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: 137 documentos

U.S. banks suffer 149 percent rise in bad loans
Foreclosures and bad loans raced through the banking industry in 2008, with the more than 8,000 U.S. banks registering a 149 percent increase in troubled assets, according to a new analysis of bank financial reports to the federal government. Msnbc.com is publishing information on the nations 400 largest banks as well as all banks with high ratios of troubled loans at years end. The American bankers Association opposes the publishing of such figures for mainstream consumption. It said that no single figure can capture the complexity of the rapidly changing financial situation at an individual bank, and that the public may not be prepared to handle that information.
bill dedman | msnbc.com | 18-03-2009

Revenge of the Glut
How did this global debt crisis happen? Why is it so widespread? The answer, I’d suggest, can be found in a speech Ben Bernanke, the Federal Reserve chairman, gave four years ago. At the time, Mr. Bernanke was trying to be reassuring. But what he said then nonetheless foreshadowed the bust to come. The speech, titled “The Global Saving Glut and the U.S. Current Account Deficit,” offered a novel explanation for the rapid rise of the U.S. trade deficit in the early 21st century. The causes, argued Mr. Bernanke, lay not in America but in Asia.
paul krugman | nytimes.com | 02-03-2009

Joseph Stiglitz: Obama Has Confused Saving the Banks with Saving the bankers
We get reaction to President Obama’s speech from Nobel economics laureate and former World Bank chief economist, Joseph Stiglitz. Stiglitz says the Obama administration has failed to address the structural and regulatory flaws at the heart of the financial crisis that stand in the way of economic recovery. Stiglitz also talks about why he thinks Obama’s strategy on Afghanistan is wrong and that Obama’s plan to keep a “residual force” in Iraq will be “very expensive.” On health care, Stiglitz says a single-payer system is “the only alternative.”
amy goodman | democracynow.org | 01-03-2009

The Credit Card Debt Crisis: The Next Economic Domino
According to the Federal Reserve, the total outstanding credit card debt carried by Americans reached a record $951 billion in 2008 -- a number that will only climb higher as more and more people reach for the plastic to make ends meet. What's more, roughly a third of that is debt held by risky borrowers with low credit ratings. Credit card defaults are on the rise and are expected to hit 10 percent this year. This will obviously drive many banks closer to failing their stress tests -- but it will have an even greater impact on the lives of people who find themselves sinking deeper and deeper into debt.
arianna huffington | huffingtonpost.com | 26-02-2009

Who’ll Stop the Pain?
So people at the Fed are troubled by the same question I’ve been obsessing on lately: What’s supposed to end this slump? No doubt this, too, shall pass — but how, and when? To be sure, the Obama administration is taking action to help the economy, but it’s trying to mitigate the slump, not end it. Let’s be clear: the Obama administration’s policy initiatives will help in this difficult period — especially if the administration bites the bullet and takes over weak banks. But still I wonder: Who’ll stop the pain?
paul krugman | nytimes.com | 20-02-2009

A Swiss Bank Is Set to Open Its Secret Files
In the hush-hush world of Swiss banking, the unthinkable is happening: secrets are spilling into the open. UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes.
linnley browning | nytimes.com | 19-02-2009

Failure to Rise
The plan sketched out by Tim Geithner, the Treasury secretary, wasn’t bad, exactly. What it was, instead, was vague. It left everyone trying to figure out where the administration was really going. Will those public-private partnerships end up being a covert way to bail out bankers at taxpayers’ expense? Or will the required “stress test” act as a back-door route to temporary bank nationalization (the solution favored by a growing number of economists, myself included)? Nobody knows.
paul krugman | nytimes.com | 13-02-2009

Nepal: Laptop School.
Rabi Karmacharya is young, handsome and charismatic — and he is a man on a mission. The MIT-educated IT engineer from Silicon Valley has returned to his native Kathmandu with an ambitious goal: to give the poorest kids in one of the poorest nations a chance at a good education.
gaia vince | seedmagazine.com | 09-02-2009

Bailouts for Bunglers
Question: what happens if you lose vast amounts of other people’s money? Answer: you get a big gift from the federal government — but the president says some very harsh things about you before forking over the cash. Just to be clear, I’m not talking about the Obama administration’s plan to support jobs and output with a large, temporary rise in federal spending, which is very much the right thing to do. I’m talking, instead, about the administration’s plans for a banking system rescue — plans that are shaping up as a classic exercise in “lemon socialism”: taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right.
paul krugman | nytimes.com | 02-02-2009

Health Care Now
The whole world is in recession. But the United States is the only wealthy country in which the economic catastrophe will also be a health care catastrophe — in which millions of people will lose their health insurance along with their jobs, and therefore lose access to essential care.
paul krugman | nytimes.com | 30-01-2009

What Red Ink? Wall Street Paid Hefty Bonuses
By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived. Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year. That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
ben white | nytimes.com | 29-01-2009

Wall Street’s Socialist Jet-Setters
Thain should never rise above the level of stocking the money in A.T.M.’s again. Just think: This guy could well have been Treasury secretary if John McCain had won.
maureen dowd | nytimes.com | 29-01-2009

How to Keep the Banking System in the Private Sector
Tim Geitner said today, in response to questions about the prospect of bank nationalization, that the Treasury is considering a range of options with the intent of preserving the private banking system. “We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system,” he told reporters. Well, it all depends on what "private" means. The fact that the Treasury has not sought voting rights or outright control over day-to-day operations does not mean the banks are still "private." Nor does it mean that much remains of the former "system" to be preserved.
robert reich | robertreich.blogspot.com | 29-01-2009

