http://www.freerepublic.com/tag/credit/ en-us Wed, 23 Jul 2008 14:21:23 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2049940/posts WASHINGTON - President George W. Bush has an explanation for the housing-market meltdown that has thrown the global economy into turmoil: Wall Street got drunk. “There’s no question about it. Wall Street got drunk,” Bush said at a private event in Houston on Friday. “It got drunk and now it’s got a hangover. The question is, how long will it sober up and not try to do all these fancy financial instruments?” MSNBC http://www.freerepublic.com/focus/f-news/2049940/posts#comment Wed, 23 Jul 2008 14:21:23 GMT http://www.freerepublic.com/focus/f-bloggers/2049603/posts Explaining the status of the economy to a closed-door fundraiser last week, President Bush said, "Wall Street got drunk." "There's no question about it," Bush said. "Wall Street got drunk, that's one of the reasons I asked you to turn off the TV cameras. It got drunk and now it's got a hangover. The question is how long will it sober up and not try to do all these fancy financial instruments." Bush made the remark at a closed-door fundraiser for Republican Pete Olson, who is challenging Rep. Nick Lampson (D-Texas) No cameras were allowed in the fundraiser, but an... EconomicPolicyJournal.com http://www.freerepublic.com/focus/f-bloggers/2049603/posts#comment Tue, 22 Jul 2008 22:11:15 GMT http://www.freerepublic.com/focus/f-news/2049041/posts INDIANAPOLIS— For the first time in the state's history, Indiana's credit rating has been raised to AAA, the highest rating assigned by the independent credit rating agency Standard & Poor's Ratings Service (S&P). The upgrade from AA+, the state's rating since January 2006, "reflects the state's continued strong management that has led to the property tax reform that has realigned state and local spending and is not expected to impact the state's long-term financial performance. The Wabash Valley Journal of Business http://www.freerepublic.com/focus/f-news/2049041/posts#comment Mon, 21 Jul 2008 22:52:37 GMT http://www.freerepublic.com/focus/f-bloggers/2046158/posts RGE Monitor MEDIA ALERT: Nouriel Roubini predicts the worst financial crisis since the Great Depression and the worst U.S. Recession in the last few decades. New York, July 15, 2008- In a series of recent writings on the RGE Monitor Nouriel Roubini - Chairman of RGE Monitor and Professor of Economics at the NYU Stern School of Business - has argued that the U.S. is experiencing its worst financial crisis since the Great Depression and will undergo its worst recession in the last few decades. His analysis leads to the following conclusions: This is by far the worst financial crisis... European Tribune http://www.freerepublic.com/focus/f-bloggers/2046158/posts#comment Wed, 16 Jul 2008 04:07:59 GMT http://www.freerepublic.com/focus/f-news/2045747/posts NEW YORK (Reuters) - U.S. Bancorp (NYSE:USB - News) posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause bad loans to increase further. The results, from a bank that has avoided the massive credit losses afflicting many rivals, do not augur well for the rest of the nation's banks, Reuters via yahoo http://www.freerepublic.com/focus/f-news/2045747/posts#comment Tue, 15 Jul 2008 13:54:49 GMT http://www.freerepublic.com/focus/f-news/2045725/posts http://www.nydailynews.com/money/2008/07/12/2008-07-12_daily_news_money_makeover_deep_in_a_fina.html (Sherri Mitchell went into debt to send her daughter to private school.) After 12 years working as a city probation officer, Sherri Mitchell, 43, is worn out. Assigned to an investigations unit, her job is to gather information about juvenile offenders. She wears a bullet proof vest, carries a gun and deals with abused kids, troubled moms and convicts. Mitchell's reports help judges decide whether young offenders remain with their families or are sent to juvenile correctional facilities or group homes. "It's pretty tough," Mitchell said. There are profound challenges at her own home, as well. Determined to provide... New York Daily News http://www.freerepublic.com/focus/f-news/2045725/posts#comment Tue, 15 Jul 2008 13:18:07 GMT http://www.freerepublic.com/focus/f-news/2045212/posts Spain has suspended an auction of sovereign bonds as investors take fright over the country's property crash and accelerating slide into economic crisis. Spain has