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By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) — Those who say that uncertainty about the future is weakening the economy have it exactly backwards.
It’s the weak economy that’s feeding our uncertainty.
The American economy is losing momentum because it’s running out of fuel. Our economic fuel is income, and it’s in short supply.
Right now, real disposable incomes are growing at barely 1% a year, the slowest growth on record [...]
PLEASE review the actual history through the key metrics charted below,
Employment: http://research.stlouisfed.org/fred2/series/EMRATIO
National Savings as % GDP: http://research.stlouisfed.org/fredgraph.png?g=7f7
Wages as a percent of GDP: http://research.stlouisfed.org/fred2/graph/?g=7F3
Total Credit Market Debt Owed: http://research.stlouisfed.org/fred2/series/TCMDO
Home Equity: http://research.stlouisfed.org/fred2/series/OEHRENWBSHNO?cid=32258
- Major
mybudget360
This recession has been unmercifully brutal on younger Americans. Many are entering the most difficult employment market in generations with a flood of low wage jobs saddled with record levels of student debt. Many have never even witnessed how it is to live in a bull stock market. Of course this is assuming they had money to invest since 37 percent have no net worth or even worse, a negative net [...]
Yesterday I dropped by to see my personal banker at my small, highly rated, local bank. She’s the district manager now so I thought she would have a finger on the pulse of the local economy. “How are people doing”” I asked.
“It depends,” she answered. “Some have their house paid off and no debt and they are doing okay, But some . . .” she frowned and looked at a loss for words.
“But some [...]
Falling home prices have shrunk the equity Americans have in their homes to nearly the lowest percentage since World War II.
Average home equity plunged from more than 61% at the start of 2001 to 38% in the January-March quarter this year, the Federal Reserve said in a report Thursday. That drop comes as home prices in big metro areas have reached their lowest level since 2002.
Prices fell 33% in 20 [...]
WALTHAM, Mass., May 20 (UPI) — The wealth gap between white and African-American families more than quadrupled from 1984 to 2007, U.S. researchers found.
Study co-author Tatjana Meschede of the Institute on Assets and Social Policy at Brandeis University in Waltham, Mass., said during the study period, the racial wealth gap between whites and black increased by $75,000 from $20,000 to $95,000.
Financial assets, excluding home equity, [...]
We had economist Gary Shilling on TechTicker this morning. He still thinks we’re in for a crappy decade…
The theory behind most of what the Federal Reserve does to stimulate the economy is this: If we make money cheaper, people will borrow more of it–and then they’ll start spending again.
That theory works in most recessions. When the economy begins to weaken, the Fed cuts interest rates. [...]
by Keri
The nation’s largest title insurance company, Old Republic, is no longer offering title insurance to JPM or Ally Bank foreclosure sales:
Old Republic National Title, one of the country’s largest title insurance companies announced that it won’t insure homes that have been foreclosed on by J.P. Morgan Chase.
The New York Times obtained a company memo that said Old Republic would not write policies on foreclosed Chase properties until “objectionable issues [...]
Nation’s banks repossessed a record number of homes in August
By: Diana Olick
CNBC Real Estate Reporter
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The nation’s banks repossessed a record number of homes in August, according to industry sources. RealtyTrac, an online foreclosure sale site, will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month.
That is the highest since the site began [...]
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