Survival Of The Weakest

There was a very interesting pair of articles over the weekend on the New York Times by Michael Lewis and David Einhorn called How to Repair a Broken ... that if you don’t prop up these banks you risk an enormous credit contraction — if they aren’ ... up failed banks and extending them huge amounts of credit has made business more difficult for the people [more...]

Date: 2009-01-05 17:48:00

Blog posts (548) | Videos (150)
 

It’s 2009, Where’s your head at?

I think I’m going to start an annual post, instead of talking about my resolutions I want to talk about things that we should have since it’s 2009 ... it is because in Poland it takes 30 seconds. If two institutions are certified credit facilities (banks, paypal, credit unions, etc) then it should be instantaneous of a bank transfer between them [more...]

Date: 2009-01-08 18:00:33

World demand collapse, bonds next

Bonds are a bubble, shares suspect, currencies wobbly... buy the precious metals before the inflation really starts... http://www.financialsense ... what the Central banks have done is to shore up the banking system but it’s far from functional. Since credit ... with population growth. World credit is mostly unavailable. Banks won’t lend and despite the [more...]

Date: 2009-01-16 22:22:27

Improving Your Odds of Getting Approved for a Mortgage

by Troy Cruz William Engle Dawn Khoury James Nissen Robert Hill Chris Laning Janet Taylor Jack Enders Bruce Gross Rick Bean Keith Wood Ray Johnson ... on what your financial history is like. If you aren’t sure what it is, get a copy of your credit score and your credit report. Banks look at your credit report and score to determine what their risk is [more...]

Date: 2009-01-09 18:30:22

Banks? Credit Quality Expected to Worsen

Kerry E. Grace reports: Although government support has buoyed U.S ... s bankruptcy caused the credit markets to seize up in September. The ratings agency also expects ... . banks, the industry will likely experience overall credit quality deterioration at least through [more...]

Date: 2009-01-06 09:09:00

UBS, Credit Suisse: Swiss Bank Shorts Worth 30%

Vikram Pandit is not the only bank CEO who is trying desperately to find that tricky balance between contraction and shareholder value; across the Atlantic, Europe’s banking giants also know that they must dismantle the financial-supermarket model. Shares of Union Bank of Switzerland (UBS), Credit Suisse (CS) and Deutsche Bank (DB [more...]

Date: 2009-01-15 14:18:17

The Early Bird: September 18, 2008

Central Banks Announce $180 Billion Credit Line To Encourage Lending In a move aimed at easing a worldwide credit crunch, the U.S ... of central banks that will, in turn, provide new lines of credit to firms who would otherwise face ... will no doubt take some lumps today following an AP report that notes he's never visited or held official [more...]

Date: 2008-09-18 14:14:03

Banking Industry Sinking Faster Than Government Can Bail?

A useful piece at the Wall Street Journal discusses the poor prospects for the US banking industry, ... pound gorilla provider of mortgage credit offers far fewer fee opportunities to banks (and that's even ... and Treasury. The article makes much of recent and almost-certain-to-get-worse bank credit losses [more...]

Date: 2008-12-30 06:21:47

Banks Supposedly Will Cut Consumer Credit Card Lines by $931 Billion if Reforms Mandated

There is a rather amusing story at the Financial Times tonight, "Credit card reforms ‘to cost banks billions’". Let's look at the particulars ... that banks will lose $10 billion in interest annually, reduce credit lines by $931 billion, and put ... not get anyone well known for banking expertise to put its name on a self-serving report [more...]

Date: 2008-12-15 01:59:42

2007 J.D. Power Satisfaction Ratings in Finance

J.D. Power & Associates puts out annual customer satisfaction surveys in all types of industries from automobiles to finance to insurance to travel ( ... I used more - retail banking and credit cards. While I don’t discuss the mortgage ratings, go check ... banking, mortgage related, and credit card groups. At the time I first wrote this, I didn’t think [more...]

Date: 2008-08-10 19:27:39

Profiting from Payday Loans in 2009

On an otherwise normal evening in 1964, a woman known as “Miss Witness” received a disturbing telephone call from alleged loan shark Frank Sacco ... . Prices are still crashing - currently sitting about 35% below a year earlier. Credit is nearly frozen. Banks and credit card companies alike are buckling down and leaving very little money free [more...]

Date: 2009-01-16 19:38:12

by Dr. Ellen Hodgson Brown featured writerDandelion SaladEllen’s postwebofdebt ... is repelled.”  If banks can create money, why are we suffering from a “credit crunch”? Why can’t banks ... billion in taxpayer money to reversing the credit crisis, and the Federal Reserve has already fanned [more...]

