Keyword: nojobs

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  • Fast food CEO: Minimum wage hikes closing locations

    05/30/2014 11:53:50 AM PDT · by NormsRevenge · 101 replies
    Yahoo Finance ^ | 5/30/14 | cnbc
    CKE Restaurants' roots began in California roughly seven decades ago, but you won't see the parent company of Carl's Jr. and Hardee's expanding there much anymore. Related Stories What's causing what company CEO Andy Puzder describes as "very little growth" in the state? In part it's because "the minimum wage is so high so it's harder to come up with profitable business models," Puzder said in an interview. The state's minimum wage is set to rise to $9 in July, making it among the nation's highest, and $10 by January 2016. In cities in other states where the minimum wage...
  • Billionaires try to convince Americans it’s good to import foreign workers, increase immigration

    05/06/2014 12:47:27 PM PDT · by amnestynone · 62 replies
    Bangaor Daily News ^ | May 05, 2014 | Jonette Christian
    Billionaires buy whatever they want. And not just mansions and Teslas but elections and legislation. The recent Supreme Court decision lifting caps on campaign contributions gives them even more power. The libertarian Koch brothers have already pumped millions into this year’s elections. But Michael Bloomberg, Mark Zuckerberg, Rupert Murdoch and George Soros are no less guilty of buying our political system, and all of them, from libertarian Koch brothers to liberal Soros, are united in one cause: Bring in more foreign workers, increase job competition, and allow “market forces” to drive down wages. Since 2007, political lobbies spent a whopping...
  • JEB BUSH: CROSSING THE BORDER ILLEGALLY AN 'ACT OF LOVE'

    04/06/2014 11:18:45 AM PDT · by Jim Robinson · 305 replies
    Breitbart ^ | April 6, 2014
    Former Florida Governor Jeb Bush discussing immigration reform on Fox News this Sunday: "I'm going to say this and it will be on tape, and so be it. The way I look at this is someone who comes to our country because they couldn't come legally, they come to our country because their family's dad who loves their children was worried that their children didn't have food on the table, and they wanted to make sure their family was intact. And they crossed the border because they had no other means to work to be able to provide for their...
  • Jeb Bush Praises Illegal Immigrants As 'Risk Takers,' Defends Common Core

    03/21/2014 2:04:50 PM PDT · by bkopto · 76 replies
    Breitbart ^ | Mar 21, 2014 | Tony Lee
    In a speech Friday, Former Florida Gov. Jeb Bush praised illegal immigrants as "risk takers" who embody the entrepreneurial spirit of America and doubled down on his defense of Common Core. According to the Miami-Herald, Bush made his remarks in front of business leaders in Florida. “People who come here legally and illegally are the risk takers,” Bush reportedly said. “If you’re living in a rural area of Guatemala and you come, you’re a bigger risk taker than those who stay,” he added. Of course, the first action of those who come to the country illegally is breaking the law....
  • “Mister President where are the jobs?” and other screeches from Nancy Pelosi

    08/08/2013 8:57:16 AM PDT · by Oldpuppymax · 10 replies
    Coach is Right ^ | 8/8/13 | Kevin "Coach" Collins
    “Mister President where are the jobs?” Remember when Nancy Pelosi incessantly screeched that phrase over and over during the George W. Bush administration? We haven’t heard her whining like this or using the companion phrase “hamburger flipper jobs” very much lately have we? If Pelosi said these things today she would look even dumber than she did the first time because Democrat Barack Obama’s job production numbers are embarrassingly poor compared to those of the leading Republican president of our time Ronald Reagan. Each month brings us terribly weak job production from Obama. During his first term in office Obama...
  • McCain, House GOP headed for clash on immigration reform

    07/05/2013 9:31:34 AM PDT · by opentalk · 48 replies
    The Hill ^ | July 5, 2013 | Molly K. Hooper
    Sen. John McCain (R-Ariz.) is on a collision course with House conservatives over immigration reform. …The five-term senator has stopped short of criticizing Speaker John Boehner’s (R-Ohio) vow to move immigration reform only if a majority of House GOP lawmakers are on board. Yet, McCain made a pointed comment last weekend that suggested he would only bite his tongue for so long. “I really don’t feel it's appropriate for me to tell [Boehner] exactly how he should handle this. But I think Republicans realize the implications for the future of the Republican Party in America if we don't get this...
  • Boehner sees U.S. immigration bill by year's end

