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Sales of existing homes fell in 38 states during the summer, led by steep declines in Nevada, Arizona, Florida and California, as the once-booming housing market showed further signs of a steep slowdown.
How Moody's sold its ratings -- and sold out investors"The story at Moody's doesn't start in 2007; it starts in 2000," said Mark Froeba, a Harvard-educated lawyer and senior vice president who joined Moody's structured finance group in 1997.
Wall Street's Near-Meltdown Gave Rise to New Lies About the Economy, All Designed to Blame Anyone But Those ResponsibleThe Second Great Bank Depression has spawned so many lies, it's hard to keep track of which is the biggest.
The Debtorship SocietyLike many Frankenstein creations of the liberal-conservative consensus, homeownership engineering finally conked out during the Mad Monster Party that was the George W. Bush administration.
Of Ponzi Schemes, Bubbles and BanksPeople invest believing that the price of the assets will continue to rise; as long as people keep investing, the price does rise. While some early speculators can make out very well, this speculation will not last indefinitely.
The Meltdown Goes GlobalOnly a year ago, the United States seemed likely to be the main victim of its own bursting housing bubble and financial crisis. Now the American collapse has deepened—and spread worldwide.
How Goldman- Sachs continues to rape the middle class and our Government lets them do it. The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
Beck falsely claimed "bean head" Paul Krugman "missed" the housing bubbleSUMMARY: Glenn Beck falsely claimed that Paul Krugman "missed the industry's $8 trillion housing bubble." In fact, Krugman wrote that he was "getting worried" about a "real estate bubble" as early as 2002
Posner and Greenspan Square Off on Housing BubbleOne wades into a debate between Richard Posner and Alan Greenspan with more than a little trepidation. Still, I have to disagree with Judge Posner on a substantive point: the power of short term interest rates is not nearly as powerful as he implies.
Housing Bubble Smackdown: Bigger Crash AheadMarket analysts predict there will be 5 MILLION MORE FORECLOSURES BETWEEN NOW AND 2011. It's a disaster bigger than Katrina. Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy.
Down the Memory Hole, Alan Greenspan StyleHe's back and in denial in a March 11 Wall Street Journal op-ed headlined: "The Fed Didn't Cause the Housing Bubble." He lied, the way he did throughout his career and for 18.5 years as Fed chairman.
Washington Times - KERPEN: Cap-and-trade for AIG?So it should be no surprise that Wall Street's foremost wizards jumped on board the effort, including the American International Group Inc.
What Caused the Depression and How to Fix ItWhat started the new Great Depression, and how we can fix it.
Greenspan: Federal Reserve Did Not Cause the Housing BubbleFormer U.S. Federal Reserve Chairman Alan Greenspan virtually pleaded not-guilty in The Wall Street Journal today as he explained, in his opinion, why the Federal Reserve is not responsible for the housing bubble that largely contributed to the current global financial crisis.
I read Professors Hubbard, Scott and Zingales' opinion article (February 7, 2009 ) "From Awful to Merely Bad: Reviewing the Bank Rescue Options," and it made my head hurt to focus on all the opinions and facts.
Is Obama responsible for Wall Street's meltdown? The argument that Obama is somehow responsible for the collapse of Wall Street is absurd. First, every major policy that led to this collapse occurred under George W.'s watch (or, more accurately, his failure to watch).
This Cannot Stand: Ex-Leaders of Countrywide Profit From Bad Loans The ex-leaders of Countrywide Mortgage are back in the business. They made millions, if not billions, during the real estate bubble party originating flawed mortgages that the U.S. taxpayer is being forced to back. Now they are buying properties for pennies on the dollar.
A house is the best investment you can make. Houses never lose value. Getting rid of down payments will help create an "ownership society." Flipping houses is a great way to make lots of money. So much for that.
The True Origins of this Financial CrisisPREVENTING A RECURRENCE of the financial crisis we face today does not require new regulation of the financial system. What is required instead is an appreciation of the fact--as much as lawmakers would like to avoid it--that U.S.
Wife of GOP Representative Comes to the Aid of Obama Stage PropActs of kindness will help pull the nation through its economic crisis, according to the woman who came to the rescue of a homeless Floridian who publicly appealed to President Obama. Chene Thompson, the wife of state Rep.
The Troubles With Bubbles | The Washington IndependentLast July, as the extent of the nation's housing collapse was just being realized on Wall Street, The Onion ran the classic headline: "Recession-Plagued Nation Demands New Bubble to Invest In."
Crisis Analyses Must Assume We're All IdiotsAmerican media has been negligent in reporting the actual cause of the "credit crisis," which was caused by the same politicians who are trying to "fix" the problem.
The government caused the economic problem and these charlatans are the same who offer the solutions. I don't think so. The first step in solving a problem (other than admitting that there is a problem), is identifying "what caused the problem."
Housing Push for Hispanics Spawns Wave of ForeclosuresCalifornia Rep. Joe Baca has long pushed legislation he said would "open the doors to the American Dream" for first-time home buyers in his largely Hispanic district. For many of them, those doors have slammed shut, quickly and painfully.
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