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Articles
Reprieve
2008-05-06 20:00:00 To spare you from the escalating bombardment of bad economic news, no new material will be posted on Boom2Bust.com for the remainder of this week. In all seriousness, I will be doing some re-tooling of both B2B and its sibling blog, Investorazzi.com. In addition, there are some other projects, including two new websites focusing on ...
Quote For The Week
2008-05-05 17:25:00 Dumbfounded. That?s the best way to describe how I felt after my research Friday morning. A number of the financial news sites were running articles that proclaimed a bottom to stocks, the housing bust, the credit crunch, etcetera. Jeez, you?d think the United States was in a new ?golden era? from what ... More About: Week , Quote
America, The Ignorant
2008-05-03 04:28:00 Back on February 19, 2008, I wrote a post that talked about how America ns are in serious intellectual trouble. One finding by the National Science Foundation that I noted in that discussion and which really disturbed me was that one in five American adults think the sun revolves around the Earth. Now I ... More About: Education
Signs Of The Time, Part 14
2008-05-02 23:15:00 Baseball. Once America?s national pastime (before suing anything with a pulse became all the rage). Who would have ever thought that the sport, in any way, would be connected to the ongoing housing bust here in the United States? According to Reuters? Jill Serjeant yesterday, former baseball star Jose Canseco said on ... More About: Foreclosures , Time , Signs , Housing
No Property Tax Relief In Sight
2008-04-30 22:37:00 More bad news, American homeowners. Just when you thought there might be a silver lining to declining home prices in that property taxes would be lower, the Wall Street Journal is reporting that local governments throughout the United States are raising property tax rates to compensate for revenue shortfalls. These taxes serve as ... More About: Property , Employment , Housing , Relief , Sight
Despite Falling Prices, Homes Are Still Unaffordable
2008-04-30 19:35:00 Yesterday, the newswires were reporting that the decline in U.S. home prices accelerated in February, falling a record 12.7% in the past year for 20 key cities, according to the Case-Shiller home price index released Tuesday by Standard & Poor?s. David M. Blitzer, chairman of the index committee at Standard & Poor?s, went so ... More About: Homes , Prices
Boycott Chinese Goods? Get Real
2008-04-30 04:19:00 Earlier today I came across the following comments on a blog post about ?saving? the U.S. dollar: Boycott chineese goods, all of our good paying jobs are being shipped over sea?s mostly to china and how do the expect us to buy anything when we have no good paying jobs beside we have nothing to sell ... More About: Asia , China , Goods , Chinese , Real
Pain In The Gas
2008-04-30 01:59:00 Back on November 20, 2007, I wrote a post about the rising price of gasoline. Back then, prices were making headlines because the national average for regular unleaded gasoline stood at $3.10 per gallon, or 10% higher than a month prior. I also wrote that day: CNBC noted that for a number of drivers, ... More About: Energy , Pain , Gasoline
Bank Of Central Banks: Stagflation Risk For U.S. Economy
2008-04-29 22:32:00 Malcolm Knight, the general manager of the Bank for International Settlements, told Reuters? Brian Love last week that stagflation might occur in the United States, with weak economic growth lasting well into 2009, if not longer. According to Investopedia, stagflation is ?a condition of slow economic growth and relatively high unemployment- a time of ... More About: Economy , Banks , Risk , Central
FDIC Expects ?Troubled Bank? List To Grow
2008-04-29 21:21:00 FOX Business Network?s Ray Hennessey wrote today that Sheila Bair, chairman of the Federal Deposit Insurance Corporation, said new data on the FDIC?s so called ?troubled bank? list will show an increase over the current 76 banks on the list. However, she added ?that is not a big number? and the increase should not ... More About: Government , List , Housing , Troubled , Bank