    06/11/2013 4:55:39 AM PDT · by Oldeconomybuyer · 41 replies
    Reuters ^ | June 11, 2013 | by Susan Heavey
    John Boehner said he expects an overhaul of immigration rules to become law by the end of the year, but that the Senate's version "doesn't go far enough" to secure the U.S. border with Mexico or enforce the proposed new system. "I've got real concerns about the Senate bill, especially in the area of border security and internal enforcement of the system. I'm concerned that it doesn't go far enough." Boehner added that reforming the nation's immigration system was his top legislative priority this year.
  • Rand Paul: I'm Open to Voting for Immigration Bill

    06/10/2013 11:17:43 AM PDT · by xzins · 96 replies
    NewsMax ^ | 9 Jun 13 | Thomson/Reuters
    Senator Rand Paul, a conservative Republican whose vote is being courted by supporters of a broad U.S. immigration bill, said on Sunday he is open to voting for the measure but wants changes, including tougher border security requirements. Paul, who has hinted at an interest in running for president in 2016, in March backed the concept of a path to citizenship for undocumented immigrants that is at the heart of a comprehensive immigration bill under consideration in the U.S. Senate. But Paul, of Kentucky, has also criticized some elements of the bill, saying it should provide a mechanism for assuring...
  • Marco Rubio: In immigration reform, legalization comes first — ‘It is not conditional’

    06/10/2013 11:57:02 AM PDT · by TurboZamboni · 248 replies
    washington examiner ^ | 6-10-13 | byron york
    In a Spanish-language interview Sunday with the network Univision, Sen. Marco Rubio, the leading Republican on the Gang of Eight comprehensive immigration reform group, made his strongest statement yet that legalization of the nation’s estimated 11 million illegal immigrants must happen before any new border security or internal enforcement measures are in place, and will in no way be conditional on any security requirements. “Let’s be clear,” Rubio said. “Nobody is talking about preventing the legalization...
  • COULTER: When Did we Vote to Become Mexico?

    05/22/2013 8:52:05 PM PDT · by opentalk · 38 replies
    Human Events ^ | May 22, 2013 | Ann Coulter
    At first I thought the IRS scandal was leaked to distract from the Benghazi scandal. But that didn’t make sense because the IRS scandal is a more obvious abuse of power than the White House lying about the murder of four Americans in Libya. Before I had resolved which scandal was distracting from which, we found out the Department of Justice was spying on The Associated Press —not to protect national security, but to prevent the AP from scooping the White House. Then, this week, it broke that the Department of Justice was also spying on Fox News for reasons...
  • Buried in 844-Page Immigration Bill: Immediate U.S. Entry for Millions

    05/08/2013 12:51:47 PM PDT · by jazusamo · 63 replies
    Judicial Watch ^ | May 8, 2013
    Buried deep in the colossal immigration bill that’s floating around Congress is an obscure little section that rewrites the current immigrant visa waiting list to allow millions to cut in front of the line via new categories of family-sponsored immigrants. As if it weren’t bad enough that the measure, known as the Schumer-Rubio bill after the New York Democrat and Florida Republican pushing it, already offers 11 million illegal aliens instant amnesty. A nonpartisan group dedicated to researching legal and illegal immigration into the U.S., discovered the provision in the course of dissecting the monstrous legislation, which at last count...
  • Fox News now running pro-amnesty Marco Rubio ad

    05/08/2013 5:29:52 AM PDT · by opentalk · 24 replies
    American Action Network is pimping Marco Rubio and amnesty. They spent $300,000 television advertising campaign to “end de facto amnesty.” The ad will only run on Fox News. Of course, the amnesty bill supported by Rubio, McCain, Lindsey Graham and Democrat is de facto amnesty. Of course American Action Network doesn’t want you to believe that. They tout Marco Rubio in an ad called ‘disaster’ ad that’s been on (especially on Hannity) the last few days. Watch out for American Action Network. They may try and appear to be conservative, but they are nothing more than a progressive action group....
  • Senate skips details in rush to pass immigration bill

