SAY A LITTLE......ECONOMIC UPDATE - 01/26/08 07:36 AM
Prayers were answered all over the world Tuesday morning when the Feds dropped the Fed rate .750 in response to Monday’s global stock melt down. The following 4 days have been a gut wrenching ride with ups and downs in Wall Street. After falling over 400 points first thing on Tuesday, stocks started their climb back up with the Fed intervention. Today, however, a new set of rumors of another hedge fund (read: sub prime) was getting ready to crash, has sent the stocks easing back down. Interest Rates took the biggest hit with 30 year fixed rate going from the … (2 comments)

FRIENDS IN.....ECONOMIC UPDATE - 01/19/08 09:35 AM
Countries around the world are joining together and pumping billions of dollars into.....Food Banks? Medical Facilities? Alternative Fuel Sources? Little children everywhere? Nope. Merrill Lynch, Citigroup, Morgan Stanley, & UBS have already received over 27 BILLION dollars to refill their vaults to keep the subprime pain from going terminal from their friends in Saudi Arabia, Kuwait, Singapore & China. More banks are expected to receive money from this Billion Dollar Club. President Bush announced yesterday that the government is working on an economic stimulus package that will include giving tax rebates to one and all. It was not mentioned in his … (2 comments)

Here he comes to....Economic Update - 01/11/08 07:50 AM
Countrywide’s acquisition by Bank of America ended a week of speculation of bankruptcy, abandonment and takeover. Bank of America’s CEO Kenneth D. Lewis flew in and saved the day for Countrywide stock holders after seeing their stock dip below $5.00 per share on Wednesday or an 88% drop since this time last year. Superman Lewis is determined to be the J. P. Morgan of the 21st Century by acquiring the largest mortgage lender in the U.S for over 4 billion dollars, after their initial infusion of 2 billion (now worth half of one billion) in August. He has stated that he … (3 comments)

WHERE IS THE LOVE....ECONOMIC UPDATE - 01/04/08 01:23 PM
Today’s employment numbers reflected more people are without jobs since 2005. This sent a panic to the already battered Wall Street. The Fed is stating they will lower the Fed rate as much as it takes to prevent the economy from going into a housing-bust initiated recession. That’s swell. With the drop, adjustable rate mortgages will come down (hey, remember even the former Fed chair, Alan Greenspan, promoted some a.r.m.s). The Fed is going to save the day, along with our legislators to raise the FHA limits, lower the down payment, but with additional mortgage insurance added (thank you!) and that … (1 comments)

 

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