European Funding Pressures Spike Most In 14 Months
One of the most important indicators of stress in the financial markets of Europe during the heady days of the crisis was the EUR-USD basis swap. Simply put it is an indication of the trouble that European banks are having funding themselves. Thank to the LTRO and a wash from the ECB, it has been largely off the radar for most media types. [...]
January 29, 2013
The fate of 11 million people could hinge on the interpretation of border security.
An immigration-reform blueprint by a bipartisan group of senators includes a path to U.S. citizenship for those who are in the country illegally. But the blueprint, released Monday, specifies that the federal government must first certify that the U.S.-Mexico border is secure.
Immigrant rights groups fear that millions of people will be in limbo until [...]
Tuesday, December 11, 2012
We look at the latest BIS warning of a global credit bubble caused by zero percent interest rate policies meant to appease the angry hidden people in the shadow banking system. In the second half, Max Keiser talks to David Smith of GenevaBusinessInsider.blogspot.com about the Swiss currency peg, the global game of honesty limbo in the financial sector and hoping that midnight never comes for Alice [...]
from Russia Today:
Max Keiser and Stacy Herbert look at the latest BIS warning of a global credit bubble caused by zero percent interest rate policies meant to appease the angry hidden people in the shadow banking system. In the second half, Max Keiser talks to David Smith of GenevaBusinessInsider.blogspot.com about the Swiss currency peg, the global game of honesty limbo in the financial sector and hoping that midnight never comes for [...]
November 1st, 2012
A recent study noted that the majority of people have enough food in their pantries to feed their household for about three days and that seemingly stable societies are really just nine meals from anarchy. With most of us dependent on just-in-time transportation systems to always be available, few ever consider the worst case scenario.
For tens of thousands of east coast residents that worst case scenario is now playing out [...]
Just image how many American Financial companies are insolvent at the moment and are being given “clean bills of heath.”
Auditors gave Banksia Securities a clean bill of health less than four weeks before its collapse last night, its latest accounts show.
The non-bank lender’s fall into receivers’ hands has left thousands of investors in limbo over the fate of about $660 million in investments.
On September 27, accountants signed off on accounts [...]
Rohan Ajit Kokane skated below the poles, suspended 6.75 inches above the floor
Already holds the Guinness World Record for greatest distance skated underneath cars, at 126 feet 11 inches
At first glance it looks as if his body is resting on the floor, but Rohan Ajit Kokane is in fact just inches above the ground on his roller skates.
The 11-year-old managed to break a world record by flattening himself enough to skim under [...]
June 27, 2012
The Council of Europe has expressed serious concerns over the rising unemployment rate among the young people across the recession-bound continent.
This comes as Europe continues to struggle with soaring public deficits.
The council members warned on Wednesday that the youth unemployment rate in Europe has reached an alarming level following the economic crisis in the European Union.
“Millions of European young people have decided to stop their studies, to stop [...]
WASHINGTON (AP) — Frustrated by what they said are stalled efforts to free a U.S. soldier taken prisoner three years ago in Afghanistan, the man’s parents have gone public with previously secret U.S. attempts to trade him for Taliban prisoners in U.S. hands.
Bob Bergdahl and his wife, Jani Bergdahl, said in interviews that they are concerned the U.S. government hasn’t done enough to secure the release of their son, 26-year-old Sgt. [...]
Currently there are 6.1 million VACANT homes across the U.S. That includes both VACANT homes currently for sale and rent. It does NOT include the shadow inventory of foreclosed homes banks have not put on the market yet or will soon be foreclosed on.
Currently the bank shadow inventory is 1.61 million homes. Add the numbers together and the US has approx. 7.71 million homes in need of occupants.
Source of data:
Fitch Cuts Outlook On UK Rating To Negative Amid Elevated Debt
Italy’s public debt hits record 1.94 trillion euros
Ukraine Cites Greece in Bid to Postpone $3 Billion IMF Debt
N.J. Governments May Need 20% of Service Cuts, Report Says
Official: Portugal, Ireland May Need More Aid
Greek Bonds Signal $2.6 Billion Payout on Credit-Default Swaps
Cost of student loans could double this summer
Greek Bank Merger Off
City’s Public Safety Budget Hangs In Limbo (Indianapolis)
RealtyTrac: Data Points [...]
The scariest Iran scenario yet comes from Bob Bandos, CEO of marine logistics and services company GAC North America.
Bandos tells Pierre Bertrand of the International Business Times:
[T]ankers can haul 1.8 million barrels of oil a day through the strait. If that supply is choked off, the effect would be similar to the fuel shortages of the 1970s – but more extreme, Bandos said.
“That would be nothing compared to this,” Bandos said, [...]
February 29, 2012
Premier Enda Kenny said Dublin was acting on legal advice from Ireland’s attorney-general that “on balance” the fiscal compact requires a vote under the country’s constitution. “It gives the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro,” he told ashen-faced members of the Dail.
All three major parties back the treaty but analysts say there is a high risk of rejection by [...]
by Sandor D. Krauss Esq.
If you’re considering buying a new condo, you may be familiar with some of the risks, such as construction defects, sponsor control of the board, warranty and punch-list issues
But if you’re anything like the clients who walk into my office every day, there are a few more potential time bombs that may take you by surprise:
1. The developer has the right to convert the building into a rental—and [...]
Camp Pendleton, Calif. – Defend Our MarinesA source close to the trial said a lack of money on the defense side, a lack of evidence on the prosecution side, and the likelihood that the eight-member panel will find SSgt Frank Wuterich not guilty of voluntary manslaughter and related charges have all combined to bring the case to a possible conclusion.