    05/06/2013 5:31:26 PM PDT · by markomalley · 20 replies
    Washington Examiner ^ | 5/6/2013 | Byron York
    Are snowboard instructors key to American immigration policy? Well, they're important enough to be specifically included in the Senate bipartisan Gang of Eight immigration reform bill. How did that happen? The original 844-page Gang of Eight bill, released in mid-April, granted a break to certain foreigners who come to the United States to work but do not wish to settle here. The Gang -- which includes Democratic Sen. Michael Bennet from the nation's skiing capital of Colorado -- gave one of those breaks to anyone who is "a ski instructor seeking to enter the United States temporarily to perform instructing...
  • Cantor: children of illegal immigrants should get U.S. citizenship

    02/11/2013 1:33:20 AM PST · by DangerZone · 98 replies
    Reuters ^ | Sun Feb 10, 2013 4:04pm EST | Andy Sullivan
    A top U.S. Republican lawmaker said on Sunday he would support granting citizenship to children who are in the country illegally in a sign that conservatives who oppose immigration amnesty will be playing defense as Congress takes on immigration reform in the coming months. Representative Eric Cantor, the No. 2 Republican in the House of Representatives, said Congress could make quick progress on immigration if lawmakers agreed to give citizenship to children - an idea he opposed when it came up for a vote in 2010 as the DREAM Act. "The best place to begin, I think, is with the...
  • All aboard? Paul Ryan supports Marco Rubio’s immigration reform outline

    01/14/2013 5:57:42 PM PST · by Theoria · 34 replies
    Yahoo ^ | 14 Jan 2013 | Chris Moody
    Former vice presidential candidate Paul Ryan says he supports "the principles" of an immigration reform proposal from Republican Florida Sen. Marco Rubio, a sign that the party may be coalescing around its own plan to overhaul the nation's laws."Senator Rubio is exactly right on the need to fix our broken immigration system," the congressman wrote on his Facebook page on Monday, with a link to a Wall Street Journal article that includes Rubio's key immigration goals. "I support the principles he’s outlined: modernization of our immigration laws; stronger security to curb illegal immigration; and respect for the rule of law...
  • Four years after Obama’s election, a tale of two journeys that began full of hope

    11/04/2012 4:03:08 AM PST · by Cincinatus' Wife · 13 replies
    Washington Post ^ | November 3, 2012 | Eli Saslow and Stephanie McCrummen
    ......One afternoon last week, Coleman sat in a room she was renting for $230 a month in the suburbs of Columbia, Mo., with her new boyfriend. The old one hadn’t worked out, like so many things hadn’t worked out. She turned on her computer and opened a file of her photos from four years ago. Her boyfriend, Angad Mathur, had never seen them, and he sat down on the bed beside her. Together they began a 100-picture slide show of what she called “one of the most poignant, overwhelming nights of my life.” A photo of a crowded Grant Park...
  • In defense of Clint Eastwood: He was weird, but fantastic

    08/31/2012 3:26:48 AM PDT · by nuconvert · 148 replies
    Go ahead. Vet my day. A fistful of incoherence. High slurs rambler. Every which way and loose. Clint Eastwood, the 82-year-old movie star and director, inspired what seemed like enthusiasm inside the Republican National Convention's Tampa Bay Times Forum—and disbelief outside it and on Twitter.
  • Where are the jobs?

    02/18/2012 7:03:08 AM PST · by Kaslin · 44 replies
    Townhall.com ^ | February 18, 2012 | Bob Beauprez
    Three years ago yesterday Barack Obama signed his $800 billion Stimulus into law in Denver, Colorado.  He said would save or create 4 million jobs and that the unemployment rate would be below 6% by now.  He failed.Obama’s spending didn’t stop with the Stimulus of course.   In fact he’s piled up more than $4 trillion of new debt during his first three years with more than a trillion of additional red ink expected this year.  Still the question remains, where are the jobs?  Today more than 13 million Americans that want a job can’t find one.   Another 4 million Americans have...
  • Red Lines (Oliver North on Obama and Iran)

    01/19/2012 8:06:53 PM PST · by jazusamo · 18 replies
    Creators Syndicate ^ | January 20, 2012 | Oliver North
    WASHINGTON — On Dec. 31, just hours before a New Year's Eve celebration, President Barack Obama signed the National Defense Authorization Act for Fiscal Year 2012. Section 1245 of the law contains language providing authority to impose economic sanctions on Iran in order to deter the ayatollahs from acquiring nuclear weapons. White House efforts to have the sanctions provision stripped from the bill failed, and the measure became law with a quiet flourish of the presidential pen. Ever since, Washington and Tehran have been waging a war of words. None of this works to the advantage of the American...
  • Lots of free land, few takers

