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Two possibilities exist: 1) The US will continue to borrow in increasing amounts from foreign creditors, in a Faustian pact, whereby they sell us manufactured goods because we keep our markets completely open, and over time, we have to raise the yield we pay on the notes we issue, as we shed...

I think Stiglitz nails it. Kudos to him. He's got credibility in spades. Obama had better wake up and clean out his cabinet.

Stiglitz Says Bank Rescue Doomed by Obama Administration Wall Street Ties http://www.bloomberg.com/apps/news?pid=20601087&sid=ahnPchOxZMh8&refer=home By Michael McKee and Matthew Benjamin April 16 (Bloomberg) -- The Obama administration’s plan to fix the U.S. banking system is...

'He's not heavy, he's my brother.'

Actually, in reality, there is no doubt that Goldman Sachs and JP Morgan are the blessed amongst us in the eyes of the U.S. Government. There is nothing our dearest Treasury Department, the 'independent' Federal Reserve, or Congress or the Executive Branches of government WOULD NOT DO for...

I always appreciate the fact that at least some people 'get it.' It's all about employment. People will shop til they drop and buy houses, cars and plasma screen tv's until their blue un the face, even if interest and mortgage rates are high, if they have good jobs and aren't fearful of...

Chris Dodd AND Joe Biden...they have friends in high places who can't help them if their customers lose their jobs. That's the sad aspect of all of this...people who have lost their jobs or have taken a massive hit to their pay or hours are living off of credit cards, literally. Of course...

They use different math in China. Their +6.1% equals our -2.2%.

I know someone who used to have money and when he started to see he was going to go bust, he ran up over 220k on about 12 different credit cards knowing he was not going to pay it back. He used to be a mortgage broker who was doing extremely well.

Capital One Sees Surge In Charge Offs http://www.allheadlinenews.com/articles/7014808132 April 16, 2009 9:13 a.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Capital One has experienced a surge in charge offs as credit customers in the U.S. default on credit card debt they...

Absolutely, because they're going to get much higher taxes, less and worse government services, and no state-funded pensions anymore. In addition, the new 'normal' (i.e. 'full' in economic-speak) employment rate will be a weak European nation-state like 12%, or so.

This guy sounds like a real piece of trash.

Goldman Sachs is a front company for the CIA.

Mall Operator Files for Bankruptcy By MICHAEL J. DE LA MERCED 23 minutes ago The bankruptcy of General Growth Properties marks one of the biggest commercial real estate collapses in U.S. history...

jficquette - the guy who would criticize Obama no matter what. Here you have a perfect outcome. All pirates killed, and the captain safe and on the way to be reunited with his family. Yet there's the dimwitted jficquette, bitching and whining about what who knows. Had this been...

Exactly, and the government keeps sticking its nose in the situation, and instead of constructively letting the market clear these assets, it only delays the inevitable, which will ultimately make the situation far worse and more painful than it otherwise would be.

Bloomberg article: http://www.bloomberg.com/apps/news?pid=20601087&sid=aRDQUt6RM.FE&refer=home 800k+ foreclosures for Q1 with 1 million possible in Q2 based on March totals.

Here it comes. I told everyone here three months ago that this was going to happen - that the moratorium was simply creating a 'dam,' and that the 2nd wave of foreclosures would be bigger than the first, as I had the luxury of having conversations with a friend who is now a partner at a large...

I told everyone here three months ago a second, bigger wave of foreclosures was building, based on conversations with a friend who is now a full partner (was a junior partner uo until three months ago) at a large Miami law firm, who works in their foreclosure department (residential and...

Robert Shiller says we need more economic stimulus to avoid Depression http://www.bloggingstocks.com/2009/04/15/robert-shiller-says-we-need-more-economic-stimulus-to-avoid-depr/ Posted Apr 15th 2009 2:20PM By Zac Bissonnette Everyone has an opinion about whether the economic...