Dave Barry On Economic ?Stimulus? Payments
2008-04-29 20:49:00 Well, it looks like the first of the economic ?stimulus? payments are arriving in the mailbox (and being spent at the gas pump). The other day I noticed that Dave Barry had added his two cents on the tax rebate checks. For those of you who aren?t familiar with Dave Barry , he is ... More About: Economic
New Forecast: $1 Trillion In Losses From Credit Turmoil
2008-04-28 23:00:00 According to Bloomberg today, former World Bank President James Wolfensohn is predicting that losses from the global credit turmoil may climb to $1 trillion. Wolfesohn, who was the head of the Word Bank from 1995 to 2005, said after addressing the European Pensions and Savings Summit: ?It does seem to be a major adjustment on ... More About: Credit , Housing , Mortgages , Losses , Subprime
When Juries Actually Work
2008-04-28 22:13:00 Ever serve on a jury? I have, and didn?t enjoy one particular experience that took place in 1996. That year, I was picked to serve on a traffic court jury for Cook County, Illinois. The case was about a man who was arrested for drunk driving when he was stopped at a ... More About: Realtors , Work , Housing , Mortgages , Bailout
In Love With Housing? Play Video Games
2008-04-28 07:18:00 I?m still seeing a lot of signs these days that America?s love affair with housing is alive and strong. However, is the love a ?good? kind of love (think ?This Old House?) or is it a ?bad,? money-based one (á la ?Flip This House?). Personally, I believe our infatuation with real estate is ... More About: Video , Video Games , Games , Love , Foreclosures
Quote For The Week
2008-04-28 04:28:00 On Thursday, I read an article by MarketWatch?s Greg Robb that talked about how economists are differing in opinion regarding legislation sponsored by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, that is intended to make it easier for homeowners to refinance their loans and stay in their homes. The program would ... More About: Week , Quote
Consumers Buying What They Need, Not What They Want
2008-04-25 21:22:00 This afternoon I read an interesting article by the Associated Press? Jeannine Aversa about consumer spending at a time when the U.S. economy is slowing and prices for items such as food and gas are rising. According to a recent government report on retail sales, clothing stores, furniture and home furnishing retailers, electronics and ... More About: Economy , Food , Buying , Inflation , Housing
State Governments Battered By Slowing Economy
2008-04-25 19:21:00 Earlier today, Bloomberg?s William Selway reported that state governments are projecting a $26 billion shortfall in the next budget year as the slowing economy erodes tax receipts, according to a national survey. The National Conference of State Legislatures study found: With a few exceptions, state finances are deteriorating, in some cases considerably? If the national economy ... More About: Economy , Taxes , Housing , Surveys
Roubini Tells CNBC ?Worst Is Ahead Of Us?
2008-04-25 16:15:00 Earlier this morning, CNBC?s Carl Quintanilla and Becky Quick talked to Nouriel Roubini, a former Treasury Department director under the Clinton administration and head of Roubini Global Economics in New York. His economic outlook: bleak. According to Roubini, while a number of economists are calling for a mild, short recession in the United States, if ... More About: Economy , Housing , Subprime , Recession , Tells
As If One ?W? Isn?t Enough
2008-04-25 15:28:00 Yesterday, a senior official in the U.S. Treasury Department said the U.S. economy could improve slightly in the second half of 2008, and that there are some encouraging signs in the credit markets. David McCormick, Under Secretary for International Affairs, said the improvement would be due to a fiscal stimulus of $150 billion, which ...
