Job losses shock some as others estimate real unemployment near 12 percent

Fed chariman Ben Bernanke still won’t admit that the United States is in a recession. On the other hand More than once in the past, three consecutive months of job losses have marked the start of a recession. “It is our view that we are already in one,” said Drew Matus, a Lehman Brothers economist, …

Mortgage game may not be for those with a conscience

A great article by Huliq focuses on the mortgage blame game. “You can blame who you want but mortgage lenders made these products available to mortgage companies who hired individual mortgage brokers with no formal education to sell the mortgage product that made the mortgage lender, the mortgage company and the mortgage broker the most …

Bush aims to continue imaginary expansion with OCC help

President George W. Bush today will announce a freeze on some subprime mortgage rates in an effort to stop a wave of foreclosures undoing the six-year expansion. Some say Bush’s six year expansion was a manufactured extension of the recession of 2001. As part of the deal the states are expected to help, but experts …

Bush in jam over subprime rescue plan

As lawmakers, Treasury Secretary Henry Paulson, Housing and Urban Development Secretary Alphonso Jackson, a slew of presidential hopefuls, and many others weigh in on a solution to the subprime mess it is clear that President Bush is in a jam. While some realists say the recession of 2001 never ended, others claim the manufactured wealth …

One third of U.K. homeowners face big house payment increases

Some say the U.K. is a warning to the U.S. but the news sounds about the same. One third of all U.K. homeowners will face big increases in their house payments. A report released yesterday said approximately 5.5 million people in the U.K. would be effected. Many fell into the subprime trap because of divorce, …