suspended an auction of sovreign bonds as investors take fright over the country's property crash and accelerating slide into economic crisis Spanish government officials have been shocked by the intensity of the downturn The treasury pulled an expected sale of 15-year bonds after probing the market informally, saying it would wait until credit conditions began to calm down. "We are not facing financing problems. We placed a successful three-year note on Wednesday," said a spokesman.... Telegraph (UK) http://www.freerepublic.com/focus/f-news/2045212/posts#comment Mon, 14 Jul 2008 15:39:19 GMT http://www.freerepublic.com/focus/f-news/2045144/posts Sometimes the markets just get things wrong. It doesn't happen very often. Usually the market's collective wisdom is more perceptive than the individual opinions of the investors who comprise it. But every now and then - about twice every decade - markets make spectacular blunders, completely losing touch with the real economy of consumption, investment, employment and world trade. Times Online http://www.freerepublic.com/focus/f-news/2045144/posts#comment Mon, 14 Jul 2008 13:01:53 GMT http://www.freerepublic.com/focus/f-news/2042947/posts As the threat of recession looms, some people are searching for extra cash to supplement their incomes. People used to use their homes as piggy banks, but the mortgage crisis has led many to tap into their 401(k)s and now there's even a new debit card that lets you get money from your retirement savings just as you would a checking account. "Good Morning America" financial contributor Mellody Hobson tells you the smartest way to handle your money and gives you the pros and cons of the new 401(k) debit card plan. 1. How does the 401(k) debit card... WTVD, Raleigh-Durham NC http://www.freerepublic.com/focus/f-news/2042947/posts#comment Wed, 9 Jul 2008 16:11:08 GMT http://www.freerepublic.com/focus/f-news/2040293/posts An attorney with a six-figure salary, Will Chen thought credit card debt was something that only affected people with low-paying jobs. But when the lavish spending inspired by his new job outpaced his paychecks, he quickly fell $100,000 into debt. ADVERTISEMENT Credit-card debt is becoming even more prominent in the struggling state of the economy. The average amount per consumer rose to $6,900 in the last year, a 21 percent increase, according to Experian, a global information services company. The average number of past-due accounts also increased to exceed more than one per consumer. And it's not just those with... CNBC http://www.freerepublic.com/focus/f-news/2040293/posts#comment Thu, 3 Jul 2008 16:02:09 GMT http://www.freerepublic.com/focus/f-news/2039913/posts Credit crisis: now a 'strong chance' UK will enter a recession By Harry Wallop, Consumer Affairs Correspondent Last Updated: 9:03pm BST 02/07/2008 There is now a "strong chance" the UK will enter a recession next year, leading economists have warned after some of Britain's biggest companies disclosed that they were suffering badly from the impact of the credit crisis. Marks & Spencer, the bellwether of the UK High Street In the clearest sign yet that the economic turmoil in the City shares tumble as retailer issues profits alert Is M&S the author of its own problems? Is the UK economy... The Telegraph (UK) http://www.freerepublic.com/focus/f-news/2039913/posts#comment Wed, 2 Jul 2008 21:20:40 GMT http://www.freerepublic.com/focus/f-news/2035743/posts A few weeks ago at work, as Cassandra Nichols tried to climb a flight of stairs, she had trouble breathing. Obese for years, she now weighs almost 300 pounds and fears for her future. Houston Chronicle http://www.freerepublic.com/focus/f-news/2035743/posts#comment Tue, 24 Jun 2008 17:56:16 GMT http://www.freerepublic.com/focus/f-news/2035139/posts Most borrowers know a late payment or high outstanding balance can hurt their credit. But what about frequenting a massage parlor, retreading a tire, or visiting a marriage counselor? Such activities count, too, according to a suit filed by the Federal Trade Commission in federal court in Atlanta on June 10 against card issuer CompuCredit (CCRT). http://www.businessweek.com/ http://www.freerepublic.com/focus/f-news/2035139/posts#comment Mon, 23 Jun 2008 16:42:27 GMT http://www.freerepublic.com/focus/f-news/2033470/posts Broad, invasive provision touches nearly every aspect of American