Wall Street Could Say ?Sayonara? To 36,000 Jobs
2008-04-24 21:33:00 Time to dust off those resumes, Wall Street ers. According to James Brown of the New York State Department of Labor, Wall Street could lose over 36,000 jobs due to the housing bust, subprime mortgage meltdown, and credit crunch. Earlier today Brown, a labor market analyst, told Reuters that regarding his forecast of one ... More About: Jobs , Employment
WSJ Sees Continued Downward Pressure On Housing
2008-04-24 20:08:00 Earlier today, the Wall Street Journal released a great interactive chart entitled ?Where Housing Is Heading.? It is the result of the Journal?s quarterly survey of housing market conditions in 28 major metropolitan areas. They concluded that we will see continued downward pressure on home prices across most of the United States. So much ... More About: Surveys , Sees
Housing Spindoctors
2008-04-24 19:50:00 This morning I came across an interesting post on the New Jersey Real Estate Report blog (hat tip The Mess That Greenspan Made). In ?Tracking Realtor Spin,? a chart depicting existing homes sales is paired with comments made by the National Association of Realtors . From reading these, you?d think it?s always a great ... More About: Housing , National Association of Realtors
Recommended Reading
2008-04-23 20:46:00 I recently came across an article in the Financial Times (UK) by Mark Sellers, a former equities strategist at Morningstar who manages a hedge fund, Sellers Capital, in Chicago. His piece, ?Take financial talking-heads with a grain of salt,? is superb. Sellers began: Everyone acts in his or her self-interest. This is a key facet of ... More About: Reading
Jumpin? Jack Flash, There?s No Gas, Gas, Gas!
2008-04-23 20:12:00 MarketWatch?s Moming Zhou reported Monday that U.S. refineries operated at only 81.4% of their capacity in the week ending April 11, according to the U.S. Department of Energy . The last time this number fell below 80% was in October 2005, in the wake of Hurricanes Katrina and Rita. This takes place at a ... More About: Flash , Commodities , Jack
Housing Pain To Continue?
2008-04-23 17:18:00 Even though there?s more talk of a bottom in the U.S. housing market these days, I?m still not sold. I just haven?t seen any evidence out there which indicates a turnaround. However, I?m not the only one that sees further deterioration in the residential real estate market. Diana Olick, CNBC?s real estate ... More About: Economy , Credit , Foreclosures , Pain , Employment
Signs Of The Time, Part 13
2008-04-22 20:33:00 Remember those days when you would go to a local eatery like Chili?s or Applebee?s, and leave feeling like Violet from Willy Wonka & The Chocolate Factory? They may be gone for quite some time. David Segal of the Washington Post wrote Sunday: Pinched by soaring food costs on the one hand and a ... More About: Economy , Food , Time , Signs , Part
Fannie And Freddie Meltdown Could Cost Up To $1.1 Trillion
2008-04-22 17:10:00 Here?s something to think about. According to CNN Money yesterday, credit rating agency Standard & Poor?s recently estimated that a financial meltdown at mortgage financing giants Fannie Mae and Freddie Mac could require a taxpayer bailout costing $420 billion to $1.1 trillion. CNN Money senior writer Chris Isidore noted that this staggering amount ... More About: Congress , Government , Credit , Cost
And Now, Some Financial Advice From Benny Hill
2008-04-22 16:01:00 I?ll bet you didn?t see this coming. Andrew Edwards, for the Wall Street Journal?s Real Time Economics Blog, reported yesterday that delinquencies on home-equity lines of credit issued in 2005 and 2006 shot up last month, according to Standard & Poor?s. Edwards wrote: S&P said that 9.19% of lines issued in 2005 and 11.45% ... More About: Advice , Credit , Foreclosures , Benny Hill , Financial
Politicians Equal Armageddon
2008-04-22 15:22:00 Came across the following this morning from MarketWatch columnist Paul B. Farrell: Four years ago Stephen Roach, chairman of Morgan Stanley Asia, warned that we had only a 10% chance of avoiding ?economic Armageddon.? George Soros , Bill Gross, Jeremy Grantham and others saw it coming. But not politicians: Alan Greenspan, Ben Bernanke and Henry Paulson knew, ... More About: Economy , Government , Politicians , Federal Reserve
Who?s To Blame For The High Price Of Oil?
More articles from this author:2008-04-22 06:27:00 I read the following the other day in a grocery store publication on Chicago?s northwest side. Regarding the high cost of oil and gasoline, the bureau chief of the paper wrote: Whew! What is the answer? I think we should contact our elected officials, both state and national, and let them know we, ... More About: India , Middle East , Asia , China , Commodities 1, 2, 3, 4, 5, 6, 7 |
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