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Sarcastic American!
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 Posted: Fri Dec 21, 2007 7:15 pm Post subject: ****BOMBING BUSH ECONOMY****** |
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Yup, they lying about the economy and Americans know they are full of
shit because they can't afford gifts for their kids, don'tchaknow?
WEEEEEEEEEEEEEEEEEEEE
WASHINGTON -- The Federal Reserve, working to combat the effects of a
severe credit crunch, announced Friday it had auctioned another $20
billion in funds to commercial banks at an interest rate of 4.67
percent. Fed officials pledged to continue with the auctions "for as
long as necessary."
The central bank said it had received bids for $57.7 billion worth of
loans, nearly three times the amount being offered, indicating
continued strong interest in the Fed's new approach to providing money
to cash-strapped banks.
It was the second of four scheduled auctions. The first auction, on
Monday, of $20 billion resulted in loans being awarded at an interest
rate of 4.65 percent. There were 93 bidders seeking $63.6 billion at
the first auction and 73 at the second.
Two more auctions will occur in early January. In a statement Friday,
the central bank said it would continue with further auctions "for as
long as necessary to address elevated pressures in short-term funding
markets."
Top NewsTop Posts
Entertainment: Alec Baldwin: ATTENTION! ATTENTION EVERYONE!!! I have
an important announcement.
Living: David Allen: Three Cheers For Sloth, Indolence, And
Procrastination!
Politics: Rep. Robert Wexler: The Case for Impeachment Hearings
Business: Hale "Bonddad" Stewart: Redstate: Economic Morons
Media: Will Durst: If I Were a Journalist I Would Pimp-Slap
Condoleezza Rice
Living: See George Clooney Talk About Darfur
Media: Imus Slams Brokaw's Courage
Entertainment: Sacha Baron Cohen: Killing Borat
Politics: Rice Blasts Huckabee For Criticizing Bush
Business: SEC Investigates Washington Mutual Over Mortages
The new auction process was announced by the Fed last week in a
coordinated action with central banks around the world trying to
address a global credit crunch.
Federal Reserve Chairman Ben Bernanke and his colleagues decided to
try the new process because their efforts to inject funds into the
banking system through the Fed's discount window, which makes direct
loans to banks, had proven less successful than Fed officials had
hoped.
Many banks had avoided using the Fed's discount window out of concern
that investors would see the move as an indication of underlying
problems at their financial institutions.
The auction process was developed as a second way to get money into
the banking system with the hopes that it would not carry the stigma
of the discount window.
The Fed said Friday that it would announce on Jan. 4 the sizes of the
next two auctions which will be held Jan. 14 and Jan. 28. Officials
have said the Fed will evaluate the interest in the auctions after the
initial four and determine whether more auctions will be scheduled.
The new auction results cover short-term loans for 35 days.
The global credit crisis has made banks reluctant to lend to each
other even as the Fed has been lowering its federal funds rate, the
interest that banks charge each other for overnight loans.
The rate currently stands at 4.25 percent, a full percentage point
lower than it was in September when the Fed began slashing rates in
the wake of a severe credit squeeze that had roiled global |
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| Posted: Fri Dec 21, 2007 7:15 pm Post subject: Advertisement |
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Guest
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| Posted: Fri Dec 21, 2007 11:21 pm Post subject: Re: ****BOMBING BUSH ECONOMY****** |
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On Dec 21, 11:15 am, "Sarcastic American!" <not4ud...@yahoo.com>
wrote:
| Quote: | Yup, they lying about the economy and Americans know they are full of
shit because they can't afford gifts for their kids, don'tchaknow?
WEEEEEEEEEEEEEEEEEEEE
|
With spending rising at a faster rate than savings, the nation's
savings rate dipped into negative territory in November at 0.5
percent, the first negative savings rate in 15 months. That meant that
households spent all of their incomes and either dipped into savings
or borrowed to finance high spending last month.
AIN'T IT A HOOT!!!!!
| Quote: | WASHINGTON -- The Federal Reserve, working to combat the effects of a
severe credit crunch, announced Friday it had auctioned another $20
billion in funds to commercial banks at an interest rate of 4.67
percent. Fed officials pledged to continue with the auctions "for as
long as necessary."
The central bank said it had received bids for $57.7 billion worth of
loans, nearly three times the amount being offered, indicating
continued strong interest in the Fed's new approach to providing money
to cash-strapped banks.
It was the second of four scheduled auctions. The first auction, on
Monday, of $20 billion resulted in loans being awarded at an interest
rate of 4.65 percent. There were 93 bidders seeking $63.6 billion at
the first auction and 73 at the second.
Two more auctions will occur in early January. In a statement Friday,
the central bank said it would continue with further auctions "for as
long as necessary to address elevated pressures in short-term funding
markets."
Top NewsTop Posts
Entertainment: Alec Baldwin: ATTENTION! ATTENTION EVERYONE!!! I have
an important announcement.
Living: David Allen: Three Cheers For Sloth, Indolence, And
Procrastination!
