Sub Prime Mortgage Crisis
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"The Inevitable Collapse of the Dollar"
A short video by YouTube.com user GHoeberX covering America's unsustainable pattern of economic growth and the consequences of the path that we're on.
"We must borrow $3 billion from foreigners every business day to maintain our extravagent spending. Our national debt now is increasing $600 billion per year, and guess what, we print over $600 billion per year to keep the charade going. But there is a limit and I fear we are fast approaching it." ~ Congressman Ron Paul, M.D.
"Foreign interests have more control over the US economy than Americans, leaving the country in a state that is financially imprudent. More and more of our debt is held by foreign countries – some of which are our allies and some are not. The huge holdings of American government debt by countries such as China and Saudi Arabia could leave a powerful financial weapon in the hands of countries that may be hostile to US corporate and diplomatic interests.” ~ David Walker, US Comptroller General
"There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved." ~Ludwig von Mises
Recommended reading;
The Dollar Crisis, Richard Duncan
Crashproof: How to Profit from the Coming Economic Collapse, Peter Schiff
The Collapse of the Dollar and How to Profit From It, James Turk & John Rubino
A Bull In China, Jim Rogers
The Revolution: A Manifesto, Ron Paul A short video by YouTube.com user GHoeberX covering America's unsustainable pattern of economic growth and the consequences of th... more -
Katrina victims caught in the sub-prime crisis
Letitia Youngblood struggled through repairs, government paperwork and shady contractors to rebuild her home after Hurricane Katrina. Then her mortgage payments recently jumped 35%. Letitia Youngblood struggled through repairs, government paperwork and shady contractors to rebuild her home after Hurricane Katrina. ... more
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Did Spitzer Cross the Wrong People and Seal his Doom?
The subtitle to this article is, "How the Bush Administration Stopped the States From Stepping In to Help Consumers." The article is written by Eliot Spitzer.
We need some laws written to protect "whistle blowers".
I'm not saying Spitzer was right hiring a prostitute. Just makes you wonder what can happen to you if you cross the wrong people. The subtitle to this article is, "How the Bush Administration Stopped the States From Stepping In to Help Consumers." The a... more -
Goldman sees $1.2 trillion global credit loss
Wow thats allot of cash... I could have bought Jaguar from Ford and still had money to buy some good guitars!
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Great Depression to Come Again?
Sinister outcasts from Princeton's economist Krugman - He expects the US housing market to drop 25% overall.
"I'm not one of those people who thinks the Great Depression is coming back, but there's lots of echoes. [...] I think we know more than we did then, and just the fact that we have a big federal government is a stabilizing factor. But the current problem is still pretty awesome."
At the same time, he admits that "what we're having looks like a minor-key version of the bank failures in the early 1930s. Now it's mostly not banks, it's markets that were serving the function of banks and institutions that were doing banklike stuff, and it's not as bad - at least so far. But it's a question. If we were actually having a string of bank failures, then we would know what to do. The government would essentially seize the banks and guarantee the deposits. But what do you do when you have a wave of failures of things like the auction-rate securities market, which was effectively a funny way of doing banking? If you look historically at other financial crises, they typically end up with big government bailouts. But how's that going to work in this case? We don't even know who to bail out. And part of the problem is we don't even know who owes what to whom."
I am wondering if today they really know more about troubles in the financial markets than in the 30's. The situation seems to be very different today - notwithstanding the perplexity about the economy's inner workings, which then as now seems do dominate. Not comforting, I would say...
What do you think? Sinister outcasts from Princeton's economist Krugman - He expects the US housing market to drop 25% overall. ... more -
The Shanty Towns of LA
Tent cities crop up in LA as the sub prime mortgage fallout continues during the US economic downturn.
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No One's Home: A View Into America's Foreclosure Mess
Sean worked as a loan officer for 8 months. When the mortgage industry slipped into free fall, he started a company cleaning out foreclosed houses. He has an inside view into America's foreclosure mess. Every day Sean is faced with the discarded dreams and memories that people leave behind. Sean worked as a loan officer for 8 months. When the mortgage industry slipped into free fall, he started a company cleaning out forec... more
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US housing prices are the 'most significant current risk'
According to US Treasury Secretary Henry Paulson. Not just the subprime collapse, folks, the whole goshdarned housing market.
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i want a $100 billion support fund too!!!
U.S. banks are meeting with U.S. Treasury officials to create a $100-billion fund to stave off the danger that there could be a fire sale of shaky mortgage-backed securities and other distressed assets.
great...let's reward the banks for selling mortgages and securities that shouldn't have been sold in the first place.
I don't see how this is a solution for the problem... U.S. banks are meeting with U.S. Treasury officials to create a $100-billion fund to stave off the danger that there could be a fire s... more -
Sub-Prime Primer
Explains the sub-prime lending crisis currently affecting the stock market in under two minutes.
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Sub Prime Mortgage Crisis
