Economy

I have been largely silent about the recent populist call to arms by Arianna Huffington and Rob Johnson. The duo advise Americans to withdraw their money from bank accounts at too-big-to-fail financial institutions and deposit them in a…

Holiday people, as we head into the new year, I’d like to get the pulse of Credit Writedowns readers on the state of the economy. Last night, I started a poll asking how long the recovery will last. I am not sure whether the poll…

The S&P/Case-Shiller October 2009 house price index came out yesterday. The data showed plenty of reason to worry about the sustainability of the recent stabilization of house prices. While both the Composite-10 and Composite-20 indices…

Back in September I posted “Now watch this drive” to explain voters’ increasing alarm at Obama’s detachment from the economic problems of ordinary Americans.  Commenting on a video featuring a famous George W. Bush gaffe, I said:…

The New York Times points out that zero percent interest rates are not designed for savers. They are a tax on savers, especially the elderly living on a fixed income. Millions of Americans are paying a high price for a safe place to put…

Below is a partial list of November FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system distress.…

Below are two videos and an article recounting the recent social unrest in Iran. Also see Biggest protests in months take place in Iran from the FT

From this past week's Unemployment Insurance Weekly Claims Report released today: In the week ending Dec. 19, the advance figure for seasonally adjusted initial claims was 452,000, a decrease of 28,000 from the previous week's unrevised…

This clip will give you a better indicator of small lenders’ agenda as they met with the President to talk about expanding lending. The only commentary I would note is the desire by the IBCA President to allow the FDIC to keep its…

This comes from the blog News from 1930 on financial news from this day in… 1930 (I don’t what they plan to do after New Year’s Day): Bankers Trust of Philadelphia closed after heavy withdrawals; had 135,000 depositors, total deposits…