to go look for the online version of the article, which I found here ... -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good ... chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch [more...]

Date: 2009-02-28 16:40:00

Even When They Lose, They WIN! - Vultures, Vampires, and Zombies

“Dead people are the newest frontier in debt collecting…” I am NOT making up this vulture stuff , OK? This is our society as it really is ... if they want to settle the balance on a credit card or bank loan, or perhaps make that final utility bill ... phone call after he was apprised of his late mother-in-law’s $280 credit card bill. He promised to pay [more...]

Date: 2009-03-04 21:28:03

Word To The Wise: The Foreclosure Nightmare

Wake Up and Smell the Coffee!--PART 1 By E.A. Roberts As more heartsick seniors come to me as a volunteer attorney for advice on foreclosure options, I feel compelled to comment on the following issues as I see them: Reasons for the plight of our vulnerable older adults; How we as a nation arrived at a “mortgage meltdown” scenario; [more...]

Date: 2009-02-19 12:49:00

Phyiscal recovery, mental recovery

I'm running again, but it wasn't without some serious pain. Last week, I had to take the entire week off. I was able to manage some elliptical ... of banks, people with bad credit, and idiots that buy things they can't afford. Fuck a system ... . It just hurt too much to run. (no, it wasn't my friends fault, he shouldn't feel bad). Not being [more...]

Date: 2009-02-25 02:35:00

Libertarian Candidate Responds to Canadian Government Mortgage Buyout

Analysis by Jason McNeil, Libertarian Party of Canada Candidate for Calgary Centre — North Canadian Finance Minister Jim Flaherty stated on Friday ( ... . Q. Why has credit dried up? A. Lending institutions have made bad loans and a more than usual number ... so that they can continue to issue credit. Q. Where is the government getting the $25 billion [more...]

Date: 2008-10-14 00:25:04

Gates of Vienna News Feed 1/20/2009

We don’t have a TV, so I was spared the inauguration. This morning, during a skype conversation, someone started telling me about the events as they were then unfolding in Washington.My response: “LALALALALALALA! I CAN’T HEAR YOU!”I’ve got four (or more likely eight or more) years to get used to Obama. So I’m going to take my time.Thanks to C [more...]

Date: 2009-01-21 03:50:00

BIG Problems Need Simple Solutions; A Bailout Plan that Works

Two months ago, hardly anyone knew of credit default swaps, commercial paper, mortgage backed securities, and mark to market accounting ... that were neither affordable, nor was the collateral worth the loan amount. It is really that simple ... , what we desperately need is a simple solution for people who borrowed too much money and made a bad [more...]

Date: 2008-10-10 20:38:59

Mortgage Market Week in Review

Well, here we are on Friday again. Are you getting motion sickness from all of the news and rumors that are flying back and forth? ... : 1) Some equity in the item they want to borrow against (car, house, boat) 2) Good credit - not spectacular credit, but at least good credit, 3) sufficient verifiable income to support the loan request [more...]

Date: 2008-10-03 18:26:32

It's Time to Break up the Big Banks

Mike Whitney Timothy Geithner is putting the finishing touches on a plan that will dump $1 trillion of toxic assets onto the US taxpayer ... up to $1 trillion of financing for buyers of new securities backed by credit card, auto and small business loans ... , we are creating a new lending fund that represents the largest effort ever to help provide auto [more...]

Date: 2009-02-27 02:30:11

Dukes of Moral Hazard - Re-default rates are 55% after six months.

President Obama yesterday announced his plan to prevent home foreclosures, saying he wanted to be "very clear about what this plan will not do: It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad ... . Existing borrowers who may not qualify for Fan/Fred refinancing can still receive loan modifications [more...]

Date: 2009-02-19 22:31:00

A Cautionary Tale

Folks clamoring for bank nationalizations ought to pause and reflect on this story about the Department of Energy's turn as a financier:February 27, ... of the American auto industry is getting off to a slow start. The Energy Department has $25 ... Manufacturing Loan program, established in 2007, has received applications from 75 companies, including [more...]

