tag:blogger.com,1999:blog-15299494897897656902024-02-22T08:59:03.693-08:00Stop Paying On Your LoansBecome an economic terrorist!John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.comBlogger170125tag:blogger.com,1999:blog-1529949489789765690.post-77295165336586114752011-05-20T03:58:00.000-07:002011-05-20T04:08:31.014-07:00The unemployment rate is STILL fairly highWhat did I tell you back in 2009? Didn't I say that we could expect a new normal of around 10%? This is because a large part of the economy was being supported by unsustainable levels of debt and now that the debt has dried, we're getting the economy that we so richly deserve. <br /><br />Expect this to continue as the economy continues to go through a long process of finding equilibrium between wages and costs. Deflation must still occur because wages are not going up. <br /><br />If you're going to replace a good deal of where you get manufactured goods with a country that has much lower wages, then your standard of living must follow downward towards that of the supplying country--in this case, China. <br /><br />I may end up teaching English in China next year. I don't know. I'll have to see how things pan out for me here in Saudi Arabia.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com2tag:blogger.com,1999:blog-1529949489789765690.post-12492733351604932472010-12-02T15:46:00.000-08:002010-12-02T15:57:46.432-08:00Chinese-American Currency?I'm beginning to wonder if the best thing that could possibly happen at this point would be a single currency between China and the United States.<br /><br />In today's world, it's not just your business versus my business. It's your supply chain versus my supply chain.<br /><br />If it's more efficient to have a common currency with China, then the only question left is do we want to experience the pain over a long period of time or do we want to do it now and get it over with?<br /><br />Ultimately, a currency is not just a stock of ownership in a particular economy. It is also a reflection of the quality of supply chain mechanisms associated with a particular economy.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-46641063157191608522010-09-13T13:52:00.000-07:002010-09-13T13:54:17.567-07:00Keeping an Eye on Treasury YieldsBeen a long time since I posted.<br /><br />I'm glad it's still up.<br /><br />That was too much work to put up and some of my best writing is in this blog.<br /><br />But anyway, I've concluded that the only way things can get worse is for the treasury yields to rise.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-3012348302633355082009-09-30T14:03:00.000-07:002009-09-30T14:04:06.391-07:00Stop Paying On Your Student Loans!!<p class="MsoNormal">It is time to make student loans dischargeable again.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">There are several arguments that can be made for the ability to discharge student debt in a bankruptcy filing, but I believe that the strongest argument has to do with the economy in general.<span style="mso-spacerun:yes"> </span>We are looking at an economy in which “full employment,” the rate of unemployment which most economists would consider to be normal, will go from four or five percent to around ten percent.<span style="mso-spacerun:yes"> </span>We are looking at an economy in which credit is harder and harder to get.<span style="mso-spacerun:yes"> </span><span style="mso-spacerun:yes"> </span>We are looking at minimum wage planet.<span style="mso-spacerun:yes"> </span>How am I supposed to pay off $100,000 in student debt with a job that only pays $9 per hour?</p> <p class="MsoNormal">The abundant availability of credit has kept this retail-based economy that we call “America” from feeling like a third-world economy has dried up.<span style="mso-spacerun:yes"> </span>All that this huge expansion of credit has done is postpone the inevitable and the inevitable is occurring right before our very eyes. It has served as sort of a pillow between the harsh reality of globalization and what was the American Dream.<span style="mso-spacerun:yes"> </span>Almost overnight, the purchasing power of the American consumer has been significantly limited and yet the banks continue to act as if we can easily pay on loans that were made before the collapse with the same inflation-adjusted stagnant wages that we’ve had since 1975.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">It is time to stop the madness and live within our means.<span style="mso-spacerun:yes"> </span>It is time for the former students who are currently paying on their loans to stop making payments.<span style="mso-spacerun:yes"> </span>If I do it all by myself, I’ll continue to be in default, but if we all do it, then that’s a revolution.</p> <p class="MsoNormal">Some may say, “Well, if you do that, then your credit will be damaged,” to which I say, “Who needs credit?”<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">Houses can be rented.