Financial Crisis Inquiry Commission Report: The Obvious, in All Its Glory
Posted on January 26th, 2011
“(The financial crisis) was a fundamental disruption–a financial upheaval, if you will–that wreaked havoc in communities and neighborhoods across this country.”
I’ll say!
If you’re wondering what’s inside the Financial Crisis Inquiry Commission’s 600+ page report on the causes of the financial crisis, released today in its full glory, the quote above should give you an idea. The report is no revelation–but who was expecting one? If you want a more colorful, informative idea of what the report is all about, read Kevin Depew’s brilliant take on it. And if you have the next two days to read the entire report, it’s embedded at the bottom of this post.
Here’s a summary of their main findings, none of which should come as a surprise if you’ve been living in American civilization for the past three years.
To me, the real h
Tags: Crisis, Financial Crisis
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Economic Outlook: State of the economy
Posted on January 25th, 2011
Rick Snyder, Michigan’s new governor recently pulled off an interesting trick: He gave a State of the State address without mentioning automobiles.
For President Barack Obama in his Tuesday night State of the Union address, he would have to talk for an hour without mentioning the economy to pull off a similar stunt. He is unlikely to do that.
The president, however, has some extremely dicey ground to cover in discussing the state of the U.S. economy in part because the promising recovery of a year ago sputtered badly by midsummer before gathering steam again and in part because every day is one closer to some kind of national reckoning with overspending. Republicans are nipping at his heels, hoping to maintain their image as the party most serious about government debt. Obama, meanwhile, is likely to continue the tack most politicians prefer, including Republicans: declaring debt a national priority then endorse steps to postpone doing much about it.
Tags: State, State Economy
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Michigan and Carolina Receive New Small Business Funds
Posted on January 23rd, 2011
A $1.5 billion small business lending initiative of the Federal government makes funds available to states of Michigan and North Carolina. Michigan alone received $79.1 million from State’s Small Business Credit Initiative that is expected to generate more than $790 million for small business lending.
The state of North Carolina has extended $46.1 million in funds and that is expected to generate loans exceeding $460 million for small businesses. This comes as an aftermath of the small business jobs legislation introduced in October.
All 50 states of US, the District of Columbia and U.S. territories can apply for federal funds under the lending initiative. This initiative makes it possible to partner with private lenders and make greater credit available to small businesses. The states just need to prove that they can generate $10 in private lending for every $1 in federal funding. T
Tags: Funds, Small Business
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Deals Today
Posted on January 22nd, 2011
Business is today in demand and there are people who are now doing business at home. There are different kinds of home based business which are offered and learning it is so easy. Aside from spending time with your loved ones, you can even manage your time. Being at home offers us many things to do. It is not a matter of daily tasks that we can do like home cleaning, gardening or even cooking. You can start doing fun activities with your loved ones when all are free. Simple things that you can do at home mean most especially when you are with your family. We all know that different kinds of modern gadgets are now possible to use as entertainment at home. You have the best new line of home theater or even new game consoles that your kids will surely love. All of these things are best to start for fun activities at home during your free time.
Tags: Today
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Meijer seeks settlement with insurance providers
Posted on January 21st, 2011
After a court battle that revealed some of Meijer’s secret payouts to Acme government officials, the Grand Rapids-based retailer has settled a lawsuit with its insurance providers.
Meijer solidified a settlement with American Home Assurance Co. out of New York – a company that sued in the summer of 2010. American Home Assurance said it was not responsible for more than $2.2 million of the $4.4 million in payments Meijer made to Acme officials that derived the retailer’s illegal campaigning in Acme.
Insurance lawyers from both sides told the court judge that they need 30 days to finalize a mediation deal. The attorneys also declined to comment on any specifics of the settlement.
“The settlement is about as confidential as it can get” said one Oklahoma City insurance lawyer who has been tracking Meijer’s legal issues from the beginning.
Last year, Meijer’s top lawyers had mistakenly revealed the settlement amounts paid to Acme officials. Read full article…
CHART OF THE DAY: Apple’s Insane Pile Of Cash In Context (AAPL, MSFT, GOOG, INTC)
Posted on January 21st, 2011
Apple is now sitting on a $59.7 billion pile of cash, short term, and long term investments.
Apple added $20 billion in cash last year, and analyst/blogger Horace Dediu estimates the company could have over $100 billion in its coffers by this time next year.
How does it stack up to fellow tech companies? Very well. As you can see no other company is close. (Though, Microsoft is going to report earnings next week, so there is a chance it could come close.)
Follow the Chart Of The Day on Twitter: @chartoftheday
Tags: Cash, Cash Context
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Mass. foreclosures rose 32% in 2010 compared to 2009, Warren Group says
Posted on January 18th, 2011
BOSTON – Massachusetts foreclosures last year rose by 32 percent compared with 2009, The Warren Group said Wednesday.
The real estate tracking firm said lenders completed 12,233 foreclosures last year, up from 9,269 the year before.
In Bristol County, Mass., foreclosures totaled 1,280 in 2010, marking a 45 percent increase from the 884 foreclosures completed the year before.
Warren Group CEO Timothy M. Warren Jr. attributed the increases to Bay State lenders spending 2010 working through a backlog of foreclosures started in previous years. The foreclosure process, he said, can often take more than a year and lenders have faced pressure from regulators to attempt to modify loans before foreclosing.
“As the paperwork got completed and title searchers were finished, lenders finally got their foreclosure deeds on record,” Warren said.
Even with the increase, the number of foreclosures last year was below the record-high 12,430 completed in 2008.
Tags: Group, Warren Group
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