Economic Impact
Four years have passed since this letter was written. In the final paragraph it says “You have witnessed the destruction caused by Household International and HSBC Finance in the United States, and the global financial impact around the world.” Now, as 2012 begins, we know how global financial matters got worse. So many key points in this letter were correct.
By TOM RAUM
Associated Press
China roundly condemned the United States for its “debt addiction” and “short sighted” political wrangling and said the world needed a new stable global reserve currency.
WASHINGTON – The government says the number of troubled banks kept growing last quarter even as the industry as a whole had its best quarter in two years.
This week Moodys Investment Service downgraded its ratings on a total of $42.2 billion of residential mortgage-backed securities (RMBS) made up of subprime home loans.