Politics: Rep. Robert Wexler: The Case for Impeachment Hearings
Business: Hale "Bonddad" Stewart: Redstate: Economic Morons
Media: Will Durst: If I Were a Journalist I Would Pimp-Slap
Condoleezza Rice
Living: See George Clooney Talk About Darfur
Media: Imus Slams Brokaw's Courage
Entertainment: Sacha Baron Cohen: Killing Borat
Politics: Rice Blasts Huckabee For Criticizing Bush
Business: SEC Investigates Washington Mutual Over Mortages
The new auction process was announced by the Fed last week in a
coordinated action with central banks around the world trying to
address a global credit crunch.
Federal Reserve Chairman Ben Bernanke and his colleagues decided to
try the new process because their efforts to inject funds into the
banking system through the Fed's discount window, which makes direct
loans to banks, had proven less successful than Fed officials had
hoped.
Many banks had avoided using the Fed's discount window out of concern
that investors would see the move as an indication of underlying
problems at their financial institutions.
The auction process was developed as a second way to get money into
the banking system with the hopes that it would not carry the stigma
of the discount window.
The Fed said Friday that it would announce on Jan. 4 the sizes of the
next two auctions which will be held Jan. 14 and Jan. 28. Officials
have said the Fed will evaluate the interest in the auctions after the
initial four and determine whether more auctions will be scheduled.
The new auction results cover short-term loans for 35 days.
The global credit crisis has made banks reluctant to lend to each
other even as the Fed has been lowering its federal funds rate, the
interest that banks charge each other for overnight loans.
The rate currently stands at 4.25 percent, a full percentage point
lower than it was in September when the Fed began slashing rates in
the wake of a severe credit squeeze that had roiled global |
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Jorge W. Arbusto, Preside
Guest
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| Posted: Sat Dec 22, 2007 1:19 am Post subject: Re: ****BOMBING BUSH ECONOMY****** |
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<mordacpreventor@hotmail.com> wrote in message
news:84f86d1b-73e7-4be2-abbd-5511cb0d06a6@u56g2000hse.googlegroups.com...
On Dec 21, 11:15 am, "Sarcastic American!" <not4ud...@yahoo.com>
wrote:
| Quote: | Yup, they lying about the economy and Americans know they are full of
shit because they can't afford gifts for their kids, don'tchaknow?
WEEEEEEEEEEEEEEEEEEEE
|
With spending rising at a faster rate than savings, the nation's
savings rate dipped into negative territory in November at 0.5
percent, the first negative savings rate in 15 months. That meant that
households spent all of their incomes and either dipped into savings
or borrowed to finance high spending last month.
AIN'T IT A HOOT!!!!!
And Tom Joad lives....
Tent city in suburbs is cost of home crisis
Fri Dec 21, 2007 2:11pm EST
By Dana Ford
ONTARIO, California (Reuters) - Between railroad tracks and beneath the roar
of departing planes sits "tent city," a terminus for homeless people. It is
not, as might be expected, in a blighted city center, but in the
once-booming suburbia of Southern California.
The noisy, dusty camp sprang up in July with 20 residents and now numbers
200 people, including several children, growing as this region east of Los
Angeles has been hit by the U.S. housing crisis.
The unraveling of the region known as the Inland Empire reads like a 21st
century version of "The Grapes of Wrath," John Steinbeck's novel about
families driven from their lands by the Great Depression.
As more families throw in the towel and head to foreclosure here and across
the nation, the social costs of collapse are adding up in the form of higher
rates of homelessness, crime and even disease.
While no current residents claim to be victims of foreclosure, all agree
that tent city is a symptom of the wider economic downturn. And it's just a
matter of time before foreclosed families end up at tent city, local housing
experts say.
"They don't hit the streets immediately," said activist Jane Mercer. Most
families can find transitional housing in a motel or with friends before
turning to charity or the streets. "They only hit tent city when they really
bottom out."
Steve, 50, who declined to give his last name, moved to tent city four
months ago. He gets social security payments, but cannot work and said rents
are too high.
"House prices are going down, but the rentals are sky-high," said Steve. "If
it wasn't for here, I wouldn't have a place to go."
'SQUATTING IN VACANT HOUSES'
Nationally, foreclosures are at an all-time high. Filings are up nearly 100
percent from a year ago, according to the data firm RealtyTrac. Officials
say that as many as half a million people could lose their homes as
adjustable mortgage rates rise over the next two years.
California ranks second in the nation for foreclosure filings -- one per 88
households last quarter. Within California, San Bernardino county in the
Inland Empire is worse -- one filing for every 43 households, according to
RealtyTrac.
Maryanne Hernandez bought her dream house in San Bernardino in 2003 and now
risks losing it after falling four months behind on mortgage payments.
"It's not just us. It's all over," said Hernandez, who lives in a
neighborhood where most families are struggling to meet payments and many
have lost their homes.
She has noticed an increase in crime since the foreclosures started. Her
house was robbed, her kids' bikes were stolen and she worries about what
type of message empty houses send.
The pattern is cropping up in communities across the country, like
Cleveland, Ohio, where Mark Wiseman, director of the Cuyahoga County
Foreclosure Prevention Program, said there are entire blocks of homes in
Cleveland where 60 or 70 percent of houses are boarded up.
