How to Reverse America’s Cooling to Global Warming – The Atlantic
Thoughts on TARP Repayment – Calculated Risk
There seems to be a sense that the banks are rushing to repay the TARP funds so they can pay bonuses. I think it is more likely that are just taking advantage of the opportunity to raise capital.
Worst of Bank Failures Isn’t Over Yet: FDIC’s Bair – CNBC
“There’s a lag generally with bank recovery from the overall economy,” she said. “We do think bank failures will continue to go up next year but will peak. Even at higher levels than we have this year, it’s still far below where we were during the S&L days.”
Treasury Unleashes Foreclosure ‘SWAT Teams’ – NPR
This month, Michael Barr, assistant Treasury secretary, said the administration would dispatch “SWAT teams” to the banks, which are referred to in the industry as loan servicers. It turns out that the teams actually consist of three people making three-day visits to the banks. Barr also said that there might be fines for companies that aren’t doing what they should be.
“Wake Up, Gentlemen” – The Baseline Scenario, Simon Johnson
The guiding myth underpinning the reconstruction of our dangerous banking system is: Financial innovation as-we-know-it is valuable and must be preserved. Anyone opposed to this approach is a populist, with or without a pitchfork.
Single-handedly, Paul Volcker has exploded this myth.
CalPERS poised to seek less from state than governor offers – The Sacramento Bee
Schwarzenegger says the state should pay off CalPERS’ multibillion-dollar investment losses as quickly as possible rather than defer the cost. But some state employees unions say the Republican governor really wants to pay more so he can build political support for his proposal to reduce pension benefits.
Underwater, Securitized, and Screwed by the “Pass the Trash” Strategy – Mish
Of prime mortgages, 22.4% were securitized and a mere 9.3% remains in bank portfolios. 59.3% is in the portfolios of the GSEs (Fannie Mae, Freddie Mac).
The Home Affordable Refinance Program (HARP) can help borrowers whose loans sit with the GSEs, but only up to 125% of the loan, and even then only for those who haven’t been more than 30-days late on your mortgage payment in the last 12 months.
Pray tell what percentage is that?
Wells Fargo to Repay U.S., a Coda to the Bailout Era – The New York Times
Best Buy Says Gross Profit Rate Will Be Lower Than Anticipated – Bloomberg
Best Buy discounted laptop computers and offered $299.99 flat-screen TVs to attract customers in the final weekend of November, the traditional start of the U.S. holiday shopping season. Those types of items will drive sales growth in the current quarter, the Richfield, Minnesota-based company said today in a statement.
“It’s difficult to believe that what’s selling right now would drive a meaningful gross margin expansion in electronics,” said David Schick, a Baltimore-based analyst with Stifel Nicolaus & Co. “But that may change in late 2010. You need a new product cycle.”
Banks: Real Reform and Pitchforks – The New York Times
How I Negotiated With My Collection Agency – Minyanville
What? I can negotiate the amount? I felt like I was buying a car.
I called my new guy back, and made him an offer. I explained to him that I only had a certain amount of money to work with (per my advisor’s reminder) and I could offer him $5800.
He acted shocked and insulted that I’d offer so little. But he would get back to me. On the day before Thanksgiving, he called and made me his “best offer,” which was better than before, but still not at my number.
I called my accountant back and asked him if I should take it — or maybe go with the payment plan. He said, “Jessie, why would you bid against yourself? Stay put.” So I did.
The Funniest Protest Signs Of 2009 (PHOTOS) – HuffPo
