Survival And ProsperitySurvival And Prosperity
"Protecting and Growing Self and Wealth in These Uncertain Times," Survival And Prosperity is a blog that was created in November 2010 by Chicago-based researcher and veteran blogger Christopher E. Hill and which focuses on financial and p
No End In Sight For U.S. Banking Crisis
The Wall Street Journal, with a little bit of help from federal regulators, managed to torpedo hopes earlier today that the United States was approaching an end to a banking crisis brought on by the housing bust. Michael Corkery, Jonathan Karp, and Damian Paletta wrote: Until now, most of the damage to banks from the ...
More About: Congress , Economy , Government , Banking , Housing
Lacker: The Fed?s Fletcher Christian
Captain Bligh: I wonder why an alleged gentleman should give his first loyalty to ordinary seamen. Fletcher Christian : Instead of to other alleged gentlemen? Captain Bligh: Impertinence noted. It shall be logged. Do you care to enlarge the entry? Fletcher Christian: Yes, only with this observation, which I will report to the Admiralty in any case: ...
More About: Federal Reserve , Investment Banks , Bailout
All Good Housing News, All The Time
It amazes me how much adults can revert back to acting like children. Confronted with a harsh economic reality, I see more and more people refusing to acknowledge what is actually going on around them. On a day when the New York Time s ran a story that said almost one in eleven mortgages ...
More About: News , Foreclosures , Housing , Happy
Foreclosures Hit The Hamptons
?No, it can?t happen here.? Time and time again this phrase has been repeated when it comes to the prospect of foreclosures in one?s neighborhood. And all too often it is a declaration proved wrong. One area on the East Coast where residents would least expect to see foreclosed properties is the ...
More About: Foreclosures , Hamptons
Realtors Getting Kicked When They?re Down
These days, I may not be so happy, after all After all that I have gained I still feel sad when I?m all alone I may have felt that path? Decay? I may not be so swift, after all All the chances you have given me I just let you go -The Rentals, ?These Days? (1995) As if the times weren’t tough enough ...
More About: Realtors , Housing , National Association of Realtors
Latest Bank Actions Draw Comparisons To 1929 Crash
With all the upheaval in the global economy lately, comparisons were bound to be made with another era symbolic of financial hardship. Last weekend, Philip Aldrick of the Telegraph (UK) wrote: Perhaps the most intriguing parallel, though, is the crude attempt at self-preservation made by the investment trusts in 1929 and the banks now. In the ...
More About: Credit , Depression , Debt , Bank , Crash
Write Downs, Credit Losses Approach $400 Billion Mark
From Bloomberg yesterday: The biggest banks and securities firms have booked about $387 billion of writedowns and credit losses since the beginning of last year, as the collapse of the U.S. housing market led to losses on securities tied to the value of home prices. Source: ?Wachovia?s Thompson Joins Prince, O?Neal Toppled by Subprime? Peter Robison Bloomberg, June 3, 2008 Share ...
More About: Credit , Wall Street , Write , Housing , Mark
Wall Street Strategists Warn Of ?Credit Recession? Lasting More Than Two Ye
Earlier today, some Wall Street strategists sounded the alarm over a ?credit recession? which may last more than two years and result in a massive consolidation of the U.S. financial sector. Reuters? Jennifer Ablan, Dena Aubin, and Walden Siew reported: The fallout from deteriorating subprime mortgages and the broader housing and credit crisis will eventually ...
More About: Congress , Credit , Politicians
For Whom The Bell Tolls, Part 3
Aaron Elstein of Crain?s New York Business is a no nonsense kind of guy. Last Friday, Elstein began a piece on Wall Street layoffs with the following sentence: In the past year, 22,000 New Yorkers who work on Wall Street have lost their jobs, according to a Crain?s estimate. And far more blood-letting ...
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Morgan Stanley?s Chief U.S. Economist Says Recession Is Here
Richard Berner, Morgan Stanley?s chief U.S. economist, said yesterday at a public finance and pension fund conference in Illinois that the United States is in a mild recession. Berner added that the U.S. housing crisis still has ?a long way to go? because of excess supply and caution by both lenders and potential homebuyers. ...
More About: Economy , Economist , Food , Chief , Commodities
Back To The Trenches
After an extended Memorial Day Weekend, it?s good to be blogging again. And guess what? Boom2Bust.com turned one this past weekend! Altered Images, ?Happy Birthday? (1981) YouTube Video Link Unfortunately, you won?t find my very first post from that 2007 holiday weekend, as my girlfriend left a comment that I later tried to remove, but ...
More About: Economy , Back , Gasoline , Consumers
World?s Leading Banks React To Write-Down Pain
Rules. We?re all taught to follow them at a young age. You know how to spot someone who has real authority and influence? No, it?s not those chumps who break the rules. Rather, it?s those who change the rules of the game to fit their needs. And that?s what we ...
More About: World , Credit , Banks , Write , Pain
From Investorazzi: ?George Soros Shares Economic Outlook, Warns Of Bear Market Rally? Billionaire investor George Soros visited the London School of Economics yesterday and said recent stock market gains were the result of a ?bear market rally? which would reverse course as the global credit crunch gets worse. He also painted a grim picture for the ...
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U.S. Energy Policy Is All Smoke And Mirrors
With the price of crude oil now well above $100, how has the U.S. government responded? Well, last week Congress voted to halt the shipment of 70,000 barrels that were being sent on a daily basis to our emergency reserve of crude oil known as the Strategic Petroleum Reserve, or SPR. Never mind ...
