Ireland may come to regret joining the EU
@ November 13, 2008 # No Comment Yet
For the past decade Ireland has experienced huge economic growth, 7.5% per year, as evidenced by huge jumps in immigration and building. Major American companies, such as Dell, have flocked to the Emerald Isle to take advantage of Ireland’s new found prosperity. Many credited inclusion in the European Union and adoption of the euro for the growth. Unfortunately, that which giveth may very well taketh away. Ireland is in trouble and the EU may be adding to the problems.
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American Express. Is the wallet empty?
@ November 12, 2008 # No Comment Yet
American Express wants $3.5 billion in taxpayer bailout money, which explains why earlier this week Amex was deemed by the Federal Reserve to be a “bank holding compnay”, giving it access to Fed financing.
American Express has hit troubled times recently because its business model relied heavily on selling packages of credit card debt to investors; [...]
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Rate cut won’t help Japan
@ October 27, 2008 # No Comment Yet
Bank of Japan’s current central bank interest rate is .5%, compared to the 1.5% in the United States. Economic and Fiscal Policy Minister Kaoru Yosano has said that cutting the rate in half, to .25%, would have no positive affect on the Japanese economic situation. It is likely that the Bank of Japan will not [...]
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Dr. Doom says the worst is yet to come.
@ October 27, 2008 # No Comment Yet
Nouriel Roubini, a NYU economics professor, has earned the right to tell the world “I told you so.” Roubini, nicknamed “Dr. Doom” by those stupid enough to dismiss his economic predictions, foresaw the current economic situation, including the specific events that have led us here, with chilling accuracy. And he says it’s not over yet.
Roubini [...]
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Revocable trust beneficiaries now qualify for $250,000 each in FDIC coverage
@ October 12, 2008 # No Comment Yet
The FDIC announced on October 10, 2008 that it was dropping a restriction on insuring beneficiaries of revocable trusts. Historically, each immediate family member beneficiary of the trust account was eligible for the $100,000 insurance payment. However, extended family members and non-family members were not eligible. The change in law makes every beneficiary eligible, and [...]
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Australia to make FDIC look like a joke
@ October 12, 2008 # No Comment Yet
For the next three years, Australia will guarantee all deposits in Australia banks, no matter what the size.
This makes the FDIC limits, whether $100,000 or $250,000, look silly. Way to go Kevin Rudd! Can you come help us now?
Maybe we should all move our money to Australian banks?
Reuters 10/12/08
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Shocker: Europeans think American bailout plan is inferior
@ October 11, 2008 # No Comment Yet
The head of the International Monetary Fund (”IMF”), Dominique Strauss-Kahn, thinks we are on the brink of a global financial meltdown as prices crashed more than 20 percent last week and steps taken so far have not stabilized the markets. The IMF also prediced that shares could fall another 20 percent in the next few [...]
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Obama linked to Freddie Mac, Fannie Mae
@ September 16, 2008 # No Comment Yet
Although only in the senate for four years, Barack Obama has been found by the Center for Responsive Politics to be the No. 2 recipient of dirty money from Freddie Mac and Fannie Mae lobbying efforts. Freddie/Fannie used the contributions to keep federal regulators at bay. Fannie Mae and Freddie Mac recently required a federal [...]
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