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finacial responsibility: Economic Recovery? Where Will It Come From? - 07/18/09 02:36 PM
Many recent headlines have trumpeted the economic recovery, but what they fail to tell us is: Where will it come from? As the stock market responds to earnings reports from Goldman Sachs, J P Morgan, and reports that China’s economy is experiencing strong growth, the financial talking heads and government “experts” seem a bit inebriated on their own intoxicating concoction. They want us to believe that recovery is just around the corner (Of course they’re also telling us that we may just need a little more stimulus).
 
The problem is: Wall Street bankers don’t add to the GDP; they don’t … (8 comments)

finacial responsibility: This Crisis is not Financial - 06/09/09 04:53 PM
While the stock market, housing prices, jobless rate, and falling GDP may point to a financial crisis, those are only symptoms of the real illness. Just as a doctor would never describe an overweight patient’s condition as, “a crisis of too many fat cells,” we must look to the cause of our problem if we ever expect to effect a cure.
 
The USA has gorged itself on debt, but even that’s not the problem. It’s yet another symptom of a society focused upon personal comfort and satisfaction, chasing an ever-changing vision of happiness, a narcissistic assumption that it was about … (147 comments)

finacial responsibility: Subprime Goes Primetime - 05/16/09 02:08 PM
Defaulting mortgage holders are no longer just subprime; the latest surge in seriously delinquent mortgages comes from those considered prime. Such loans have now begun to default at a rate more than double that of just a year ago. Lenders have also seen a significant increase in defaults on HELOCs or Home Equity Lines of Credit. Add those to April’s record high defaults in credit card payments and it points to the potential for the “perfect credit storm.”
 
But the main story here is the troubling number of prime mortgages experiencing problems. In an interesting article in Sunday’s NY Times, … (6 comments)

 

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