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The Federal Reserve today decided not to increase interest rates, saying they’re trying to help ease unemployment and stimulate the economy, which has stagnated. However, they seem to be upbeat that unemployment didn’t get worse, which I guess is a mixed blessing at best. That standards for how “well” the economy is going are so [...]
I don’t know why, but I’m almost insulted by this. It seems that not only are the rest of us worried about interest rate hikes, the banks are also worried about interest rate hikes. Why is that? Because it seems that while many people haven’t been able to take advantage of the interest rate decreases [...]
For awhile there, I started to feel like I was the only one picking on Citigroup, and wondering what everyone else was missing. None of the news looked like it was either calling out Citigroup for some of what’s been going on, or were totally missing the point. I started to wonder if maybe I [...]
Isn’t anyone else making news these days besides Citigroup? In a surprise move, Citigroup announced today that they will be suspending foreclosures for a month to give a break to their borrowers for the holidays. Of course, that magnanimous offer doesn’t cover a heck of a lot of people. They estimate that, overall, it will [...]
Treasury Secretary Tim Geithner stated Wednesday that banks and other financial institutions need to do more to help end the credit crunch that they started. To whit, he said “This credit crunch is not over. “It may feel dramatically better for large companies, but it is not over for small businesses across the country.” He [...]
Not that we didn’t know this, and not that I’m necessarily repeating myself, but home owners are still facing big problems in this country, as well as the entire real estate industry. A report came out this week saying that only around 5% of home owners have been able to get new mortgages to adjust [...]
I was reading an article on Newsweek’s online site titled Bank On More Failures. The writer was interviewing Lawrence J. White, a professor at New York University’s Stern School of Business on the subject. White basically believes that hundreds of small banks are going to fail, not necessarily because of the real estate problems with [...]