    01/17/2012 9:16:34 AM PST · by US Navy Vet · 51 replies
    The Omaha World-Herald ^ | January 17, 2012 | By Leslie Reed
    LINCOLN — Californian Therese Ebert dreamed of being a modern-day homesteader, pulling up stakes from her rented room in Poway, Calif., to build a home of her own in Beatrice, Neb. Chasing the promise of free land, she packed her two dogs and her belongings into the back of an SUV and set off for Nebraska. She had signed up last January for a free lot in Beatrice on condition that she build a home on the property within five years. "Everything I owned was with me," Ebert said. "The car was packed, I wasn't looking back." But, alas, homesteading...
  • CNBC-W:. Nebraska Warren Buffett furniture company, outsourcing to China?

    09/26/2011 2:22:03 PM PDT · by Cringing Negativism Network · 10 replies
    (vanity - seen on CNBC World, today)
    That's certainly how it sounded, in a CNBC World interview I just watched. Let's roll out a "windfall profit" tax on any and all Buffett outsourcing, formerly made by any eliminated American employees of his. We can call it the "Buffett Tariff"!
  • Layoffs at My Work Place (Prayer Request)

    01/07/2011 2:17:12 PM PST · by Dallas59 · 32 replies
    Freerepublic.com ^ | 1/7/2010 | Dallas59
    Lay offs were announced today at my place of business. It's a small company. 10 were given the pink slip. I know it's an unusual request...but join me in saying a little something to the BIG boss man up high for these people. Thanks.
  • New Jobless Claims Drop Third Time in Four Weeks, Remain High

    07/29/2010 6:21:12 AM PDT · by frogjerk · 12 replies · 1+ views
    WASHINGTON -- New jobless claims fell last week for the third time in four weeks but remain elevated. The Labor Department says first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000. Analysts surveyed by Thomson Reuters had expected a smaller drop. Claims have fluctuated this month due to temporary seasonal factors. General Motors and other manufacturers skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said. The four-week average of claims, which smooths fluctuations, dropped to...
  • Connecticut unemployment website and phone system down again

    07/25/2010 4:59:25 AM PDT · by RaceBannon · 9 replies · 1+ views
    CT DOL UNEMPLOYMENT ^ | 07/25/2010 | racebannon
    ya know, if I had a job, I wouldn't need to do this...
  • Consumer confidence rises in May

    05/25/2010 9:30:03 AM PDT · by pgkdan · 11 replies · 382+ views
    Yahoo News ^ | 05/25/2010 | Anne D'Innocenzio
    Consumer confidence rises in May Consumer confidence rises for third straight month to 63.3 in May as job worries ease NEW YORK (AP) -- Americans' confidence in the economy rose in May for the third straight month, fueled by growing optimism about future job prospects. Still, many worry improvements in shoppers' mood and spending may be reversed because of sharp declines on Wall Street fueled by fears that a debt crisis in Europe could hammer global growth. Already, there are signs pointing to a weakening business at stores in May after a solid spring season.
  • White House, Congress reach deal on repeal of 'don't ask, don't tell' (We're doomed!)

    05/25/2010 3:43:39 AM PDT · by tobyhill · 22 replies · 691+ views
    cnn ^ | 5/25/2010 | dana bash/Deirdre Walsh
    Congressional Democrats reached an agreement Monday with the White House and possibly the Pentagon on a key legislative step toward repealing the "don't ask, don't tell" policy that bars openly gay soldiers from the military. In a letter to President Obama obtained by CNN, three congressional sponsors of legislation to repeal the policy outlined the proposed agreement that would set contingencies based on completion of a military review of the matter already under way and subsequent final approval from the president and military leaders. Specifically, the proposed agreement calls for repeal to become final only after completion of the military...
  • Reid seeks extension of jobless aid

    02/23/2010 10:15:54 AM PST · by Kartographer · 18 replies · 498+ views
    seattlepi.com ^ | 2/23/10 | ANDREW TAYLOR
    Majority Leader Harry Reid is pressing to extend unemployment benefits and health insurance subsidies for the jobless through December as he and Republicans try to figure out a way to clear the Senate's plate of business left over from last year. Reid also hopes to keep helping cash-strapped states with their Medicaid budgets, he said Tuesday on the Senate floor.
  • Obama: 'We Are Climbing Out' of Economic Hole (FARCE ALERT!)

