The US economy is on the verge of tottering. President Obama has asked banks to hike lending. He says that he is flooded with letters from the business houses who are not being able to borrow money for project expansion.
The President observes that the banks have already got a lot of assistance from the government. [...]
08 Jan
Posted by Julia Redstone as Finance
2009 came to be pockmarked with deep dark spots of despair that are fortunately beginning to heal; it remains to be seen how long it will be before the scars disappear into history.
Sale of automobiles dropped to its lowest since the last 26 years. General Motors and Chrysler had to seek bankruptcy protection but they [...]
In last December the policy makers of the Federal Reserve Board expressed divergent opinion about whether to stop or expand relief programmes regarding mortgage rates.
On 15th and 16th December the board held closed door meetings. From the minutes it was learnt that the Federal plan involving $1.25 trillion to purchase mortgage securities from the two [...]
According to RealtyTrac, 3.9 million foreclosure notices have been sent to Americans. This will mark record filings for the 2nd year in a row. In 2009, the number of filings will surpass the number of 2008. That is primarily because of unemployment. Even price of houses have eroded, which is a major factor plaguing the [...]
22 Dec
Posted by Julia Redstone as Finance
A survey highlights the intensity and depth of the suffering of those without jobs. Over half the unemployed in the country have borrowed from known sources like friends and relations since having lost their jobs. The same numbers have reduced their visits to the doctor and cut expenses on medical treatments.
Half of the unemployed are [...]
21 Dec
Posted by Julia Redstone as Finance
The Bank of America has announced that it would pay back the money to the Federal government. Now Citigroup is the only Wall Street giant to be chained to the Federal government.
This has put the Citigroup, CEO, Pandit in a very uncomfortable position of being the only one to be still tied to the government.
Others [...]
A White House slogan echoes these sentiments about a strong middle class equating to a strong America. It reads, “A Strong Middle-Class = A Strong America.”
Recently Joe Biden the Vice President speaking at the Brookings Institution on the positon of the stimulus programme referred to many similar instances of the American Reinvestment and Recovery Act [...]
17 Dec
Posted by Julia Redstone as Finance
Recession is causing a population shift which in turn is helping in head count in Los Angeles, Chicago, Miami and New York. Fears about substantial decline in population figures for the 2010 census has now somewhat subsided.
Many minorities had migrated to the interior of USA looking for jobs they had lost, bigger spaces to live [...]
The regular report from the Feds shows that the economy had shown modest gains although it continued to be sluggish and tepid. There were weak signs of revival as the banks continued to combat with slow loan demand. In the middle of it all the condition of the commercial real estate market fell.
The [...]
The American economy is yet to recover from the worst Recessions ever. With unemployment at an all-time high of 10%, people are unable to pay the mortgage amounts. In fact, 14% of homeowners in the US have fallen behind on payment of loans. This is a record high for ninth month in a row. That [...]