More About: Government , Commodities , Energy , Oil
Just wanted to let you know that you might want to look at two posts about ?crash prophets? Marc Faber and George Soros on our sister blog, Investorazzi.com: “Marc Faber Says Credit Crunch Not Over, Retail To Get Hit Next” I personally think we are just starting the credit crunch and that it will get much worse ...
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Quote For The Week
Last Wednesday, the U.S. Department of Labor reported that the consumer price index, or CPI, rose a moderate 0.2% in April. Excluding ?volatile? food and energy prices, the ?core? consumer price index increased only 0.1%. Over the past 12 months consumer prices are up 3.9%, with ?core? inflation running at 2.3%. In response to ...
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U.S. Senator Mocks The System
I don?t know about you, but I?m starting to get this feeling that our Senate is evolving into that ?legislative? body from the Roman Empire (not Republic, mind you) and from whom they derive their name. Well, at least they?re not assassinating each other in the hallways of the Dirksen Building (at least, not ...
More About: Congress , System , Politicians , Housing
George Soros Posts
Just wanted to let you know that you might want to look at the following two posts about ?crash prophet? George Soros on our sister blog, Investorazzi.com: ?George Soros Warns Of Financial Crisis, Wealth Destruction? from May 15 The days of rapid financial wealth creation are over. We?re now in a period of wealth destruction. It is ...
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Gold, Greenbacks, And Government Intervention
I remember reading a rather significant article by MarketWatch?s Peter Brimelow last fall. As someone who follows precious metals religiously, I had already been aware of the claims made by groups such as the Gold Anti-Trust Action Committee, or GATA, that the price of gold is being manipulated. However, on October 18, 2007, ...
More About: Europe , India , Government , China , Euro
Merrill Lynch, Morgan Stanley Issue Recession Warnings
At a conference yesterday in Singapore, New York City-based financial services giant Merrill Lynch warned the U.S. economy is in a recession that will become more apparent as the year drags on. According to Channel NewsAsia yesterday: Merrill Lynch said the world?s largest economy is already in a recession, and it expects to see a ...
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FHA Chief Shoots Down Housing Bailout Bill
Here?s another great piece that was suggested to me. As you may have heard already, the U.S. House of Representatives passed a bill last week that would enable struggling mortgage holders to refinance into more affordable loans guaranteed by Uncle Sam. The legislation, spearheaded by House Financial Services Chairman Barney Frank, would require ...
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Alan Greenspan: No Longer An American Idol?
It sure is funny how Wall Street and investors around the world used to fixate on former Federal Reserve Chairman Alan Greenspan . Every word, every action of the economist was scrutinized to no end as if correctly deciphering it would mean untold riches. Conducting this process was all the more impressive considering the ...
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Congress Approves National Colosseum
Not really. But Capitol Hill politicians might as well allocate funds to build one, complete with chariot races and gladiators to keep us happy, considering the way they?re pandering to the masses these days. When Congress only has a 20% approval rating (Gallup), what else would you expect? Something like what happened ...
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?Enormous Losses? At U.S. And European Banks Still Not Recognized
$329.2 billion. That?s what financial institutions worldwide have recorded in credit losses and write-downs since the beginning of 2007. And Carlyle Group Chairman David Rubenstein is saying that banks and financial institutions in the United States and Europe still have ?enormous losses? from bad loans they haven?t yet recognized, according to Bloomberg?s Alison ...
More About: Credit , Banks , European , Losses
Banking On Failure
Bank failures. They?re coming, according to a number of industry analysts. For them, the only question is, ?How many?? Back on April 29, I wrote: Sheila Bair, chairman of the Federal Deposit Insurance Corporation, said new data on the FDIC?s so called ?troubled bank? list will show an increase over the current 76 ...
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The United States Of Disrepair
Yesterday, I left my apartment on the northwest side of Chicago to visit my parents for Mother?s Day. Needless to say, the thirty minute trip to their home turned into a game of ?Avoid the Pothole.? Granted, conditions were particularly bad this past winter. However, having driven for almost two decades now, ...
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JPMorgan Chase CEO Says ?Recession Just Started?
Jamie Dimon, CEO of JPMorgan Chase & Co., shared some good and bad news with attendees at a conference in New York City today. The good news? Dimon believed the credit crisis was three-quarters over. And the bad? The head of the global financial services firm warned: Even if the capital markets ...
More About: Economy , Credit , Recession , Morgan Chase
Housing Bailout Latest
This morning I received an e-mail from the powers-that-be behind Stop The Housing Bailout! According to STHB: ? Readers against a housing bailout should contact U.S. Senator Richard C. Shelby. He can be reached by telephone at (202)224-5744, and by e-mail at Senator@shelby.senate.gov. STHB stated, ?He is going to run the show from ...
More About: Congress , President Bush , Politicians , Mortgages
Quote For The Week
During my time away from Boom2Bust.com last week, I stumbled across a quote I had saved about Wall Street analysts. Aubie Baltin (CFA, CTA, CFP, Ph.D), a regular contributor to the Gold-Eagle website, wrote all the way back in November 2005: Now days all you need to become a high priced analyst is to be ...
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Latest On Housing BailoutMore articles from this author:
Even though I am still on hiatus, I just wanted to pass this along to you from Stop The Housing Bailout!: Bailout Alert! According to this article, Bush says he will veto the Frank-Dodd bailout bill. Please call or email the White House to voice your support of a veto of the any housing bailout ...
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