Date: 2009-01-12 22:30:40

Great Recession Roundup — January 16, 2009

Items of Interest:Todd Harrison / Minyanville:Quote of the Day --I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit ... Banking's Gerry Levin?Eric Jackson Seeking Alpha: Where Did Citigroup Go So Wrong?Felix Salmon / Market [more...]

Date: 2009-01-16 17:13:00

Best 0% APR Credit Cards

Gone are the days when you couldn’t walk to your mail box without a credit card offering 0% on balance transfers or 0% on purchases hitting you in ... for it. There is absolutely no reason why anyone should pay an annual fee to use a credit card, unless it offers ... the face. With the recent credit crisis and all the bank failures, credit card issuers [more...]

Date: 2009-01-15 12:09:25

Twenty-First Century Trust-Busting

Halfway through Michael Lewis and David Einhorn’s NYTimes Op-Ed (btw, when did those two hook up?) ... businesses to the highest bidders — perhaps to some bank that was not swept up in the credit bubble ... that if you don’t prop up these banks you risk an enormous credit contraction — if they aren’t in business [more...]

Date: 2009-01-04 15:45:51

Small Bizs Feeling the Chill

The New York Times: Some small companies say they are no longer able to get loans from newly cautious banks as credit tightens across the country, ... credit — at 30 percent a year. Mr. Snyder does not want to borrow much at that rate. “ ... , the Census Bureau reports, and they outpace large companies in generating new jobs. Photo by Kevin Moloney. [more...]

Date: 2008-10-07 15:08:55

Biggest Slowdown Since 1929

By Don BethuneThe rapid growth of telecommunication with the emerge of IT industry has kept the GDP and different growth parameters steep rising post 1990s.However far beyond the imaginations and expectations of researchers, experts, analyst across the globe the recent turmoil in credit market, banking sector in the banks of USA, European and few [more...]

Date: 2009-01-16 13:48:00

How to Prepare for Buying a Home

This is a guest post from Jim, my friend and colleague at Blueprint for Financial Prosperity ... t change your job. This won’t necessarily affect your credit score (some banks will do a hard credit check, which negatively affects your score) but it will give the lender headaches when they try [more...]

Date: 2008-09-03 12:00:29

Get Out of FreeCreditReport.com’s “Triple Advantage”

FreeCreditReport.com is the heavily advertised company that offers “free” credit reports ( ... reminder to check your bank and credit card statements at least once a month so charges like this don ... in mind that the place to get truly free credit reports, three times per year (once from each bureau [more...]

Date: 2008-07-25 18:29:44

Help! Poor Black People Are Stealing the Election from Rich White Guys

By Lloyd Hart You may have noticed over the last week the word acorn or to be more exact A.C.O.R.N ... practices in minority neighborhoods - a deliberate practice of banks not providing equal access to credit ... loans from mortgage companies and banks who saw the future and were desperate to get rid [more...]

Date: 2008-10-11 21:55:03

When you overdraw your checking account does that effect credit??

don't mess with your credit That is exactly what someone plugged into a search engine to get to my site! I love it - bad grammar and all ... , you can bet that your credit score will take a hit. Also, if you use an overdraft line of credit ... the bank is going to report you to the credit agencies. But if, however, you continue doing so every [more...]

Date: 2008-09-10 16:07:32

UAE banks assigned negative outlook

Financial Times: Moody’s Investors Service, the credit rating agency, has placed the United Arab Emirates banking sector on a negative outlook, ... . ... Tightening credit conditions, liquidity constraints, a collapse of regional equity markets and tumbling oil prices will also contribute to increased strains at UAE banks, Moody’s added in its report [more...]

Date: 2009-01-15 16:23:15

Mint monitors our credit-crunched spending

Mint.com balance service As consumers watch what they spend more closely in these credit-squeezed times, services such as Mint ... automatically categorises users’ bank and credit card transactions, give it some fascinating ... on credit card balances - one institution topping the table with its members having an average balance [more...]

Date: 2008-11-19 23:50:18

Keep tabs on your health insurance claims

We’re all aware of the dangers of identity theft these days. Most people keep a close watch on their bank accounts, credit card statements, and credit reports to ensure they’re not being victimized. This week I had a scare that made me realize my credit [more...]

Date: 2009-01-14 13:00:26

Morning Commentary

Start with Markus K. Brunnermeier. While the overall mortgage losses are large on an absolute scale, ... or other loans as collateral...To ensure funding liquidity, the sponsoring bank grants a credit line ... vehicles, and then granting a credit line to that pool to ensure a AAA-rating, allowed banks to reduce [more...]

Date: 2008-11-20 12:11:23

Would Knowing Your Credit Score Make You a Better Borrower?

This time it’s not a bait and swtich. You may be familiar with Freecreditreport.com ... State Employees Credit Union is giving its online banking and credit customers access to Scores ... . The company promises a  ”free” credit score upfront and hits you with enrollment in a $15/month [more...]