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">A huge investment in public transportation, including high-speed rail, and the designing of walkable communities can significantly reduce the need for the automobile.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">All levels of education, from pre-K to PhD should be publicly-financed.<span style="mso-spacerun:yes"> </span>And when the government begins to address Obama’s third policy initiative of education, we should all stand up and demand it.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">With housing, transportation and education taken care of, what does the consumer need credit for?<span style="mso-spacerun:yes"> </span>Do you REALLY need those shiny trinkets and fashionable clothes down at the mall?<span style="mso-spacerun:yes"> </span>Then, do what others who are not able to get the credit you have do…save your money for it!</p> <p class="MsoNormal">There is currently around $600 billion in outstanding student loans and right now, they have us enslaved by having us pay for something that should be considered a human right…the right to better oneself.<span style="mso-spacerun:yes"> </span>But when we act together, that $600 billion becomes our weapon, not theirs.<span style="mso-spacerun:yes"> </span></p> <p class="MsoNormal">Stop paying on your student loans until the government changes the bankruptcy laws…even if it means bringing the whole economy down with us.</p>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-89671467167438980502009-09-14T10:29:00.000-07:002009-09-14T10:36:38.082-07:00Reinforcement has arrived!!!GO ANN MINCH!!!<br /><br />Thanks to <a href="http://www.huffingtonpost.com/2009/09/14/debtors-revolt-woman-refu_n_285394.html">this woman</a>, for having the guts to get on YouTube and take the Bank of America on!<br /><br />We don't have to take this. The banks make this money out of thin air. They don't have what they lend. It's time to get that changed. It's time to live within our means.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-88616357727568942572009-08-28T12:42:00.000-07:002009-08-28T12:45:35.208-07:00They're FINALLY getting it!!!I think they're <a href="http://tinyurl.com/m6wwc3">finally</a> beginning to see the connection between the employee and the consumer....<div><br /></div><div><span class="Apple-style-span" style="font-size: 13px; line-height: 18px; "><b><i>WASHINGTON – Household income in the U.S. is essentially stagnant, raising doubts about whether consumers already hurt by job losses can sustain an economic recovery.</i></b></span></div><div><br /></div>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-63907324208615730012009-07-31T18:55:00.000-07:002009-08-12T13:13:51.386-07:00A Poor Man's Debit CardRecently, I purchased a debit card from Walgreen's with the hope of not having to open a bank account. I wanted something I could put my money on that would be universally-accepted as a means of exchange. <div><br /></div><div>I was amazed at how much it cost to buy a piece of plastic with embossed numbers--about ten dollars. But then I thought, "Well they gotta pay their employees and carry out the system effectively." So I didn't think too much more of that.</div><div><br /></div><div>Then they want to hit you with a monthy "maintenance" fee. I guess they figure they need to account for all the work that their computers do when they're flashing numbers between one another? But the most unforgiving of these fees is the fee I have to pay EACH AND EVERY TIME I put money on the card. There's no redeeming economic value that is captured with such a fee besides out and out greed. </div><div><br /></div><div>What I propose is the creation of a "poor man's card." This card would be a store of value, universally-accepted and free of any unnecessary fees. It would be issued by a nonprofit organization that would work in conjunction with government and retail entities, ensuring compliance with all pertinent laws and contracting fee agreements with the major merchants. Smaller businesses would certainly be welcome to join, but in the initial implementation, a goal of securing such contracts with the major merchants would be advisable in terms of marketing the card and getting the consuming public familar with the card. </div><div><br /></div><div>The banks would not like this because it would take a lot of their low-income customers away, but low-income people have only a need for a store of value and universality.</div><div><br /></div><div><br /></div>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-55594109527025632842009-06-08T13:59:00.000-07:002009-06-08T14:12:47.353-07:00Keeping my eye on the employment pictureThe reason I haven't been posting is because they've won, or rather they THINK they have.<br /><br />The bottom line is, "Can you produce enough jobs for the masses to sustain this lie?"<br /><br />Everyone's thinking that the job losses are slowing. I'm not convinced. No new lending has occurred.