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Economy

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economy

Time saving tips from an old Geek.

Do you listen to talk radio?  Don't you realize that's hours a day you could be doing something using to do something more useful like tending to your vegetable garden which may be the only thing feeding you in a few months.

Here is a quick rundown of what you would be missing

Right wing talk radio host talking points:

  1. Economic collapse is caused by democrats only.
  2. Obama wants to have each of you picked up by your heels and shaken vigorously so the poor can  easily collect your money.
  3. Democrats, the media, and everyone is unfair to Sarah Palin

The Financial Bailout.... a grab for power

Mish's Global Economics has the full text of the bailout bill. It is without a doubt a grab for more power by the executive branch.

It also is the demise of our free market economy. Make sure you leave milk and cookies out for the Commissar this evening. They appreciate cooperation and a positive attitude.

700 Billion Dollars

President Bush has now asked congress to authorize the treasury department to acquire 700 billion dollars in mortgage related assets. I wonder if he raised his pinkie to his lips in proper Dr Evil style?

$700 billion dollars in bad mortgage paper, and structured in such a way that we won't even be able to foreclose on the properties.

Nope... Nothing to see here

Posted in

Take a minute and read this....

This WSJ article is terrifying in several respects.

1) The federal government is to become the lender of last resort across the board, not just for housing, for the investment community as a whole. Since major automakers are also getting shaky does this mean they are open to this treatment as well?

Suggested Reading for John McCain

eco.jpgJohn McCain stated publicly amidst the financial chaos, high numbers in unemployment, high foreclosure rates and the potential collapse of AIG.... "The Fundamentals of our Economy Remain Strong"

Seriously John, thats what you go with?

Is Insurance Next?

Posted in

With wall street still realling on the double tap of Lehman and Merril Lynch news, in the background, AIG is also having trouble. Does this mean that the insurance industry is next to feel the credit crunch?

Budget Hero

Think you have all the answers? Want to fix the federal government's spending policy? Up all night worrying about national debt as a percentage of GDP?

Boy do I have a game for you.  Budget Hero is a flash game which allows you to modify the spending of the US Government program by program.  Its an interesting balancing act, as you try to balance spending on national security vs healthcare and social security, just to keep the country afloat.

Home Equity Credit Shutting Down

Posted in

Quite a bit of the mortgage issues, sub prime or no, stems from the premise that you can loan money to people on ridiculous terms, because the value of the home was rising so rapidly, and by the time problems would hit, the increased home value would have lent the person enough equity to refinance out of danger.

Of course we now know that this was a false premise. The first victims of the home value slow down was the folks, and lenders who specialized in ARMS with killer maturity clauses. The second wave of issues is now beginning to crest.

Subprime loans, like the cake, is a lie

Posted in

TPMF and others have blogged about this, so i will avoid reblogging but readers worried about our economy should take a look at both his article at the Slate article.  In essence this problem goes far beyond subprime lending.  The slate artcle documents high deliquencies, and defaults on a group of mortgages where the average credit score was 705.

If what the articles are saying are true, the mortgage industry needs a serious reboot.

A Chicken in Every Pot, A Car in Every Garage, A Home for Every Family

Herbert Hoover won his 1928 election bid by promising a "Chicken in Every Pot and a Car in Every Garage".
By the end of the Hoover presidency, the American economy was in ruins.

Barack Obama has been criticizing John McCain for ignoring the plight of of the American Family during the subprime loan crisis. While McCain has been urging government restraint in bailing out people, he has been pushing for greater transparency and stricter controls in lending agreements.

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