Penny Pritzker: Obama's Likely Commerce Secretary Choice (tags)
class war
2012 can not bring anything good having put wolves caring the hen house.
Are Sub-prime Mortgages Pollution? (tags)
Sub-prime mortgage lenders appear protected from homeowner and borrower plaintiffs that might allege a lender’s loan practices damaged the value of their home.
Reviewing Danny Schechter's "Plunder" (tags)
A masterful account of the subcrime crisis.
Global Economic Meltdown (tags)
Financial Instability is Leading to an Economic Catastrophe
Attac Germany on the Subprime Crisis (tags)
The crisis can't be solved with a few surveillance cameras in the global casino. The party was quickily over when the real estate prices stopped soaring. Investors are often guided by a herd behavior. Sustainable economy should have a prioirity over short-term profits.
The Subprime Tsunami Reaches the EU (tags)
Subprime mortgage credits in the US should not have been issued. Nevertheless subprime credits were extended in the volume of $1.3 trillion. An avalanche of expropriation roars in the valley. The banking crisis spills over into the credit system in the real economy.
The Real Financial Tsunami is coming! (tags)
"The $690 billion worth of “interest only” ARMs due for interest rate hike between now and July 2008 are by and large not Sub-prime but a little higher quality, but only just. There are a total of $1.4 trillion in “interest only” ARMs according to the US research firm, First American Loan Performance. A recent study calculates that, as these ARMs face staggering higher interest costs in the next 9 months, more than $325 billion of the loans will default leaving 1 million property owners in technical mortgage default. But if banks are unable to reclaim the homes as assets to offset the non-performing mortgages, the US banking system and a chunk of the global banking system faces a financial gridlock that will make events to date truly “peanuts” by comparison. "
Subprime warning signals ignored? (tags)
Regulators passed over chances to curb abuses. "The music has stopped. The people without a chair are going under."
Market Efficiency Hokum (tags)
Debunking the myth that free markets work best.
Stock Market Meltdown - First Signs of Global Economic Rout