"I don't think there are enough police to go after criminals holed up in
those houses, squatting or doing drug deals or whatever," Wiseman said.
"And it's not just a problem of a neighborhood filled with people squatting
in the vacant houses, it's the people left behind, who have to worry about
people taking siding off your home or breaking into your house while you're
sleeping."
Health risks are also on the rise. All those empty swimming pools in
California's Inland Empire have become breeding grounds for mosquitoes,
which can transmit the sometimes deadly West Nile virus, Riverside County
officials say.
'TRICKLE-DOWN EFFECT'
But it is not just homeowners who are hit by the foreclosure wave. People
who rent now find themselves in a tighter, more expensive market as demand
rises from families who lost homes, said Jean Beil, senior vice president
for programs and services at Catholic Charities USA.
"Folks who would have been in a house before are now in an apartment and
folks that would have been in an apartment, now can't afford it," said Beil.
"It has a trickle-down effect."
For cities, foreclosures can trigger a range of short-term costs, like added
policing, inspection and code enforcement. These expenses can be
significant, said Lt. Scott Patterson with the San Bernardino Police
Department, but the larger concern is that vacant properties lower home
values and in the long-run, decrease tax revenues.
And it all comes at a time when municipalities are ill-equipped to respond.
High foreclosure rates and declining home values are sapping property tax
revenues, a key source of local funding to tackle such problems.
Earlier this month, U.S. President George W. Bush rolled out a plan to slow
foreclosures by freezing the interest rates on some loans. But for many in
these parts, the intervention is too little and too late.
Ken Sawa, CEO of Catholic Charities in San Bernardino and Riverside
counties, said his organization is overwhelmed and ill-equipped to handle
the volume of people seeking help.
"We feel helpless," said Sawa. "Obviously, it's a local problem because it's
in our backyard, but the solution is not local."
(Additional reporting by Andrea Hopkins in Ohio; Editing by Mary Milliken
and Eddie Evans)
© Reuters 2007. All rights reserved. Republication or redistribution of
Reuters content, including by caching, framing or similar means, is
expressly prohibited without the prior written consent of Reuters. Reuters
and the Reuters sphere logo are registered trademarks and trademarks of the
Reuters group of companies around the world.
Reuters journalists are subject to the Reuters Editorial Handbook which
requires fair presentation and disclosure of relevant interests.
| Quote: | WASHINGTON -- The Federal Reserve, working to combat the effects of a
severe credit crunch, announced Friday it had auctioned another $20
billion in funds to commercial banks at an interest rate of 4.67
percent. Fed officials pledged to continue with the auctions "for as
long as necessary."
The central bank said it had received bids for $57.7 billion worth of
loans, nearly three times the amount being offered, indicating
continued strong interest in the Fed's new approach to providing money
to cash-strapped banks.
It was the second of four scheduled auctions. The first auction, on
Monday, of $20 billion resulted in loans being awarded at an interest
rate of 4.65 percent. There were 93 bidders seeking $63.6 billion at
the first auction and 73 at the second.
Two more auctions will occur in early January. In a statement Friday,
the central bank said it would continue with further auctions "for as
long as necessary to address elevated pressures in short-term funding
markets."
Top NewsTop Posts
Entertainment: Alec Baldwin: ATTENTION! ATTENTION EVERYONE!!! I have
an important announcement.
Living: David Allen: Three Cheers For Sloth, Indolence, And
Procrastination!
Politics: Rep. Robert Wexler: The Case for Impeachment Hearings
Business: Hale "Bonddad" Stewart: Redstate: Economic Morons
Media: Will Durst: If I Were a Journalist I Would Pimp-Slap
Condoleezza Rice
Living: See George Clooney Talk About Darfur
Media: Imus Slams Brokaw's Courage
Entertainment: Sacha Baron Cohen: Killing Borat
Politics: Rice Blasts Huckabee For Criticizing Bush
Business: SEC Investigates Washington Mutual Over Mortages
The new auction process was announced by the Fed last week in a
coordinated action with central banks around the world trying to
address a global credit crunch.
Federal Reserve Chairman Ben Bernanke and his colleagues decided to
try the new process because their efforts to inject funds into the
banking system through the Fed's discount window, which makes direct
loans to banks, had proven less successful than Fed officials had
hoped.
Many banks had avoided using the Fed's discount window out of concern
that investors would see the move as an indication of underlying
problems at their financial institutions.
The auction process was developed as a second way to get money into
the banking system with the hopes that it would not carry the stigma
of the discount window.
The Fed said Friday that it would announce on Jan. 4 the sizes of the
next two auctions which will be held Jan. 14 and Jan. 28. Officials
have said the Fed will evaluate the interest in the auctions after the
initial four and determine whether more auctions will be scheduled.
The new auction results cover short-term loans for 35 days.
The global credit crisis has made banks reluctant to lend to each
other even as the Fed has been lowering its federal funds rate, the
interest that banks charge each other for overnight loans.
The rate currently stands at 4.25 percent, a full percentage point
lower than it was in September when the Fed began slashing rates in
the wake of a severe credit squeeze that had roiled global |
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