House of Cards, Hour Long Special on CNBC
Excellent explanation of what happened between 2001 and today. I caught a glimpse of CNBC’s documentary on the financial crisis called “House of Cards” just now and I highly recommend anyone who’s interested on how we got ourselves into such trouble to watch it.
From what I’ve seen, it at least explains:
- How it was a credit crisis to a stock market crisis to a economic crisis.
- What a CDO is and Alan Greenspan’s take on it.
- What some people have done to warn it and how others knew things were going to be bad.
The show, House of Cards, is going to be on CNBC and premiers tonight (2/12/2009) at 8:00pm ET and 12:00am ET.
Or you can view this entire special online here:
http://www.hulu.com/watch/59026/cnbc-originals-house-of-cards
The Short and Simple Story of the Credit Crisis.
2009-02-19 — crisisofcredit.com
Lenders drop mortgage brokers
I’ve been talking with investors about this very thing for the past year. Unfortunately, I think this one is inevitable. Banks have been pulling their warehouse lines for the past year and increasingly, local banks, are beginning to lend only to their customers. Seems as if it’s back to sitting at the bankers desk or using our new subprime lender, FHA.
2009-02-14 – CNNMONEY.com
NEW YORK (CNNMoney.com) — Some big banks have cut back on doing business with mortgage brokers – and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
Lots of Reactions on Obama/Housing Plan
Pulled from various sites/blogs:
Obama’s Plan Aimed at Helping Troubled Homeowners
2009-02-18 – WSJ.com
Homeowner Affordability and Stability Plan
Executive Summary
The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.
· Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.
· Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.
· Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent.
1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affortdable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgage Rages by Strengthening Confidence in Fannie Mae and Freddie Mac.
The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. The key components of the Homeowner Affordability and Stability Plan are:
Total Bailout Tab, To Date…
2009-02-17 – Ritzhold.com
“Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through Feb. 10, the government has made commitments of nearly $8.8 trillion and spent $2 trillion. Here is an overview, organized by the role the government has assumed in each case.”
Stimulus Bill Signed
2008-17-08 - NYTimes.com
“President Obama has not ruled out a second stimulus package, his press secretary, Robert Gibbs, said on Tuesday, just before Mr. Obama signed his $787 billion recovery package into law with a statement that it would “set our economy on a firmer foundation.”
Foreclosure Epidemic
2009-02-17 – ritzhold.com
Media has it all wrong. Housing is trying to become normal again. It was “in turmoil” when no-one could afford a house without entering into criminally negligent financing arrangements with the mortgage thieves.
Inconvenient Debt: A Detailed Look at the Latest Monetary Base Figures
On his FOX News show, Glenn Beck went back and showed in detail the chart that he had previously showed on his show. Here he is showing the latest Adjusted Monetary Base chart from the St. Louis Federal Reserve Bank. Never in the history of the country has the monetary base increased this much so rapidly. If this continues, inflation will go out of control.
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