commerce. WASHINGTON, DC - Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government. FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it... FreedomWorks http://www.freerepublic.com/focus/f-news/2033470/posts#comment Thu, 19 Jun 2008 19:10:34 GMT http://www.freerepublic.com/focus/f-news/2031679/posts As the first anniversary of the credit crisis approaches, it's clear that a major part of the problem was a spectacular failure of information, with complex asset-backed securities turning out to be far riskier than anyone thought. But as sophisticated as we consider ourselves, this is just a contemporary example of what might be called the Problem of the Oblong Dice. The first game of dice, played by ancient Greeks, Romans and Egyptians, used astragali, animal ankle bones that are more oblong than square. Yet rolls of the dice got the same score whether the dice ended up on a... The Wall Street Journal http://www.freerepublic.com/focus/f-news/2031679/posts#comment Mon, 16 Jun 2008 07:30:58 GMT http://www.freerepublic.com/focus/f-news/2031630/posts Jun 13 Standard & Poor’s said it found an error in models that assigned top credit ratings to constant proportion debt obligations, three weeks after rival Moody’s Investors Service said it misgraded similar debt because of a computer glitch. S&P, a unit of New York-based McGraw-Hill Cos, fixed the mistake in October, and there was no “erroneous” effect on the ratings, Vickie Tillman, an executive vice president at the firm, said yesterday in an e-mailed statement. “We regularly conduct surveillance of our ratings, and in the routine course of that surveillance, we discovered one error,” Tillman said. The mistake was... Financial Express http://www.freerepublic.com/focus/f-news/2031630/posts#comment Mon, 16 Jun 2008 02:33:05 GMT http://www.freerepublic.com/focus/f-news/2031329/posts The Bubble How homeowners, speculators and Wall Street dealmakers rode a wave of easy money with crippling consequences. By Alec Klein and Zachary A. Goldfarb The Washington Post Sunday, June 15, 2008; A01 Part I · Boom The black-tie party at Washington's swank Mayflower Hotel seemed a fitting celebration of the biggest American housing boom since the 1950s: filet mignon and lobster, a champagne room and hundreds of mortgage brokers, real estate agents and their customers gyrating to a Latin band. On that winter night in 2005, the company hosting the gala honored itself with an ice sculpture of its... WP http://www.freerepublic.com/focus/f-news/2031329/posts#comment Sun, 15 Jun 2008 05:29:21 GMT http://www.freerepublic.com/focus/f-news/2030682/posts McCains report more than $100,000 in credit card debt By Kevin Bogardus and Manu Raju Posted: 06/13/08 10:20 AM [ET] Sen. John McCain (R-Ariz.) and his wife reported more than $100,000 of credit card liabilities, according to financial disclosure documents released Friday. The presidential candidate and his wife Cindy reported piling up debt on a charge card between $10,000 and $15,000. His wife’s solo charge card has between $100,000 and $250,000 in debt to American Express. Another charge card with American Express, this one for a “dependent child,” is carrying debt in the range of $15,000 and $50,000. Cindy McCain... The Hill http://www.freerepublic.com/focus/f-news/2030682/posts#comment Fri, 13 Jun 2008 17:54:15 GMT http://www.freerepublic.com/focus/f-news/2030620/posts Future U.S. bank failures linked to the downturn in the real estate market may include "institutions of greater size" than in the recent past, Federal Deposit Insurance Corp Chairman Sheila Bair said on Thursday. An increasing number of banks face high exposure to deteriorating conditions in commercial real estate and construction lending, Bair told a Senate Banking Committee hearing on the state of the banking industry. "There is also the possibility that future failures could include institutions of greater size than we have seen in the recent past," Bair said. "Uncertainties in today's economic environment continue to pose significant challenges... Reuters http://www.freerepublic.com/focus/f-news/2030620/posts#comment Fri, 13 Jun 2008 15:46:10 GMT http://www.freerepublic.com/focus/f-news/2030112/posts Burdened by credit card debt? It may not be your fault. Sen. Barack Obama says in many cases, the credit card companies are to blame for "pushing" financially strapped Americans "over the