Wuterich was charged in December 2006 with murder stemming from the multi-million [...]
The long line at the UPS distribution center in Commerce City on Christmas Eve (credit: CBS)
COMMERCE CITY, Colo. (CBS4) – Thousands of people in the metro area will open their presents a little late this year because the day started out with 50,000 packages in limbo at the United Parcel Service holding facility in Commerce City.
A lot of the packages are locked up in the warehouse Christmas Eve. Even though UPS [...]
Via Peter Tchir of TF Market Advisors
Once again equities are responding to events with more excitement than the credit markets.
Yes, Germany approved the changes to EFSF first announced back in July. That was fully expected and a No vote would have been a shocking disaster at this stage. The level of cynicism has hit a new high. I have heard a lot of chatter that now that [...]
Generation Limbo – Waiting It Out
But when his parents started charging him $500 a month for rent, he moved into a windowless room in a Baltimore row house and took a $12-an-hour job at a Baltimore call center, making calls for a university, encouraging prospects to go back to school. “There’s no point in being diplomatic: it is horrible,” Mr. Shore said.
Great! More debt.
A more [...]
The spam standard is ending. In news that is likely about to throw the mouth-foaming Keynesians in for a perpetual loop, the Russian Central Bank has quietly announced the sneakiest gold confiscation ploy in history. Reuters reports: “Russia’s central bank will offer gold-backed loans for up to 90 days at an interest rate of 7 percent, it said in a statement on Friday, expanding [...]
Mary Ward, 82, is being booted from the house she’s lived in for 44 years. She received 18 letters on the same day last week informing of the imminent eviction.
Feisty great-grandmother Mary Lee Ward has been battling to keep her modest Brooklyn house since the late 1990s.
The victim of a predatory subprime mortgage lender that went bankrupt in the housing crash four years ago, Ward has nearly [...]
You might want to sit down for this one. As bad as the housing crisis has been over the past three years, it has only been a warm up to what we have headed our way. Laurie Goodman, from Amherst Securities, has been tracking the housing market as well as anyone. She just presented her latest findings at the American Enterprise Institute and it [...]
Beyond a default: Catastrophic Calculations
Friday, July 15, 7:56 PM
It’s easy to understand why the government will have more trouble borrowing if it fails to pay its debts. It’s a bit harder to see why ordinary Americans, the city of Pittsburgh, hospitals in Iowa, or medium-size corporations will have more trouble borrowing.
But they will
Debate heats up between Obama, lawmakers over debt limit:?Negotiations are in limbo as [...]
Millions are staying in their homes without paying their mortgages.
NEW YORK (CNNMoney) — Charles and Jill Segal have not made a mortgage payment in nearly five years — but they continue to live in their five-bedroom West Palm Beach, Fla. home.
Lynn, from St. Petersburg, Fla., has been living without paying for three years.
In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost [...]
By Bob Sullivan
It’s perhaps the very definition of Red Tape. Four years ago, Congress decided that the IRS should get into the banking business, authorizing it to give out no-interest loans to first-time homebuyers. That put the agency in the position of both collecting loan payments and issuing tax refunds to the roughly 1 million taxpayers who took advantage of the program.
This year, the [...]
Lack of stimulus funds leaves $1.8B hole in state’s ’11-13 budget (Wisconsin)
Standoff over jobless benefits keeps 37,000 in limbo (N.C)
San Jose mayor calls for a state of fiscal emergency
Texas Tech braces for 800 possible layoffs
State judicial pay soars; top jurist says courts underfunded (Pennsylvania)
Russia May Raise Oil Export Tax 1.9% in June to Three-Year High??
Gold Coins Show Bull Market Unbowed on Brisk Sales in Commodities Decline
Inflation in India Exceeds Estimates, [...]
Finally, after 16 hours in limbo, jail officials fingerprinted Uhlmeyer and explained her offense — missing a court hearing over an unpaid debt. “They have no right to do this to me,” said the 57-year-old patient care advocate, her voice as soft as a whisper. “Not for a stupid credit card.”
Exacerbation of mental health issues, increases in the number of mental health patients, including acute conditions, and the inability of systems to cope:
Desperate psychiatric patients wait
Some wait days in ERs, get no help
“Just since April, more than 230 patients committed to Georgia psychiatric facilities Ã¢â‚¬â€ nearly one of every five Ã¢â‚¬â€ have been forced to wait 24 hours or more before being admitted. At least two waited in emergency rooms [...]
GDP Growth: The majority of the 5.7% Q4 growth came from the “inventory bounce” from the wafer-thin inventories companies have been running on. Savings rate is up and the consumer is de-leveraging. Stimulus bounce (as well) has run its course.
Global GDP: Japan has nowhere to go but up after almost 3 decades of deflationary limbo. China is creating another “bubble” in their economy with the stimulus and government programs… their [...]
That number was actually falling much of last year, as many homeowners were suspended in limbo, waiting to find out whether they qualified for permanent modifications under the HAMP program.
Now that HAMP has proven itself a miserable failure, some of those homes are coming to market. Thus, Barclays estimates the number of foreclosed homes held by banks and mortgage investors rose 4.6% between December and January.
Foreclosures now make up one [...]