Five Ways of Looking at a Meltdown
Five Ways of Looking at a Meltdown If you re like me, you recognize that the economic meltdown is mighty scary more so than most people realize and that it s been long-suppressed by most economists, pundits, and pols. Even for those of us of the progressive persuasion who have known for quite a while that the economy is in dire need of regulation, it isn t that clear what measures we need to get behind. To help us bring a little order to the chaos and hopefully to bring some pressure to bear
Bankruptcies: The No. 1 Growth Area For 2008
The St. Louis Post Dispatch is writing Bankruptcy filings expected to soar as economy slides The law that drastically changed the Bankruptcy Code in October 2005 was supposed make it tougher to escape debts and reduce the number of filings. It worked, for a time. Although the law made filing for bankruptcy more complex and expensive, the number of cases locally and nationally is rising again. Experts predict a big hike later this year, triggered by the nation’s wobbling economy and heavy levels
Mortgage debt problems soar at Hastings and Rother CAB (Hastings Today)
THE number of hard-up people seeking help with mortgage arrears has risen dramatically at Hastings and Rother Citizens Advice Bureau. (09/04/2008 13:06:26)
Housing Bubble Bursts Wide Open In Spain
The Telegraph is reporting Foreign banks flee Spanish property debt. International banks are scrambling to sell their holdings of Spanish mortgage debt at a steep discount, fearing that the country may be sliding into the worst economic downturn in its modern history. My Comment: What took them so long? How tough was it to see this one coming? A blizzard of grim data has soured the mood, capped yesterday by a plunge in PMI purchasing managers’ index to an all-time low of 40.9. Car sales fell 28p