edge." The banking industry disagrees. In a speech in Chicago Wednesday, Obama outlined his plan to "build an economy that works for all Americans." He spoke mostly about personal credit card debt, which he views as a problem with a government solution. Obama says the sour economy is forcing Americans to put more and more of their debt onto credit cards. (The American Banking Association on its Web... CNS News http://www.freerepublic.com/focus/f-news/2030112/posts#comment Thu, 12 Jun 2008 20:14:35 GMT http://www.freerepublic.com/focus/f-news/2028946/posts The people who created this country built a moral structure around money. The Puritan legacy inhibited luxury and self-indulgence. Benjamin Franklin spread a practical gospel that emphasized hard work, temperance and frugality. Millions of parents, preachers, newspaper editors and teachers expounded the message. The result was quite remarkable. The United States has been an affluent nation since its founding. But the country was, by and large, not corrupted by wealth. For centuries, it remained industrious, ambitious and frugal. Over the past 30 years, much of that has been shredded. The social norms and institutions that encouraged frugality and spending what... NY Times http://www.freerepublic.com/focus/f-news/2028946/posts#comment Tue, 10 Jun 2008 18:11:57 GMT http://www.freerepublic.com/focus/f-news/2028174/posts Crisis shifts to regional lenders By Saskia Scholtes and Francesco Guerrera in New York Home equity loans are rapidly emerging as the next front of the credit crunch, as falling house prices and lax underwriting lead to growing losses for US regional banks that have huge portfolios of such loans on their balance sheets. The rising defaults on home equity loans, used by people to raise funds by taking out a second mortgage on their houses, underscore how the financial crisis is shifting from big banks' writedowns on complex derivatives to consumer-related problems for smaller banks. Mounting losses on home... FT http://www.freerepublic.com/focus/f-news/2028174/posts#comment Mon, 9 Jun 2008 04:17:54 GMT http://www.freerepublic.com/focus/f-news/2025314/posts Officials at Walter Reed Army Medical Center say personal information on about 1,000 patients may have been revealed in a breach of sensitive data. The officials said Monday they learned of the apparent security problem on May 21 from an outside company, which they did not identify. The medical center said it is working to notify all of the people named in the data file that may have been compromised. It's unclear what kind of information may been revealed, and Walter Reed did not immediately respond to questions. Walter Reed is offering credit monitoring assistance to affected patients and has... AP http://www.freerepublic.com/focus/f-news/2025314/posts#comment Tue, 3 Jun 2008 14:30:13 GMT http://www.freerepublic.com/focus/f-news/2024590/posts ...As consumers max out their credit lines and banks clamp down on lending, many older and middle-class Americans are resorting to pricey, often-risky alternatives to stay afloat. Some are depleting their retirement accounts, tapping 401(k)s for both loans and hardship withdrawals. Some new fast-cash options allow homeowners to squeeze equity from their houses -- without the burden of monthly payments. One new product offers a one-time payment. In exchange, the company gets up to 50% of any future change in the property's value, typically collecting its share when the house is sold. Americans are resorting to these more extreme measures... Wall Streeet Journal http://www.freerepublic.com/focus/f-news/2024590/posts#comment Mon, 2 Jun 2008 01:11:10 GMT http://www.freerepublic.com/focus/f-chat/2023685/posts The Debt Slave Act, better known as the Bankruptcy Reform Act of 2005 has at long last blown sky high. We will get to "how" in just a moment but first let's review some of the provisions of the bill. Lenders asked for and received everything on their wish list as follows: Wish List * A strict financial means test that may prohibit many debtors from filing a liquidation bankruptcy under Chapter 7; * A requirement that all debtors must receive a briefing from an approved credit counseling agency at least six months before they can file their bankruptcy case;... Blog - Global Economic Trends http://www.freerepublic.com/focus/f-chat/2023685/posts#comment Fri, 30 May 2008 20:13:58 GMT