    02/05/2010 1:56:24 PM PST · by AngelesCrestHighway · 26 replies · 488+ views
    FoxNews.com ^ | 02/05/2010 | FoxNews.com
    WASHINGTON -- The day after Congress raised America's debt ceiling above $14 trillion -- potentially adding another $6,000 in debt to every man, woman and child -- a surprisingly upbeat January jobs report that showed unemployment dipping below 10 percent prompted President Obama to declare that "we are climbing out of the huge hole that we found ourselves in." Obama assessment was partly based on a report out Friday that showed the unemployment rate dropping in January from 10 to 9.7 percent, while employers shed only 20,000 jobs. But it's not all roses, as the Labor Department revised its past...
  • The Curse of the Class of 2009

    05/15/2009 6:49:48 AM PDT · by Red in Blue PA · 31 replies · 1,209+ views
    Yahoo ^ | 5/11/2009 | Sara Murray
    The bad news for this spring's college graduates is that they're entering the toughest labor market in at least 25 years. The worse news: Even those who land jobs will likely suffer lower wages for a decade or more compared to those lucky enough to graduate in better times, studies show. Andrew Friedson graduated last year from the University of Maryland with a degree in government and politics and a stint as student-body president on his résumé. After working on Barack Obama's presidential campaign for a few months, Mr. Friedson hoped to get a position in the new administration. When...
  • General Motors to Invest $1 Billion in Brazil Operations - Money to Come from U.S. Rescue Program

    01/25/2009 8:30:28 AM PST · by MaryFromMichigan · 52 replies · 2,021+ views
    Latin American Herald Tribune ^ | January 25, 2009 | Russ Dallen
    SAO PAULO- General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker. According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.” We're sending a Billion dollars to Brazil?
  • Real estate: More price drops, more layoffs

    10/17/2007 6:05:33 AM PDT · by Hydroshock · 8 replies · 300+ views
    <p>BOSTON (CNNMoney.com) -- For those in the real estate industry and for those looking to buy or sell a home, it could take until 2009 to catch a break.</p> <p>That's the forecast from Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), who will present his outlook to an auditorium full of real estate professionals on Wednesday morning.</p>
  • Housing starts, permits plunge

    <p>NEW YORK (CNNMoney.com) -- Builders continued to slam the brakes on new homes in September, as the government's latest reading on the battered market out Wednesday showed housing starts and permits were weaker than expected at levels not seen for more than a decade.</p>
  • Pending home sales at record low

    10/02/2007 7:52:07 AM PDT · by Hydroshock · 14 replies · 260+ views
    <p>NEW YORK (CNNMoney.com) -- The meltdown in the mortgage market in August dried up the supply of buyers for homeowners looking to sell their homes, as an industry group report showed the lowest level of homes under contract on record.</p>
  • California cities fill top 10 foreclosure list

    <p>NEW YORK (CNNMoney.com) -- The binge that many housing markets went on in the early- to mid-2000s is over, and some of the hottest markets like California are now experiencing the worst hangovers.</p> <p>But other areas, especially many that recorded slower home price growth earlier this decade, have seen little increase in foreclosure rates, according to the latest data released Tuesday from RealtyTrac, the online marketer of foreclosure properties.</p>
  • Credit card defaults keep rising, report says

    <p>NEW YORK (CNNMoney.com) -- American consumers are defaulting on their credit cards at a sharply higher rate compared to last year, in what could be another consequence of the recent subprime mortgage market crisis, according to a report published Tuesday.</p>
  • No Savior for Mortgage Biz

    08/28/2007 6:45:15 AM PDT · by Hydroshock · 24 replies · 490+ views
    <p>Waiting to see big banks piling into the mortgage business a la Bank of America (BAC - Cramer's Take - Stockpickr - Rating)? Don't hold your breath.</p> <p>BofA surprised Wall Street last week by making a $2 billion bet on struggling Countrywide (CFC - Cramer's Take - Stockpickr - Rating). The news, announced after the close last Wednesday, gave Countrywide's sinking stock a one-day reprieve.</p>
  • US recession risk highest since 9/11 -- ex-Treasury secretary [OH NO! WE'RE DOOOOOOOMED!!!!]

