credit-bubble
AIG Needs $12.5 Billion – Time to Pay Attention, Wall Street!
The stock market rumbled ahead on greased rails of delusion cheered by the glimmer of light perhaps flickering at the end of the credit crisis tunnel. But, the news Thursday afternoon signaled that the frail twinkling they thought meant hope may be an oncoming freight train instead.
After the closing bell Thursday, American International Group, the [...]
The credit bubble blew up in ‘05
Sales of new homes fell 2.8 percent from December’s levels, and the median price of an American castle dipped to $215,000, which amounts to a 15 percent decline from year ago levels. I am actually tired of writing about the continuing dismal saga that is this nation’s housing market.
I wrote a rather long-winded essay in [...]
Inflation is on the Prowl
The worst possible employment numbers were revealed before the stock market’s opening bell this morning. The U.S. economy managed to create a paltry 18,000 new jobs in the last month of 2007. The unemployment rate jumped from 4.7 to 5 percent, although average hourly wages expanded by 0.4 percent- which is a good deal more [...]
Giant Mortgage Lender Files For Bankruptcy
American Home Mortgage, one of the largest mortgage lenders – and a glaring symbol of unsound business practices- filed for bankruptcy early this week. Mortgage lenders like American Home Mortgage are responsible for helping to inflate the largest housing bubble in American history. Now investors are running from the crappy mortgage-backed securities originating from these [...]
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