Below The Beltway

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Archive for the 'Sub-Prime Mortgage Crisis' Category

The Plan Is There Is No Plan

by @ Tuesday, December 2nd, 2008. Filed under Business, Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

Not surprisingly, it’s fairly clear that nobody in Washington seems to know what they’re doing to the economy:
The head of a new Congressional panel set up to monitor the gigantic federal bailout says the government still does not seem to have a coherent strategy for easing the financial crisis, despite the billions it has already [...]

Well, Now It’s Official

by @ Monday, December 1st, 2008. Filed under Credit Crisis, Economics, Sub-Prime Mortgage Crisis

Apparently, we’ve been in a recession for a year now:
It’s official: The United States is in a recession — and it started a year ago.
The nation’s economy peaked, and the recession began, in December 2007, the National Bureau of Economic Research announced today.
The group’s Business Cycle Dating Committee, the semi-official arbiter of these things, defines [...]

Putting The Bailouts In Perspective

by @ Tuesday, November 25th, 2008. Filed under Business, Credit Crisis, Economics, Sub-Prime Mortgage Crisis

So far, the financial bailout is the most expensive thing the United States Government has ever done:
In doing the research for the “Bailout Nation” book, I needed a way to put the dollar amounts into proper historical perspective.
If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars.
(…)
Crunching the inflation [...]

Ben And Hank’s Excellent Adventure

by @ Tuesday, November 25th, 2008. Filed under Business, Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

This morning, the Treasury Department and the Federal Reserve Board announced a new program designed to do nothing less than prop up America’s mountain of debt:
The federal government unveiled $800 billion in new loans and debt purchases on Tuesday, hoping another infusion of cash can help unfreeze troubled credit markets and make borrowing easier for [...]

Federal Deficit To Hit $ 1 Trillion

by @ Tuesday, November 25th, 2008. Filed under Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

We’re about to enter uncharted territory:
WASHINGTON – Budget hawks were aghast when the federal deficit hit a record $455 billion in fiscal 2008, more than double the previous year.
That figure could double again in 2009, to $1 trillion, but even balanced budget advocates are saying that may be the price we have to pay to [...]

The Moral Hazard Of The Citibank Bailout

by @ Tuesday, November 25th, 2008. Filed under Credit Crisis, Economics, Sub-Prime Mortgage Crisis

Now that the Federal Government has bailed out Citibank for a second time, we’re in danger of entering dangerous and uncharted territory:
While Citigroup’s second multibillion-dollar rescue from Washington hit Wall Street like a shot of adrenaline on Monday, many analysts worried that the jolt would soon wear off. Citigroup has been stabilized, but the outlook [...]

Neil Cavuto vs. Ben Stein

by @ Monday, November 24th, 2008. Filed under Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

Neil Cavuto has been doing a stand-up job of pointing out the foolishness in Washington during the bailout crisis, and he does a nice job holding his own against Ben “Bueller, Bueller” Stein:

Peter Schiff On The Auto Bailout And Obama’s Make-Work Bailout

by @ Monday, November 24th, 2008. Filed under Auto Industry, Business, Credit Crisis, Economics, Sub-Prime Mortgage Crisis

From Campbell Brown’s CNN program last Thursday.
Part One:

Part Two:

Welcome To The United States Of Moral Hazard

by @ Monday, November 24th, 2008. Filed under Credit Crisis, Economics, Sub-Prime Mortgage Crisis

If you’ve got any doubts about the lessons that Crap Sandwich, Son of Crap Sandwich, and the invisible Crap Sandwich are teaching Americans, well just read this:
Should you keep paying your mortgage?
If you have significant equity in your home, absolutely.
If you don’t, it’s getting harder to answer that question, especially when our government keeps giving [...]

The Housing Crisis Continues

by @ Monday, November 24th, 2008. Filed under Credit Crisis, Economics, Real Estate, Sub-Prime Mortgage Crisis

According to the latest numbers, we still haven’t hit bottom:
Home sales dropped and prices plunged again in October, an indication that the pain currently pulsing through the housing market is not likely to abate soon.
Sales of previously owned homes fell 3.1 percent for the month to an annual rate of 4.98 million, according to the [...]

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