tagged w/ Finacial crisis
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Although the video may be funny, the issue is deadly serious. Most people alive today will not remember the horrible world wide conditions that existed during the early 20th Century. Are we on the verge of another go around the merry-go-round of economic collapse?Although the video may be funny, the issue is deadly serious. Most people alive today... more
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jubal
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added this
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1 year ago
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The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel.
This insurance policy taken out by the Treasury Department will help keep mortgage rates low, and may wind up being a gift of sorts to struggling homeowners and banks. But there's a catch: the housing crisis is now likely to cost taxpayers much more.
The Obama administration's latest lifeline to Fannie and Freddie will cover unlimited losses through 2012, lifting an earlier cap of $400 billion. It also eases restrictions on the size of the companies' investment portfolios. That's a reversal of the Bush administration's September 2008 plan to shrink the size of the companies' holdings of mortgage-backed securities.
The action, which didn't need the approval of Congress, could position Fannie and Freddie to get more aggressive in dealing with the housing crisis, perhaps taking troubled mortgage investments off banks' books.
http://www.huffingtonpost.com/2009/12/31/fannie-freddie-too-big-to_n_408037.htmlThe government's Christmas Eve pledge of unlimited financial aid to mortgage... more
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US clients of UBS with more than 250,000 Swiss francs (165,641 euros, 248,040 dollars) in assets could have their details turned over to US tax authorities if there is proof of fraud, Swiss authorities said on Tuesday.
For those who have simply not disclosed their accounts, their records would only be provided to US tax authorities if the account held more than one million francs at any time between 2001 and 2008, the Swiss Federal Office of Justice said here.US clients of UBS with more than 250,000 Swiss francs (165,641 euros, 248,040 dollars)... more
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....There was not much hope on the financial side, he [General Assembly President, Heiner Flassbeck, Director of Globalization and Development Strategies at the United Nations Conference on Trade and Development (UNCTAD)] continued, explaining that business had been conducted as usual since a revival in March. The crisis had not only been caused by the housing crisis, but also by bubbles in the commodity markets, the stock markets and the currency markets. All the bubbles had collapsed at the same time. In the last six months, the same bubbles were being inflated again in a “primitive attempt to anticipate a recovery that was not yet there”, but they would deflate again when speculators realized that the global recovery was not as strong as anticipated. In addition, the currency crisis had been largely overlooked.....
CLICK TO FIND OUT MORE>>>>>>....There was not much hope on the financial side, he [General Assembly President,... more
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In an interview, the Nobel Prize-winner and former chief economist at the World Bank talks about the Great Depression, Obama's stimulus package and today's financial crisis.
By Spiegel staffIn an interview, the Nobel Prize-winner and former chief economist at the World Bank... more
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