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• Congress borrows Bernanke’s helicopter

  Posted Jul 28 2008, 11:52 AM by Todd Harrison
  Filed under: Investing, Housing, stocks, economy, todd harrison
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  Then there is Freddie Mac, Fannie Mae and the American taxpayer.

  On Saturday HR 3221 was passed by the Senate in a vote of 72-13 as Capitol Hill tries to play a role in helping homeowners even if it means bailing out government-sponsored enterprises, Fannie Mae and Freddy Mac. The bill is estimated to help upwards of 400,000 homeowners.   Read More...

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• Welcome to the modern stealth depression

  Posted Jul 16 2008, 10:50 AM by Todd Harrison
  Filed under: Housing, economy, todd harrison
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  Yes, it's here. Welcome to the Depression. No, don't drop whatever it is you're doing. Don't get up. It's not going anywhere. It will wait. It's just going to sit over here in the corner and read a magazine while you do whatever it is you need to do.

  A Depression doesn't run hot and fierce like some crazed meth burner. A Depression is methodical, purposeful, patient. It will build a shelter out of tree branches and newspaper, light a small, well-contained campfire and wait you out, brother. While you feed on the empty calories of denial and popcorn, it will quietly gather shards of broken dreams and fashion them into a terrible weapon of blunt force reality.   Read More...

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• Why should you care about Fannie and Freddie?

  Posted Jul 16 2008, 07:48 AM by Todd Harrison
  Filed under: Banking, Citigroup, Housing, stocks, JPMorgan, economy, todd harrison
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  Given the daily barrage of bad news about the credit crunch, the mortgage crisis and failing banks, you'd think things would be a lot easier for someone who actually wants to take out a simple home loan.

  As a matter of fact, just this morning you read an article about two mortgage companies, one with a name that sounds like what they call your grandmother at her retirement community, the other like some up-and-coming DJ. Fannie Mae and Freddie Mac, could that be it? They ran out of money, apparently, which could make it even harder for you to get a mortgage in the future.

  Harder? Is that some kind of cruel joke? How could taking out a mortgage be any more painful than it already is?   Read More...

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• Could a 2008-09 recession wipe out 7 million jobs?

  Posted May 12 2008, 07:12 AM by Douglas McIntyre
  Filed under: Retail, Housing, oil, subprime, Interest rates, economy
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  Based on the figures from the Bureau of Labor Statistics, U.S. unemployment was 5% in April. Those figures showed that 146.3 million Americans were employed in the civilian work-force and 7.6 million Americans were unemployed.

  It should not come as a surprise to economists that the weakest parts of the economy last month were construction, manufacturing, and retail. The segments with some growth were healthcare and professional services. (For a complete list of jobs by sector visit 24/7 Wall St.)

  The economy may be in a recession now. Some experts believe that growth will only slow modestly over 2008. Warren Buffett and George Soros have said that they think the downturn will be long and deep.   Read More...

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