Date: 2009-02-27 16:35:20

CEI - Government Promoting Bad Behavior

In case you haven't seen it, check out this clip of CNBC's Rick Santelli calling for a reenactment of the Boston Tea Party, but this time in Chicago: ... to walk away from both the home and the loan, at a cost to their credit rating, but not nearly ... to pay into a bad loan, even with reduced payments, takes away money they could be using to start over [more...]

Date: 2009-02-20 13:58:01

A Stock Tip from the Top Guy

Good day… And a Wonderful Wednesday to you! My beautiful bride is getting ready to leave this morning. I’m not used to “talking” to someone when I get up at my usual early hour! She’ll be gone in a few, as I write, and then it will be my little buddy, Alex, and your Pfennig writer on their own for 5 days! YAHOO! [more...]

Date: 2009-03-04 17:12:20

Clearly I love being confused and speechless.UPDATED with Pelosi The Raging BITCH

Because I just can’t get enough of the bailout/mortgage meltdown/we’re-all-gonna-die square dance of insanity. And the last few times I posted about it with all kinds of links to stuff that’s smarter than me, I got emails telling me thanks because apparently I’m not the only one who knew nothing about economics a week ago but now wants to learn [more...]

Date: 2008-09-29 18:35:08

Rewarding Bad Behavior

Call me crazy.  Nevertheless, it seems like one of the basic tenets of economics and human nature that if you subsidize something and make it easy ... of behavior. Can someone please tell me then, why we are, as Larry Kudlow so aptly states it, promoting bad ... ever afford. This is Obama's spread-the-wealth program in action. Team Obama is rewarding ba [more...]

Date: 2009-02-20 16:01:56

Clem's Chronicles: Stocks Swoon/GM bankruptcy ahead?/Fixing Health Care

Clem Lane here. Another crummy day on Wall Street. Tomorrow, the dreaded February Jobs report is issued at 8:30am ET and is expected to be U-G-L-Y. STOCK MARKET-You know that recurring gag in the PEANUTS comic strip, the one where Lucy offers to hold the football for Charlie Brown so that he can kick it but pulls it away at the last second, [more...]

Date: 2009-03-06 02:34:48

My Financial Implosion: Disaster Strikes

“Luck, bad if not good, will always be with us. But it has a way of favoring the intelligent and showing its back to the stupid ... their contents onto the floor. Almost immediately, the RV park tried to back away from responsibility ... company, and hauled my trailer over to my favorite RV repair shop.  They gave me the extremely bad [more...]

Date: 2009-03-03 20:13:14

Four Reasons to Consider Working for Free

The U.S. stock market has been cut in half. And some countries have it worse than we do. Companies are shedding jobs like there is no tomorrow. And heaven help you if you work for a newspaper or a magazine.The US auto industry ... that you had the nerve to try to buy something, credit is almost impossible to come by.It is against that backdrop [more...]

Date: 2008-12-05 05:00:00

President Obama Is Economically Insane - Updated!

  I have come to realize that one requirement needed to join the political fringe of the left (and at times the right) is a serious lack of basic mathematical skills. With a rising wave of voter revolt appearing from his spendulus bill debacle, President Obama is now introducing an even more bizarre economic proposal for a recession - tax [more...]

Date: 2009-02-22 18:24:54

Latest Pajamas Media Column (’Obama’s Race Against the Economy’) Is Up (UPDATES: Other Favorable Signs; Thoughts on NBER’s Recession Call)

It went up here yesterday. The sub-headline is: If a recovery begins too soon, a massive “stimulus” package might not be needed. Democrats consider that a bad thing. It will go up tomorrow morning at BizzyBlog (link won’ ... 19, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 1245.4 [more...]

