The dollar surged to a two-year high against the pound and a six-month peak against the euro on Friday, as fears about spreading economic gloom triggered a sell-off in commodities.Against sterling, the US currency notched up its 11th consecutive day of gains – its longest uninterrupted rise in more than 35 years – as markets [...]
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Sovereign Wealth funds buying up foreclosures
Posted by Jason on August 10th, 2008
According to a recent article in the New York Post, sovereign wealth funds are now looking at foreclosed residential properties. These funds have already gobbled up various iconic commercial real estates, such as the Chrysler Building. How much more of the US can be bought by foreign nations?
“A sovereign fund would have [...]
Higher oil costs forcing increase in prices of everyday consumer goods
Posted by Jason on June 26th, 2008
It’s no secret that record oil prices are pinching at the pump, but now the high cost of crude also is causing pain in ways shoppers hadn’t considered before, from the pro shop to the pretzel aisle.Petroleum isn’t just for power; it’s a key ingredient in thousands of consumer products. More than half of a [...]
Dow Chemical raise prices another 25%
Posted by Jason on June 25th, 2008
Unbelievable….with this 25% increase from Dow, they are raising their prices by 45% total (20% increase took effect this month). GRAND RAPIDS, Mich. – Dow Chemical Co. announced its second wide-ranging price hikes in less than a month as it attempts to offset sustained record costs for energy and the soaring price of raw [...]
NY Fed chief urges global bank framework
Posted by Jason on June 9th, 2008
Banks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with “appropriate requirements for capital and liquidity”, according to Timothy Geithner, president of the Federal Reserve Bank of New York.Writing in Monday’s Financial Times, Mr Geithner, a key US policymaker throughout the credit crisis and [...]
Many States Appear To Be In A Recession
Posted by Jason on April 25th, 2008
Good article from HuffingtonPost via the AP.
The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that’s true for the nation as a whole, a survey of all 50 state fiscal directors concludes.The situation looks even worse for the fiscal year that begins July 1 [...]
Michigan pulls out of federal student loan program
Posted by Jason on April 24th, 2008
LANSING, Mich. (AP) — State government has temporarily pulled out of a federal student loan program because of the credit crunch, ending some benefits for the tens of thousands of students who use the program.Michigan officially suspended its participation in the Federal Family Education Loan Program on Monday, according to a notice posted on the [...]
