Free money
Free money
Why didn’t someone think of it before? It is so obvious. The logic is so simple. If the housing market is collapsing from a lack of credit, then why doesn’t the government step in and offer free loans to first time buyers. Problem solved. As soon as the money comes on line, house prices will stabilize. First time buyers will come flooding back into the housing market, waving their free loans at risk-averse banks. How did Brown and Darling justify this extraordinary generosity? In announcing th
Debt Rattle, September 3 2008: Unproven Reserves
Detroit Publishing Co. Old Man River 1900 Mississippi River Landing. Sternwheeler “Belle of Calhoun” and sidewheeler “Belle of the Bends” taking on cargo. Ilargi: Wall Street stock exchange regulator SEC has been under pressure for years to allow oil companies to put unproven reserves in their books as proven. To make its case, the energy sector points to historical “recovery” levels, where a percentage of unproven reserves actually turned out to exist. Now the SEC is about to give in to
Mortgages approvals plunge 71% to record low (Times Online)
The malaise in the housing market worsened in July as the number of mortgages approved for house purchase fell by 71 per cent to a record low of 33,000 home loans.