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Thu Jan 8

• n+1 -- Financial Meltdown: "At the end of the sub-prime orgy, it became difficult to place a lot of this debt. So the banks would end up warehousing it?you see, they didn?t know it was 10 minutes to midnight. They had a profitable business in purchasing and securitizing these assets, but it was 10 minutes to midnight and they didn?t know it. They thought they would be able to place it and securitize it when things calmed down. But it turned out the clock struck midnight and these assets turned into?pumpkins. And they couldn?t move them, and while all these assets were sitting on their books the real estate market started to deteriorate, and the value of these sub-prime mortgages started to deteriorate with it." --- Classic commentary on the subprime crisis. -- "...they were borrowing a lot of money, they used the capital they had, they borrowed outside money, they bought sub-prime mortgages. They were highly, highly leveraged. 50:1 leverage." ; -- LOL
• Consumer Borrowing in US Falls Record $7.9 Billion
• The Golden Money List: Hundreds of Tips for Turning Your Financial Life Around | Zen Habits
• Story: Loan Modification | Get More Stories at Quizilla
• Obama: 'Trillion-Doll ar Deficits For Years' - Capital Commerce (usnews.com): This won't help the Democrats' ; short-lived mantle as the party of fiscal responsibility . "Potentia lly we've got trillion-dolla r deficits for years to come, even with the economic recovery that we are working on."
• How to Get Good Credit | eHow.com: How to Get Good Credit. It is very important to establish good credit in today?s world. With the downturn in the economy, banks are starting to tighten up. With less than great credit, you may find yourself having to pay hig...
• Morning Star -- Interview: MAX KEISER: - "Interest rates around the world are going to zero, including the UK, so anyone with savings is not getting any kind of return on those savings. The central banks are hoping that people speculate more with their money and lose, which puts them at the mercy of the state even more so than they are now in what I call this new gulag-casino state of neofeudalism.& quot; -- "The mainstream media colludes with the magic, misdirection, mischief and mayhem and money laundering. CNBC is the pretty lady standing next to the magician who misdirects the audience and it's going to continue to be that way because human nature never changes. This entire generation could get wiped out, but the next generation will not have learned a single thing."
• How to Get Good Credit | eHow.com: How to Get Good Credit. It is very important to establish good credit in today?s world. With the downturn in the economy, banks are starting to tighten up. With less than great credit, you may find yourself having to pay hig...
• Bloomberg.com -- BOE Cuts Rate to Lowest Since Bank's Creation in 1694: "Chancell or of the Exchequer Alistair Darling told the Financial Times this week that the U.K. Treasury may need to play a bigger role in setting monetary policy if interest rates approach zero. That may prompt the government to authorize the central bank to buy assets including government securities and perhaps create money to pay for them." -- Well, that's it for sterling.

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