Year: 2009

The Other Chris sent the link to a New York Times piece: Foreclosures Mark Pace of Enduring U.S. Housing Crisis. Here are some key quotes: “Every 13 seconds in America, there is another foreclosure filing. That’s the rhythm of a crisis that threatens to choke off hopes for a recovery in the U.S. housing market as it destroys hundreds of billions of dollars in property values a year.” “Michael Barr, the Treasury Department’s assistant secretary for financial institutions, said more than 6 million families could face foreclosure over the next three years.” “The Centre for Responsible Lending says foreclosures are …

Reader KAF forwarded this: U.S. Budget Deficit Hit Record $1.4 Trillion in 2009 Illinois State Comptroller Dan Hynes Says State Finances A Mounting Crisis, Things Getting Worse. (Thanks to Jeff B. for the link.) Matt in Tennessee alerted us to this video clip from Gerald Celente: The Dollar is Finished. And, BTW, Peter Schiff agrees. He announced “The carry trade [in US Dollars] is on!” Items from The Economatrix: Roubini: Housing Market Hasn’t Bottomed Yet Treasuries Fall After Weaker-Than-Average Demand at Bond Sale US Budget Deficit Balloons to $1.4 Trillion Questions Remain About Iceland’s Banking Collapse Latvia Threatens Foreign Banks …

Reader CP suggested a column piece by Malcolm Berko: Taking Stock. CP’s comment: “While Berko runs an investment advice column, he’s generally not a cheerleader for irrational exuberance. This response to a reader’s question is an general indictment of the markets and those who might as well be donning grass skirts dancing on a beach to appease the financial gods.” Commentary from Dan Denninger: Consumer Credit: Disaster, Down $12 billion Items from The Economatrix: US Consumers Cut Borrowing by $12 Billion in August Mortgage Rates Below 5% Fuel Re-Fi Boom Gold Price Hit Record High on Report to Ditch Dollar …