07
May
Tracking The Economic Decline: Oil Up, Another Bank Down
HOUSING WIRE: “More than half of those who purchased a home in 2006 now owe more on their mortgage than their home is worth, the company said — surely ominous news for mortgage execs fretting over the potential for so-called borrower “walk-aways.” ”
FT: Fannie Mae to raise $6bn new capital
Fannie Mae FNM, the largest buyer of mortgages in the US, on Tuesday reported a first-quarter loss of $2.2bn and said it would seek $6bn in new capital as the deteriorating housing market extracted a heavy toll.
OIL WENT TO $122 A BARREL. ON ITS WAY UP
Gas is expected to hit $4 a gallon nationwide this weekend.
FT: Analyst warns of oil at $200 a barrel
Crude oil prices could surge to $200 a barrel in the next two years,
according to the Goldman Sachs GS analyst who three years ago correctly predicted a price “super-spike” above $100 a barrel.
Nigerian Rebels who have been disrupting the oil industry there say they will cease if Jimmy Carter mediates their grievances.
UBS reports First Quarter net loss $11 billion - Yahoo! News
Bloomberg: UBS Faces US Tax Evasion Probe; Senior Employee Is Detained
By Otis Bilodeau May 7 (Bloomberg) — UBS AG, Switzerland’s biggest bank, said the US Department of Justice is investigating whether the firm helped clients evade US taxes.
Another version of the snake in the grass rearing up right now. I just paid my monthly bills yesterday. For many years, my equity loan payment was the largest monthly outlay.I have been aware that home heating oil costs had risen above the cost of the loan, but had not figured out how much above. No more. It dawned on me yesterday that I could pay my loan for four months, for the cost of one tank of home heating oil. Yep-for the money represented by three tanks of home heating oil, I could pay off an entire year on my loan. That is beyond horrific. If this continues, I see another ’surge’ driven by the Bush government, a surge in homelessness, a surge in regard to need in food pantries, a surge in desperation.
May 7th, 2008 at 1:25 pmSo please dig out your crystal ball Danny and let me know when reason and sanity will return to this country, a country abandoned to the tender mercies of Milton Friedman and free market economic disaster capitalists and conservative politicians
Jack Harrington
Deer Isle, Me..