Archive for the 'Economy' Category
One in Seven U.S. Mortgages Foreclosing or Delinquent
November 20th, 2009Via: Reuters:
A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process also jumped to records [...]
Jobs ‘Saved or Created’ in Congressional Districts That Don’t Exist
November 19th, 2009Via: ABC News:
Here’s a stimulus success story: In Arizona’s 15th congressional district, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that’s what the Web site set up by the Obama administration to track the $787 billion stimulus says.
There’s one problem, though: There is no 15th congressional district [...]
Pontiac Silverdome Sold for $583,000
November 19th, 2009The Silverdome cost $55.7 million to build in 1975. That’s about $222.7 million in 2008 dollars (CPI method).
Via: Christian Science Monitor:
Ever want to own a domed football stadium?
The question was a plausible one Monday when it was announced that the Pontiac Silverdome — once home to the NFL’s Detroit Lions — was sold for $583,000, [...]
15% of Americans Going Hungry
November 18th, 2009Via: CNN:
The number of Americans that have trouble putting food on the table shot up last year in an unprecedented spike to a record 17 million households, the government reported on Monday.
The Department of Agriculture report, which has been released annually since 1995, said the number of Americans that were hungry rose to 14.6%. In [...]
Bank of America, UBS, JPMorgan Sued Over Derivatives
November 18th, 2009Via: Bloomberg:
Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
The lawsuit, filed by the Sacramento Municipal Utility District, is based on federal and state antitrust claims. It alleges Charlotte, North Carolina-based Bank [...]
The Rumor About London Good Delivery Gold Bars That Are Allegedly Filled with Tungsten
November 18th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
DISCLOSURE: I am a BullionVault client and affiliate. BullionVault is a member of the London Bullion Market Association.
UPDATE 4: 19/11/2009 11:40 GMT: Where Does This Leave Us?
On the one hand, there are many market participants who are relying on London Good Delivery [...]
China Questions Costs of U.S. Healthcare Reform
November 17th, 2009Via: Reuters:
Guess what? It turns out the Chinese are kind of curious about how President Barack Obama’s healthcare reform plans would impact America’s huge fiscal deficit. Government officials are using his Asian trip as an opportunity to ask the White House questions. Detailed questions.
Boilerplate assurances that America won’t default on its debt or inflate the [...]
Silicon Sweatshops
November 17th, 2009Via: Global Post:
Despite strict “codes of conduct,” labor rights violations are the norm at factories making the world’s favorite high-tech gadgets.
Hourly wages below a dollar. Firings with no notice. Indifferent bosses. Labor brokers that leech away months of a worker’s hard-earned wages. A corporate shell game that leaves no one responsible.
Such conditions are widespread at [...]
Meredith Whitney: Very Bearish on Stocks; Next Leg Down in Real Estate Coming Soon
November 17th, 2009Roubini: Worst Yet to Come
November 17th, 2009For your Captain Obvious file folder.
Via: New York Daily News:
Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping [...]
