September 16, 2008 – 7:10 pm
While the song and dance of mortgage blues and tainted paper certainly is not good for the United States, it is not good for other countries either. The true scale of the jobs disaster facing Britain is revealed today as experts issue dire warnings that up to half a million workers will lose their jobs over the next two years, as companies cut costs and scale back investment plans to survive the economic downturn. Karen Ward, chief UK economist at HSBC, calculates that almost a quarter of the workforce – seven million – are employed in the vulnerable retail and leisure industries. Many of those jobs will go away.
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September 16, 2008 – 7:38 am
Investors and people holding accounts with AIG (American International Group) are calling individual offices to see how safe their money is. One couple said they were worried about $90,000 in their retirement account. If these people studied before investing they would not be involved with AIG. Reasonable concerns would dictate that important financial assets should have been moved away from AIG long ago. Would you buy a used car from these guys?
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September 16, 2008 – 7:12 am
Speaking to the issue of regulators and the crash of Wall Street, “They just haven’t done a particularly good job,” said James Barth, a senior finance fellow at the Milken Institute, a nonpartisan research group based in Los Angeles. The same can be said for the entire Bush administration.
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September 15, 2008 – 7:00 pm
Did you see price gouging before and after hurricane Ike? Do you also think predatory mortgage lending is a form of price gouging or deceit? Regarding gas prices an intelligent statement was made. With regard to the lending crisis, no effort was made. “It’s critical that we go to the source. A number of gas stations are claiming that they are only passing on increases that they have had to pay, so it is vital to examine where these price increases originated.” Why not do the same with mortgages?
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September 11, 2008 – 8:20 pm
Jay Leno may joke about tracking the path of a hurricane by tracing the area of insurance cancellations prior to the storm season, but when Kansas Bankers Surety, (a Berkshire Hathaway company since 1996) eliminates private bank deposit insurance for deposits exceeding FDIC protection, need I say more?
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