Taylor Wimpey faces bankruptcy

Money Week points out the scenario for Taylor Wimpey, the UK house builder resulting from the top-of-the-market merger of Taylor Woodrow and George Wimpey, now that shareholders have rejected its rights offer:We've been saying you should…

The perp walks are on

I said last week that people were in the mood to get some of the dastardly perpetrators of this housing fiasco. Washington and law enforcement officials around the U.S. are listening to the anger of their constituents and acting by going…

Oil now over $144

After U.S. inventories reported a shock 2 million barrel draw, the price of oil rose above $144 to a new record.Crude oil futures rose to a record above $144 a barrel in New York after a U.S. government report showed an unexpected decline…

Ambac is going to zero fast

from Bloomberg News: Ambac Financial Group Inc., the world's second-biggest bond insurer, stopped trading on the New York Stock Exchange in a ``subpenny halt'' after its share price fell as low as $1.04. Ambac declined 3 cents, or 2.5…

Manhattan Q2 Apartment Sales down 22%

New York City has held pretty well in this housing downturn to date. However, with money center banks reeling from the credit crisis, this has changed. Bloomberg reports sales in Manhattan falling 22% in the second quarter of 2008. Sales…

Outlook for Spain: Recession

The well-deserved euphoria over the European Championship in football has brought welcome relief to Spanish consumers, weighed down by a slow economy. However, global economies have not decoupled from the U.S. slowdown. European economies…

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