    WASHINGTON (AFP) - Former US Treasury secretary Larry Summers said Sunday it was too early to declare the financial markets crisis over and said chances had risen sharply of an economic downturn in the United States. ADVERTISEMENT Despite interventions by the US Federal Reserve last week which appeared to reverse heavy selling pressure over the collapsing US housing debt market, Summers said the risk of recession was its highest since the immediate aftermath of the September 11, 2001 attacks. "We certainly saw some repair and some return to normality this week, but I think it would be far premature to...
  • Bonds still riding high on credit fears (Depression on Steroids!!)

    NEW YORK (CNNMoney.com) -- Bond remained higher Friday despite a surprisingly strong durables goods reading as credit worries continued to trouble investors. The dollar fell against the euro and the yen. Video More video Luke Newman joins CNN to explain how a private investor can build a balanced portfolio in uncertain times. Play video The 10-year benchmark note gained 8/32, or $2.50 on a $1,000 note, to yield 4.62 percent, down from 4.64 late Thursday. Bond prices and yields move in opposite directions. Bernanke: The un-Greenspan The closely watched three-month Treasury bills, which have been the focus of the market...
  • Homeowner group slams Countrywide

    08/24/2007 6:41:18 AM PDT · by Hydroshock · 49 replies · 1,124+ views
    NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril. The Neighborhood Assistance Corporation of America said Countrywide (Charts, Fortune 500) was not doing enough to help people who took out subprime adjustable-rate mortgages (ARMs) over the past few years and now may lose their homes. Subprime loans are issued to borrowers with poor credit histories who often lack the funds to make large down payments. Justin Urquhart Stewart of Seven...
  • Rating Firms' Next Subprime Role: Defendant

    As the carcasses of subprime mortgage-backed securities lie rotting on Wall Street, the buzzards are circling heretofore untouchable prey: the rating agencies. Critics say the ratings industry was too late in downgrading mortgage-backed securities, echoing cries after past crises involving Enron, WorldCom and Russian debt, among others. But the current episode comes with a different twist: Rather than merely third-party observers, some sources say Moody's (MCO - Cramer's Take - Stockpickr - Rating), Standard & Poor's and their smaller rival Fitch Ratings played active roles in structuring MBS and related securities. Therefore, they could be deemed underwriters and exposed to...
  • Hedge Funds' World of Hurt

    Remember when Wall Street would obsess over the next leveraged buyout candidate, and hedge fund masters of the universe could raise ungodly war chests with just a handful of phone calls? What a difference a few months make. Lately, hedge fund implosions have replaced the LBO parade as the market's signature event. Investors have seen huge setbacks at funds run by Bear Stearns (BSC - Cramer's Take - Stockpickr - Rating), UBS (UBS - Cramer's Take - Stockpickr - Rating) and Goldman Sachs (GS - Cramer's Take - Stockpickr - Rating), among others, as the credit environment has grown fraught...
  • Subprime may be hitting credit cards, too (Hide under your beds!)

    08/23/2007 1:39:01 PM PDT · by Hydroshock · 80 replies · 2,032+ views
    NEW YORK (CNNMoney.com) -- Fallout from the mortgage mess and lower home prices may have started to creep into the credit card arena, judging from July payments and some initial moves by issuers to tighten the screws on cardholders. After falling for three consecutive months, delinquent payments on credit cards -- defined as more than 30 days late - increased slightly in July, to 4.64 percent from 4.62 percent in June, according to CardWeb.com. A year ago, the delinquency rate was 4.18 percent. The amount of credit card debt consumers are paying off, meanwhile, has fallen. The portion of outstanding...
  • Bloodbath Beckons on Wall Street (Layoffs in big firms)

    Fretting about bonus money is Wall Street's latest fixation, but investment bankers may soon have more pressing worries. September could bring a wave of layoffs as big banks aim to bounce back from the summer's credit market swoon. Mass firings now could help brokerage firms cut costs and show investors they're taking decisive action to compete better in a tough market. It also may have dawned on banking honchos that cutting staff will help preserve whatever's left of their dwindling bonus pools. "I think [bank execs] are thinking, if I cut right now maybe I save some of this bonus,"...
  • Lehman Bros. Amputates Mortgage Arm (Another 1200 people on the unemployment lines)

