GFC Act I - Bank Credit Crisis
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What's Behind the Foreclosure Crisis
By Numerian "MERS acts as nominee in the county land records for the lender and servicer. Any loan registered on the MERS® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded.Wall Street. Photograph: Justin Lane/EPA Just when you thought the popularity of Wall Street bankers had hit rock bottom, top US financial institutions have caused uproar for allegedly muscling their way to the front of the queue to get hold of scarce swine flu vaccines. Goldman Sachs , Citigroup and Morgan Stanley were among the first employers in New York to receive shipments of the widely sought after H1N1 antidote from public health authorities this week, prompting furious attacks from political critics who claim bankers are getting privileged treatment.
Wall Street bankers at front of queue for scarce swine flu vacci
Youth unemployment in Latvia is already 31pc, and concentrated among ethnic Russians. Premier Valdis Dombrovskis said his chief task is to "preserve social peace". Neil Shearing from Capital Economics said the appetite for austerity has been exhausted. Latvia is "more likely than not" to devalue, toppling pegs in Estonia and Lithuania. "Financial markets elsewhere in the region are likely to be hit by contagion, with Hungary, Romania, and Ukraine most vulnerable." The area is better able to cope with shocks than during the panic this Spring.
Banks brace for Latvia collapse
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The gang of five, and how they nearly ruined us - Viewsflow
But something has flickered in Sheikh Mohammed's smile. The ubiquitous cranes have paused on the skyline, as if stuck in time. There are countless buildings half-finished, seemingly abandoned.
The dark side of Dubai - Johann Hari, Commentators - The Indepen
From time to time in human history there occur events of a truly seismic significance, events that mark a turning point between one epoch and the next, when one orthodoxy is overthrown and another takes its place. The significance of these events is rarely apparent as they unfold: it becomes clear only in retrospect, when observed from the commanding heights of history. By such time it is often too late to act to shape the course of such events and their effects on the day-to-day working lives of men and women and the families they support. There is a sense that we are now living through just such a time: barely a decade into the new millennium, barely 20 years since the end of the Cold War and barely 30 years since the triumph of neo-liberalism - that particular brand of free-market fundamentalism, extreme capitalism and excessive greed which became the economic orthodoxy of our time.
Rudd Monthly GFC
Wall Street on the Tundra | vanityfair.com
J ust after October 6, 2008, when Iceland effectively went bust, I spoke to a man at the International Monetary Fund who had been flown in to Reykjavík to determine if money might responsibly be lent to such a spectacularly bankrupt nation. He’d never been to Iceland, knew nothing about the place, and said he needed a map to find it. He has spent his life dealing with famously distressed countries, usually in Africa, perpetually in one kind of financial trouble or another. Iceland was entirely new to his experience: a nation of extremely well-to-do (No. 1 in the United Nations’ 2008 Human Development Index), well-educated, historically rational human beings who had organized themselves to commit one of the single greatest acts of madness in financial history. “You have to understand,” he told me, “Iceland is no longer a country.
#GFC snapshots
Hero with 1000 faces
This is a discussion of the Fed's exit strategy announced today by Ben Bernanke. In particular, the video explains why the Fed has decided to increase the amount paid on reserves when it's time to start reversing policy rather than relying upon traditional open market operations to control the federal funds rate. (Warning: Wonkish) Update : Something I forgot to mention on the video is that controlling inflation is another reason for the Fed to increase the rate it pays on reserves as part of its exit strategy. When the rate the Fed pays on bank reserves increases, banks have less incentive to make loans (because the spread between what the bank can earn holding onto reserves and what it can earn loaning them out falls). If less bank loans are made, there won't be as much inflationary pressure.
The Fed’s Exit Strategy - CBS MoneyWatch.com
Give China a break... its economy is saving the rest of us from
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Stocks Plunge as Investors Fear Spread of Greece Crisis
Citigroup’s total E-mini volume for the entire day was only 9 billion, suggesting that the origin of the trades was elsewhere, according to someone close to Citigroup’s own probe of the situation. The E-minis trade on the CME. A CME spokesman said it found no problems with its systems. The Nasdaq and New York Stock Exchange took the unusual step of declaring that they would cancel some trades that took place during the height of the selloff.