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Spain panicked over possible rate hikes
I have been reading the Spanish press a lot recently to see what is happening in the Spanish property market. On the one hand, the country is transfixed over a strike by truck drivers (link in Spanish) that has left Spain's major cities…
Lawmakers default on loans too
After stars like Evander Holyfield and Jose Canseco defaulted on their mortgages, who is immune: lawmakers? Think again. The Charlotte Observer has a story out today reporting that Julia Boseman, a North Carolina State Senator has fallen…
Credit crunch hits autos, students and homes
McClatchy has an article out today showing that the credit crunch is hitting all sorts of consumer credit now. The crisis that began as one 'contained' to subprime, now has branched out into auto loans, credit card debt, student loans,…
Chart of the day: retail sales
This is what the recently released retail sales data look like over a longer time-frame.
Michael Panzner: regional banks in trouble
Michael Panzner has a good post on his site about regional banks being the next front in the Credit Crisis. He mentions home equity lines (HELOCs) as a crucial piece there, referring to an article in the Financial Times. His blog entry…
UBS rights issue hits an air pocket
The Telegraph reported that UBS, the giant Swiss Bank, had its shares suspended twice yesterday as it tried to mount a share rights issue while its shares plummeted to a 52-week low. UBS is trying to raise 16 billion Swiss Francs (about $16…
F.H.A. Faces $4.6 Billion in Losses
So the Federal Housing Administration is the latest victim of the housing bust. If they weren't a government agency, they might actually be bust.The projected loss is the highest in the home loan program since 2004, and officials said the…
Forget Inflation, debt deflation is the real threat
It has been my assertion for some time that writedowns and the attendant unraveling of the financial system is the most troubling problem during this credit crisis. This process is deflationary by its very nature because credit contracts.…
Bank failures to surge in coming years
My blog title comes from the title of an article, "Bank failures to surge in coming years" by MarketWatch on 23 May 2008. I highly recommend reading the full article. It mentions that only 3 banks have actually failed so far in…
Chart of the day: Consumer Inflation
This is what consumer inflation has looked like in the United States.