In Europe, a Stronger Push to Oversee Banks
Paris.- After a first round of costly bank bailouts and stimulus programs came up short, governments in Europe are moving more forcefully to take control over banks and their lending policies. But it will cost taxpayers hundreds of billions more. With one of its leading banks facing losses of £28 billion, or $40.6 billion, Britain on Monday outlined details of its £100 billion plan to help banks limit their losses from troubled assets — and to get lending flowing again in the face of deteriorating economic conditions.
david jolly | nytimes.com | 20-01-2009

Saving the Big 3 for You and Me
The Big 3 are, from this point forward, to build only cars that are not primarily dependent on oil and, more importantly to build trains, buses, subways and light rail (a corresponding public works project across the country will build the rail lines and tracks). This will not only save jobs, but create millions of new ones. You could buy ALL the common shares of stock in General Motors for less than $3 billion. Why should we give GM $18 billion or $25 billion or anything? Take the money and buy the company!
michael moore | michaelmoore.com | 03-12-2008

Bush administration ignored clear warnings
WASHINGTON - The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
ap | msnbc.msn.com | 03-12-2008

Icelanders protest economic meltdown
REYKJAVIK, Iceland: Thousands of Icelanders marked the 90th anniversary of their nation's sovereignty with angry protest Monday, and several hundred stormed the central bank to demand the ouster of bankers they blame for the country's spectacular economic meltdown. "The government played roulette and the whole nation has lost," writer Einar Mar Gudmundsson told a noisy but peaceful anti-government rally of several thousand people in downtown Reykjavik.
ap | iht.com | 03-12-2008

U.S. launches new mortgage aid program
More than 4 million American homeowners, or 9 percent of borrowers with a mortgage, were either behind on their payments or in foreclosure at the end of June, according to the most recent data from the Mortgage bankers Association. To qualify, borrowers would have to be at least three months behind on their home loans and would have to owe 90 percent or more than the home is worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy. Qualified borrowers would get help in several ways: The interest rate would be reduced so that they would not pay more than 38 percent of their gross income on housing expenses. Another option is for loans to be extended to 40 years from 30, and for some of the principal to be deferred, interest-free.
ap | msnbc.com | 12-11-2008

Small-Business Owners Lobby to Cut Credit Card Fees
Small merchants have long chafed at the fees they must pay banks every time a customer swipes a debit or credit card. But now, with business slowing and every dollar important to their bottom line, some merchants are pushing for changes.
jane birnbaum | nytimes.com | 06-11-2008

Cash or credit — or debit card?
Raquel Garcia is serious about avoiding debt. The 18-year-old customer-service representative for U-Haul recently canceled her credit card. Now she gets her entire paycheck deposited onto a prepaid debit card, which she uses for all her purchases. Since she can access only what's in the account, Garcia no longer worries about breaking her budget: "I'm spending just what I need."
christopher palmeri | msnbc.com | 03-11-2008

Cash or credit — or debit card?
Raquel Garcia is serious about avoiding debt. The 18-year-old customer-service representative for U-Haul recently canceled her credit card. Now she gets her entire paycheck deposited onto a prepaid debit card, which she uses for all her purchases. Since she can access only what's in the account, Garcia no longer worries about breaking her budget: "I'm spending just what I need."
christopher palmeri | msnbc.com | 03-11-2008

Cash or credit — or debit card?
Raquel Garcia is serious about avoiding debt. The 18-year-old customer-service representative for U-Haul recently canceled her credit card. Now she gets her entire paycheck deposited onto a prepaid debit card, which she uses for all her purchases. Since she can access only what's in the account, Garcia no longer worries about breaking her budget: "I'm spending just what I need."
christopher palmeri | msnbc.com | 03-11-2008

Cash or credit — or debit card?
Raquel Garcia is serious about avoiding debt. The 18-year-old customer-service representative for U-Haul recently canceled her credit card. Now she gets her entire paycheck deposited onto a prepaid debit card, which she uses for all her purchases. Since she can access only what's in the account, Garcia no longer worries about breaking her budget: "I'm spending just what I need."
christopher palmeri | msnbc.com | 03-11-2008

Cash or credit — or debit card?
Raquel Garcia is serious about avoiding debt. The 18-year-old customer-service representative for U-Haul recently canceled her credit card. Now she gets her entire paycheck deposited onto a prepaid debit card, which she uses for all her purchases. Since she can access only what's in the account, Garcia no longer worries about breaking her budget: "I'm spending just what I need."
christopher palmeri | msnbc.com | 03-11-2008

So When Will Banks Give Loans?
Given the way, that is, that Treasury Secretary Henry M. Paulson Jr. had decided to use the first installment of the $700 billion bailout money to recapitalize banks instead of buying up their toxic securities, which he had then sold to Congress and the American people as the best and fastest way to get the banks to start making loans again, and help prevent this recession from getting much, much worse. In point of fact, the dirty little secret of the banking industry is that it has no intention of using the money to make new loans. It is starting to appear as if one of Treasury’s key rationales for the recapitalization program — namely, that it will cause banks to start lending again — is a fig leaf, Treasury’s version of the weapons of mass destruction.
joe nocera | nytimes.com | 25-10-2008

Panel grills credit raters over inflated ratings
Washington.- Executives and employees at the major credit ratings agencies were often aware of problems in the AAA grades awarded to thousands of mortgage-related securities whose downgrades helped plunge the nation into a financial meltdown.
ap | msnbc.com | 23-10-2008

Stocks Dive as Crisis Erodes Earnings; Dow Drops 5.7%
The malaise on Wall Street simply will not lift. Despite cheaper oil and looser credit, stock investors on Wednesday could not shake their fears about the consequences of an economy that many believe is already in a recession. Worries about the corporate sector sent the Dow Jones industrials down more than 500 points for the day.
michael grynbaum | nytimes.com | 23-10-2008

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