Date: 2009-01-16 18:49:19

Solve The Credit Crisis From The Bottom Up Through Social Lending

VOTE NOW! From the site: The credit crunch currently crippling America’s economy is not due to a lack of available funds. It is caused by dysfunctioning credit markets and by the banks having adopted an overly conservative credit policy in the wake of the subprime meltdown. After very permissive lending practices [more...]

Date: 2009-01-15 19:03:05

More Discussion of Why the Bailout Bill Will Not Help Money Markets, Commercial Lending

Reader FairEconomist left a short comment on an earlier post which we hoisted along with some other material, ... to have commercial paper backed up with a standby line of credit at a bank. Thus, if for some reason a company ... , and of course, also require banks to hand out cash when they worried about extending credit [more...]

Date: 2008-10-02 04:36:58

Bush was a freemarket leader?

Since the market crash that followed the cratering of the property market in the US and elsewhere, ... contracts and interest rates that are determined by savings, not credit creation by a central bank. It’ ... , insurance, banking and welfare. This is not capitalism! Michael Shermer also steps in with a recent [more...]

Date: 2009-01-16 21:49:47

Did America Get Punk'd on the Bailout?

By David Sirota, Campaign for America's Future. Posted December 18, 2008. The answer is yes ... now here's what to do about it ... . Regarding U.S. business access to credit, the report says: Overall U.S. bank lending is at its highest level ... about a credit crisis that justified Congress cutting a trillion-dollar blank check to Wall Street [more...]

Date: 2008-12-19 02:27:52

Bank of America Approves $3.75 Billion Share Repurchase

Yet another sign of deplorable practice in action. Regulators are urging all banks to increase their capital bases ... of Oppenheimer, who so far has called the performance of banks correctly in this credit crunch. said in her July 15 research report that bank valuaatons (meaning earnings multiples) were headed lower until [more...]

Date: 2008-07-23 18:41:35

Headline News - January 14, 2009

Wall St. Journal: Bank of America to Get Billions in U.S ... Services Acquires Private Label Credit Card Program of Canadian Luxury Jeweler Birks Bank Systems ... AIte Group Report: U.S. Credit Unions: Seize the Opportunity Note: Throughout the day, as Payments [more...]

Date: 2009-01-14 13:26:41

Details on Equifax ID Patrol and Your Chance to Win a Free Trial

Recently I had the chance to interview Steve Ely, president of Equifax Personal Solutions, about their Equifax ID Patrol service ( ... now, there are people who want to steal your personal information. To help themselves to the credit you’ve worked hard to build—and use it to open bank accounts and credit cards, take out loans, and even file [more...]

Date: 2008-07-25 12:46:28

Dizard: "Put the credit default swaps market out of its misery"

As credit default swaps have come in and out of focus over the last year, ... . I have trouble seeing their legitimate uses. In theory, they could allow banks to diversify and hedge credit ... of credit risk assessment skills and a ballooning of speculation. Last week, Chris Whalen of Institutional [more...]

Date: 2008-12-09 07:52:33

Bernanke Hints Banks, Economy In Much Worse Shape Than Previously Admitted

At the Stamp Lecture, London School of Economics, London, England, Bernanke Urges ‘Strong Measures’ to Stabilize BanksFederal Reserve Chairman Ben S ... and the normalization of credit markets.”My Translation: "Banks are in much worse shape than ... foreclosures, help revive credit markets and continue direct aid to banks.“Although a number of efforts [more...]

Date: 2009-01-13 20:09:00

Has Deleveraging Even Begun? (Not For the Fainthearted)

It no doubt seems absurd to question the idea that deleveraging in underway ... . Leveraged buyout loans have been scarce to non-existent. Banks have cut home equity credit lines and credit card borrowing limits. Commercial and industrial loans have fallen. The private mortgage [more...]

Date: 2008-07-28 07:37:19

QuickBooks Pro 2009 3 User

Amazon. com Product Description Small business accounting software that makes accounting easy with tools to organize your finances all in one place. Track sales & expenses. Click to enlarge. Reduce data entry by downloading your bank & credit card transactions into QuickBooks. Click to enlarge. Create purchase orders. Click to enlarge. Generate reports with one click to see how your business is doing. Click to enlarge. [more...]

Date: 2009-09-29 23:40:46

Financial Crisis: missing the beat?

In Business Day yesterday, Anton Harber asked whether newspapers have ’explained (the financial crisis) ... Ritz and the web production team have done an excellent special online report (ok, lots of us don’ ... Another Bank, Credit Crisis and Market Failure (18 September), SA Banks are Safe (19 September), Morgan [more...]

