Cure rates for these distressed loans remain low. Amherst noted a near 0% cure rate of all loans in foreclosure, 0.8% for 90 plus days delinquent, 4.4% for 60 days delinquent and 26.5% for 30-day delinquencies.

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In other words, the companies intentionally make loans to people who will not be able to repay them, because - during an expanding bubble phase - they'll make huge sums of money.

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A must see video that explains how the modern banking system really works and how money is created. Note: run time is 40 minutes

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Yo, Canada! There is something to be said, after all, for being a nice but boring country, with a boring but nice banking system.

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Excellent news from the NYTimes the other day: banks which are getting nervous about pesky government oversight are starting to ask to return government bailout money.

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When I read the remarks of President Obama and Prime Minister Gordon Brown after their meeting at the Oval Office on March 3, 2009 and the speech of the latter to the Joint Session of Congress on March 4, 2009, I realized that a growing antagonism has emerged between certain fact …

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Amidst the punditocracy's handwringing about the supposedly unprecedented possibility of nationalization in America, Paul Krugman this week reminded his New York Times readers that nationalization is "as American as apple pie."

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Recession deepens but a few glimmers of hope

Unemployment continues to grow across the globe, with no countries remains unaffected by the global recession. In the Unites States the unemployment rate reached 7.2 per cent in December, its highest level since 1992.

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The interventions so far have been in the right direction. Federal Reserve Chairman Ben Bernanke has been especially inventive and aggressive. But the theory of animal spirits and the loss of confidence tell us that a great deal more still needs to be done.

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We have been waiting for the sledge hammer to hit us over our economic head as our government agencies try hard to make their educated guesses as what to do to in order to avoid a melt down that is sweeping globally.

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The privilege of creating and issuing money is not only the supreme prerogative of government, but is the government's greatest creative opportunity. By the adoption of these principles, the taxpayers will be saved immense sums of interest. -- Abraham Lincoln

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The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

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by Christopher M. Quigley, B.Sc., M.M.I.I., M.A.

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World leaders have pledged to part-nationalise swathes of the global banking system as part of a drastic international plan to halt the panic gripping financial markets and prevent the crisis from descending into a global depression.

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The Banks are Bust

I don't think that many people deliberately go looking for this information. Most folks, that follow financial circles, are content with watching the ticker tape on CNN or reading through a copy of the WSJ.

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