Posts Tagged ‘housing bubble’

Unemployment increases in all 50 states

Written by Timothy Blake on January 29, 2009 under Economic Impact

Where are the jobs going, and what is the effect? When the housing bubble burst in the United States many people thought job losses would be contained to the financial sector. Not so, claim the Brits. The UK reflects what may happen in the US, and thus far the UK is a mirror image.

Federal Bail-out, Return to the Source?

Written by Timothy Blake on September 22, 2008 under Archives, Editorial

When the news hit the street, subprime borrowers took the first hit. No one seems to remember the sequence of federal manipulations or new mortgage terms, which were onerous to the point of being predatory. Terms which were deceptive and misrepresented by the mortgage brokers and lenders. Everyone in the industry wants to wheel and deal, but no one wants to milk the cow.

Bush and Greenspan point fingers like 8 year olds

Written by Timothy Blake on March 21, 2008 under Editorial

Very few think Alan Greenspan’s retirement was anything but a timely decision before his juggling act fell apart. Of course hindsight is clearer for most, but not for economists. A wonderful trait of economists is hindsight and foresight are often both in clear focus. For example, when HSBC bought predatory lender Household International, leadership at the time realized the deal was time sensitive. Make the money, make money for your friends, and retire before everything crashs around you. The time to retire is the most important critical goal, not the long term fiscal effects of your decisions. It is sound third grade logic, in practice by 8-year olds every day, although they are probably not thinking of retirement.

The Fed’s Contribution to Mortgage Blues

Written by Timothy Blake on December 19, 2007 under Archives, Editorial

According to Alan Greenspan the housing bubble had far less to do with the Fed’s policy on interest rates than on a global surplus in savings that drove down interest rates and pushed up housing prices in countries around the world. Many Fed officials counted on the housing boom to prop up the economy after the stock market collapsed in 2000.

Fed wants new regulations while the states do the work

Written by Timothy Blake on October 12, 2007 under Analysis, Archives, Government Positions, Opinion

Before making more rules and regulations to control subprime borrowing we suggest enforcement of existing rules. Why did the government set aside the final quarter of 2007 to review non-bank lenders? Warning signs existed as far back as 2002. Ameriquest paid a predatory lending fine not too long ago. The states took enfiorcement action against Household International and Ameriquest, and received flack from the Federal level while doing so. Something is wrong with the system. Protectionism by the OCC is the first issue that should be examined if the Fed really wants to look at the problem. OCC complaints went unanswered both before and after the Julie Williams era.

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