Date: 2008-10-02 08:56:37

The Identity Theft Epidemic

In today’s modern world there’s an increasing threat level associated with identity theft.  With newer technology being implemented and invented everyday, this rise has been due in many respects that that innovative technology. Criminals are using that smarter technology to increasingly break into bank accounts, credit card facilities and the like quicker and easier without going detected.  But what is identity theft actually? [more...]

Date: 2009-09-01 13:58:26

The Identity Theft Epidemic

In today’s modern world there’s an increasing threat level associated with identity theft.  With newer technology being implemented and invented everyday, this rise has been due in many respects that that innovative technology. Criminals are using that smarter technology to increasingly break into bank accounts, credit card facilities and the like quicker and easier without going detected.  But what is identity theft actually? [more...]

Date: 2009-09-01 13:58:26

CD Calculator

CD Calculator AIG Bank High Yield Money Market Account eBank 1 Year Certificate of Deposit Rate Bank of Internet 3 ... a Car Purchase Online Banking Getting a Copy of Your Credit Report Imperial Capital Bank CD Rates [more...]

Date: 2009-01-04 20:48:14

Morning Update

Concerns PersistWorries about the health of the financial sector are persisting and a small profit from JP Morgan Chase is doing little to assuage concerns after a report that Bank of America is negotiating with the federal government over aid ... . The bank also faced higher credit costs associated with a continued deterioration across its loan [more...]

Date: 2009-01-15 14:58:00

Jim King Speaks About Campaign Finance

You know, I could go on for days and days about hypocrisy and campaign finance. But the fact of the matter is its a laughable cause in Kentucky. Jim King wrote a letter to the editor you should read: Your Sept. 18, 2009, editorial regarding a preliminary draft report from the Kentucky Registry of Election Finance (KREF) correctly points out that no laws were broken when King Southern Bank granted credit to my daughter, Judge Katie King during her campaign in 2008. [more...]

Date: 2009-09-23 17:30:05

Treasury Official Interviewing for Fed Job

David McCormick, the Treasury Department’s undersecretary for international affairs, ... banking business of Credit Suisse and Terrence Checki, head of the Federal Reserve Bank of New York ... despite recent reports that New York bankers are trying to draft him. He won’t be in New York interviewing [more...]

Date: 2009-01-09 14:35:00

Los Angeles Mortgage Rates Report: January 14, 2009

The US Treasury Department has been supporting the mortgage bonds market, in order to keep mortgage rates under 5% ... , their funding line gets filled up.  Imagine a funding line (sometimes called a warehouse line of credit) like a big credit card,  Normally, a big bank needs, say $100 Billion for its line.  The unexpected [more...]

Date: 2009-01-14 06:35:15

Protect Yourself from Identity Theft

Several steps can protect against identity theft There is no real way to prevent someone from stealing your identity or swiping financial and ... sites - check them daily Order a free credit report once a year from annualcreditreport.com Debit cards ... personal information, unless you have no bank accounts, credit cards or Social Security number [more...]

Date: 2009-01-08 20:07:11

Twitter Weekly Updates for 2009-06-21

Israel’s richest woman gets messages, has visions - guardian.co.uk http://cli.gs/z4U25p # Prototype Sustainable All-steel House Completed in Eight Weeks … - PR Web (press release) http://cli.gs/ZEt1jv # Baylor, MCC recognized for ‘green’ building construction - Waco Tribune Herald http://cli.gs/ZGEJ4Z # Banks’ credit to realty sector expands in 2008-09 - Hindu Business Line http://cli.gs/m03S7g # Family of hoteliers builds empire on glitz - Crain’s New York Business [more...]

Date: 2009-06-21 15:45:00

moving your money to a safer bank. *Based on FDIC data from March 2008. ... » Banks and Fraud: Bank of America Better Than Expected? » More Credit Card Customers at Risk ... . Dovetailing nicely with my article on how to freeze your credit record, Ben talked [more...]

Date: 2008-07-16 10:10:35

THE FINTAG NEWSLETTER @ 25 August 2009

FINTAG COMMENT Plastic Ono Bank. Bank of America is having trouble packaging up its credit card receivables and flogging them on. You see, to get a decent FICO score you need debts that are likely to be paid back but BoA seems unable to throw any into the mix. I made the error yesterday of stating Mastercard and Visa were in trouble and rightly so I was shot down for they are payment processors not debt holders. I was using a metaphorical term but it didn't work. [more...]

Date: 2009-08-25 23:35:00

De-leveraging the Children of Wall Street

submitted by James Baker Welch, VP of Rothschild Investments One of the most stunning facts of the 2008 Financial Melt-down has been the wholesale ... regulatory agencies to determine if the institution has met the credit needs of its entire community. 1   The CRA began to compel banks to underwrite less credit-worthy mortgage loans in order [more...]

Date: 2009-01-15 15:40:18

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