    08/22/2007 12:33:18 PM PDT · by Hydroshock · 14 replies · 872+ views
    The New York investment bank will cut 1,200 positions in 23 locations as a result of the closing of BNC Mortgage. It will take an after-tax charge of $25 million and a goodwill write-down of $27 million, it said. Lehman said that poor market conditions in the mortgage space of late have "necessitated a substantial reduction in its resources and capacity in the subprime space," according to a release. The company said earlier this summer that it was combining its two non-prime residential mortgage businesses - Aurora Loan Services of Littleton, Colo., which specializes in Alt-A mortgages, and BNC Mortgage...
  • Fed rate cut? Don't bank on it

    08/22/2007 10:42:10 AM PDT · by Hydroshock · 13 replies · 709+ views
    NEW YORK (CNNMoney.com) -- Investors who are counting on the Federal Reserve to cut interest rates sometime in the next month or so may end up badly disappointed. The credit crunch of the last month has convinced many on Wall Street that a cut in the central bank's key short-term interest rate is basically a lock. Stocks jumped Friday after the Fed announced a surprise cut in the little used discount rate that the central bank charges on loans made directly to banks - and again on Tuesday on bets the Fed will cut its other key rate, the fed...
  • H&R Block's Block Financial Unit Switches Short-Term Cap Source

    H&R Block Inc.'s (HRB:H&R Block, Inc News, chart, profile, more Last: 19.79+0.59+3.07% 9:15am 08/22/2007 Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: HRB19.79, +0.59, +3.1%) Block Financial Corp. unit withdrew a net of $650 million from its working capital lines of credit to cover capital needs during the credit crunch. The Kansas City, Mo., company said it withdrew $200 million on Aug. 16 and an added $850 million on Aug. 20, using the money to pay off the previous loan. The company said in recent weeks "the credit market has become increasingly constrained and unstable," cutting...
  • As housing flounders Realtors leave profession

    08/22/2007 5:32:12 AM PDT · by Hydroshock · 122 replies · 2,375+ views
    WASHINGTON - Plummeting stock prices. Mortgage lenders filing for bankruptcy or shutting down. Layoffs at homebuilders and banks. Soaring foreclosures and loan defaults. Damage from the nation's slumping housing market is evident throughout the economy and permeates financial markets. Add real estate agents to the growing list of victims, although they know few tears will be shed for them. The National Association of Realtors expects membership rolls to decline this year for the first time in a decade. The group ended 2006 with nearly 1.4 million members — almost double the roughly 716,000 it had in 1997 — but expects...
  • Next victim of mortgage mess: Auto sales

    NEW YORK (CNNMoney.com) -- Already-battered U.S. auto sales could be the next victim of the problems with mortgages, declining home and stock prices as potential car buyers delay purchases due to uncertainty. Industrywide U.S. auto sales in August could be off 10 percent from a year ago, according to an early read from sales tracker Edmunds.com. That follows July sales that were 19 percent below year-earlier levels. Video More video Justin Urquhart Stewart of Seven Investment Management joins CNN to talk about mortgages and the markets. Play video Video More video CNN's Gerri Willis offers tips for weathering the mortgage...
  • Is WaMu the Next Countrywide?

    08/22/2007 5:03:44 AM PDT · by Hydroshock · 20 replies · 1,533+ views
    Countrywide Financial (CFC - Cramer's Take - Stockpickr - Rating) isn't the only big bank threatened by the deepening real estate crisis. An analysis of the largest 20 banks and thrifts by TheStreet.com Ratings shows that four institutions are under-reserved for possible credit losses, a red flag as the economy slows and mortgage defaults rise. Perhaps more troubling, the numbers show that one of those institutions -- Washington Mutual (WM - Cramer's Take - Stockpickr - Rating) -- could join Countrywide in facing serious liquidity problems as worries about the housing and mortgage markets multiply. Meanwhile, another big lender, National...
  • Was the Mortgage a Mistake? (Homeowner just now figures out they are in a hole)

    08/21/2007 8:18:53 AM PDT · by Hydroshock · 177 replies · 5,301+ views
    Two years ago, my wife and I sat at a long conference table in a mortgage-title office in Bethesda. Sitting next to us: our real estate agent, who drew up our bid on a townhouse in Germantown two days after showing it to us. We didn't get an inspection, and I don't recall going back for a second look. We had to act fast or someone else would get it. Our bid won the house -- our very own first home -- and now we had to close the deal. The owners sat across the table. They seemed more nervous...