Date: 2008-12-26 13:02:59

Gates of Vienna News Feed 11/12/2008

Some headlines to look at:“Muslim Killed Catholic Girl in Love With Flatmate”“London Fundraisers Linked to Stoning of 13-Year-Old”“Possibly Tens of Thousands of Somalis in the US Illegally”“New Anti-Christian Attack in Mosul, Two Sisters Killed”But then there’s this:“Denmark: Ready to Ban Headscarves for Judges”So it’s not all bad news.Thanks [more...]

Date: 2008-11-13 04:52:00

The Ground Is Shifting Constantly In California

The Appeal Democrat reports from California. “It was standing room-only at a Behind on House Payments workshop in Marysville that reviewed ‘cash ... on mortgage payments. ‘Everybody sounds so confused,’ she said of people who deal with her about the loan ... looms on the home and five acres she bought in 2006 for $489,000 — and whose loan terms she seeks [more...]

Date: 2009-02-28 18:49:51

MORTGAGE PLAN IS REWARDING BAD BEHAVIOR

President Obama's massive mortgage bailout plan is nothing more than a thinly disguised entitlement program that redistributes income from the ... ; it's the securitizations that have clogged up the world credit system. Then there's the bankruptcy-judge cram-down, which would allow the courts to renegotiate interest rates and loan principal; this [more...]

Date: 2009-02-24 13:29:55

AIG Whose your Daddy?

It is now clear that AIG had to be bailed out. The alternative was a meltdown of the world financial system ... dollars or more--of phony baloney paper. We are learning every day how toxic so called credit derivatives ... money after bad is not going to work and the next thing you know we--the taxpayers--will be broke [more...]

Date: 2009-02-24 12:32:00

Are The Banksters Going To Turn A Recession Into A Depression?

I'm not an economist. I try reading about the economy so that I can make rational decisions, both fiscally and politically ... haven't just cut off bad credit risks in the mortgage market and hedge fund speculators and gamblers ... , high paying job and is as qualified for a loan as anyone you will ever find. Go tell it to the bank [more...]

Date: 2009-01-18 23:00:00

Dude, Where's My Objectivity?

George Will notes on how a bad idea could come to pass: Brian Tierney is CEO of Philadelphia Media Holdings, which publishes Philadelphia's Inquirer and Daily News and has missed loan payments since June ... , making them typical of 'Americans who borrowed too heavily during the credit mania.' In response [more...]

Date: 2009-02-20 00:47:00

Bank Losses Mount - Globally

Good day… And while I hope it’s a Wonderful Wednesday for you, I have sad and shocking news for us at EverBank ... the roost yesterday, as the story that I broke regarding the Eastern European loan losses weighing ... t pay attention to… But in bad times, they begin to be as self-evident as a hatchet in one’s forehead [more...]

Date: 2009-02-18 13:00:27

Due Diligence, Damn It!

The Great Depression and the New Deal: A Very Short Introduction by Eric Rauchway is an exceptionally valuable pocket summary of the major actions ... with this. A second feature of the Hoover years was his desire to revive credit, lending and the operations ... , in a phrase we hear constantly, "get credit flowing again." The idea is to stuff the banks [more...]

Date: 2009-02-14 18:00:38

What is the thermochemical equation for the formation of resentment from the pure elements of entitlement and socialism?

Preamble: I’m way behind on email again. Forgive me if you’re waiting; I just can’t keep up with it lately, even with my friends and family, and I hate it but surely you understand I’m trying to make chemistry my bitch and that takes a lot of time. Anyway, many people have asked how I did on the second chem test, and alas, I AGAIN earned an 88 ( [more...]

Date: 2008-10-21 21:01:07

Because Looking Is Free and the Recession Is a Drag

I hate shopping, which is good because it helps keep me from spending. I love, however, looking. I especially love looking online, where there are no mirrors or salespeople or other customers or distracting sale racks. When I shop, it is almost exclusively online and it is Strategic. But Lindsey is so, so much better at it than I am. See! [more...]

Date: 2009-02-25 23:22:05

My Financial Implosion: Better Relationships

“Love does not consist of gazing at each other, but in looking together in the same direction ... and purchase a new trailer by way of a 401(k) loan, things weren’t stellar at work.  Despite completing ... to all my previous bad relationships was that I was trying to live up to a standard that was never [more...]

