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07 Apr 2010 10:17

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Biz: Alan Greenspan: The mortgage crisis not caused by the poor

  • The house price bubble, the most prominent global bubble in generations, was caused by lower interest rates but. … it was long-term mortgage rates that galvanized prices, not the overnight rates of central banks, as has become the seeming conventional wisdom.
  • Former Federal Reserve Chairman (and all-around smart guy) Alan Greenspan • Speaking in business-ese about something which we can put much more simply: Low interest rates that allowed low-income people to buy houses didn’t cause the housing crisis. Instead, the culprit was a couple levels up the food chain. Speak English, Alan. (Greenspan, by the way, is attempting to defend his legacy here.) source
Posted by Ernie Smith • 0 Comments • Permalink

23 Apr 2009 08:29

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Biz, U.S.: Next on the list: Obama takes on the credit card industry

  • The Credit Cardholders’ Bill of Rights brings more transparency to the contractual relationship and give consumers the tools they need to responsibly manage their own credit.
  • Congresswoman Carolyn Maloney, D-NY • On her bill, which would level the playing field between consumers and the credit card industry, which often charges excessive fees that many consumers see as unfair. President Barack Obama will meet with leaders of the credit card industry today, during which he’ll likely attack some of their methods. • source
Posted by Ernie Smith • 0 Comments • Permalink

28 Jan 2009 16:56

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Biz, U.S.: Here’s a visual to put those scary economic numbers in perspective

Interest rates have gone down like this in the last two years. Yeah. Scared yet? source
Posted by Ernie Smith • 0 Comments • Permalink

28 Jan 2009 16:47

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Biz, U.S.: Scary depressing numbers of the day (they’re about the economy)

  • 0-0.25% the current Federal interest rate, a historical low; the Feds are willing to take drastic measures to speed up the economy
  • 5.4% the reported drop in economic activity in the fourth quarter of 2008. That’s the steepest such drop in 26 years. Yikes. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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