Date: 2009-03-10 20:13:11

What should we do?

One of the more frustrating things in all of this financial security mess is that the FAA is doing a crappy job of informing people about what they ... that do this. When you apply for consumer credit- a mortgage, a car loan, a credit card at the local ... , or bank routing information. That said, I have personally heard of people’s banks and/or credit [more...]

Date: 2009-02-14 02:48:45

In The News Today

Dear President Obama, You think you have problems now? Present challenges, economic or political, are nothing compared to when this one lands on your desk; the implications of which are generational in nature. Respectfully yours, Jim Pakistan ‘bigger problem’ than Afghanistan: US diplomat LONDON (AFP) [more...]

Date: 2009-03-05 19:22:00

Cheap latte drinkers feel the pain

Pity the poor latte-drinking McDonald's customer. Bloomberg reports that the Bank of America is refusing to provide additional lending credit to ... extend credit. According to the memo, a Bank of America loan program called "Eagle" is aimed at store ... wings have been clipped, a sign of what happens when Wall Street's credit crunch starts trickling [more...]

Date: 2008-10-01 07:06:34

The Jim Treacher Porn Debt Crisis:

America's $15 trillion ticking financial timebomb - and what you can do to defuse it An Iowahawk Special Investigative Report by David Burge ... in considering Mr. Treacher's loan request. Perhaps he didn't have the most spotless credit history ... , me. By now we all know the bad news, but the good news is that it's not too late to do something [more...]

Date: 2008-10-10 20:49:23

Get ready to buy everyone’s home improvements

People opposed to the mortgage bailout have erupted in anger over the thought of having to subsidize their neighbors’ house payments when they’ve ... for their home-equity seconds as well.Paragraph vi of the bill states:While eligibly loan modifications ... indebtedness of the borrower and improve loan performance. Servicers will be eligible to receive [more...]

Date: 2009-03-05 14:40:53

The Fuzzy Borders of Responsibility

After I ranted about the anti-poor rhetoric of Rick Santelli, the blogger over at Scotch Neat said some nice things about me, ... a bad loan happen. We even have a class of people who were previously riding high on the easy credit ... , who voluntarily bought a lifestyle beyond their means. Sure, the US government and US banks created a bad [more...]

Date: 2009-03-05 07:00:53

FACING SOUTH INVESTIGATION: How did Republicans get an $8 million bailout from failing Wachovia?

UPDATE: A version of this story is now the top-ranked diary at DailyKos -- go visit for more information and discussion Wachovia Corp ... that it was extending an $8 million loan to the cash-strapped National Republican Congressional Committee ... charges of favoritism, as Wachovia denies credit and freezes assets for thousands of other customers [more...]

Date: 2008-10-09 19:33:45

Where was I in 2005? (by Russell Roberts)

Reader Tim Allen asks a very good question. I'm going to quote his entire email and then try to answer his question:I am a frequent visitor of your blog, Cafe Hayek. I saw your post about the new collection of essays about the financial meltdown. I feel compelled to write to you and Don although up to this point I have restrained myself [more...]

Date: 2008-11-17 18:01:06

Does Paulson Have Any Idea How to Spend Our $700 Billion?

Does anyone else get the funny feeling that we’re going to discover very soon that the $700 billion has been spent and no one is quite sure what it ... program was expected to be the biggest piece, as Treasury would buy up high risk mortgage-related assets, often at high discounts,  in order to stabilize the portfolios of financial institutions [more...]

Date: 2008-11-13 21:43:44

ACORN’S Inspiration

    One has to wonder where ACORN gets its hudspah.  It could be from the President, and partially is, according to their website ... that binds the homeowner to the bad loan. “Produce the note,” Kaptur recommends those facing foreclosure ... .  But also according to their website, the credit goes to other lawmakers as well. In an article [more...]

Date: 2009-02-24 13:57:26

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