<br /><br />We'll see when next month's jobs report comes out. But we can also get some indication in the weekly report for initial claims for unemployment insurance set to come out this coming Thursday.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-91287553644374476882009-06-03T13:53:00.001-07:002009-06-03T13:54:48.560-07:00And if you think lending is going to save the day, think againCheck <a href="http://www.econbrowser.com/archives/2009/05/Nomura_jun_09.pdf">this graph</a> out over at Econbrowser. It really puts to rest any possibility of a substantial increase in lending any time soon.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-38086435068585796172009-06-03T11:42:00.000-07:002009-06-03T12:41:30.613-07:00The Big PictureEvery once in a while, the powers that be manage to get people to take their eyes off the ball....including people like me. That's when, in my rainy day walk to the library today, I retrace the logical steps I made in the conclusions that I have...outloud...with my lips moving...making the driverbys think I'm crazy. <br /><br />First, the housing market became saturated. They had finally reached a point where they couldn't sell anymore houses.<br /><br />When word got out that they couldn't sell any more houses, banks couldn't package any more mortgages to investors. <br /><br />But by then, investors didn't want the loans because the homebuyers weren't paying on the loans anyway. They were merely paying the interest. <br /><br />When investors didn't invest, banks cut back on all kinds of credit, not just for homes. <br /><br />Well, why did we need so much credit in the first place? Wasn't it because of stagnant wages caused by global competition? Wasn't it due to the fact that there was nothing that we could do that couldn't be done by someone else on the planet for cheaper, better and faster?<br /><br />So, when the credit crunch happened at a time when we were experiencing stagnant wages, what is the only possible result?<br /><br />Weak demand.<br /><br />A very substantial portion of the economy was based on debt and when that credit dried up, the current price structure has no basis.<br /><br />Obama and the Federal Reserve are trying to make up for that difference between wages and reality with stimulus packages and increasing the money supply. True, federal spending would normally have an effect on the economy in terms of inflation, but the banks are hoarding more than the amount that the government is spending. So they cancel each other out and the economy continues to fall towards its real value--real wages minus the credit. The hope is that the federal spending will have a snowball effect on the economy. This may be the hope driving the recent stock market rally.<br /><br />More currently, however, there appears to be an increase in the price of oil brought on by a weaker dollar, like it did last year. The weaker dollar appears to be as a result of federal deficit spending. But wasn't mighty oil brought down last sumer by ....weak demand? What makes us think that demand has increased? Has there been an increase in wages? No. Has there been any substantial new lending? No. Demand has not changed.<br /><br />I don't expect the oil rally to go on much longer....even in the face of deficits. The new deficit spending is not the independent variable in all of this. Weak demand isn't the independent variable. The credit crunch isn't the independent variable. What's the problem? Stagnant wages.<br /><br />Either we sit down with other countries and tell them that they're not going to be able to sell their products in our country unless they have similar wages or we must accept a lower standard of living. That's the bottom line.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-81674897011084398482009-06-02T15:57:00.000-07:002009-06-02T16:00:03.337-07:00ONLY $11.5 Billion?<p style="font-weight: bold; font-style: italic; font-family: georgia;"><a href="http://www.google.com/hostednews/ap/article/ALeqM5ie6tZyAyCJwV0MLFJLYHdLmV2w4gD98IQN983">WASHINGTON (AP)</a> — Investors on Tuesday showed a bigger appetite for participating in a government program intended to boost the availability of loans to consumers and small businesses at cheaper rates. Investors requested $11.5 billion worth of loans, the Federal Reserve Bank of New York said. That tally was up from $10.6 billion requested last month and the largest amount since the program started in March.</p><p>Is this multitrillion dollar economy, $11.5 billion is going to save it?<br /></p>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-40098838233658079852009-06-01T10:50:00.000-07:002009-06-01T10:53:11.377-07:00The Expected Unemployment Numbers<a href="http://www.bloomberg.com/markets/ecalendar/index.html">Bloomberg is expecting</a> a range of 9.1% to 9.4% for the reported rate coming up this Friday.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-46989665138540558242009-06-01T10:42:00.001-07:002009-06-01T10:44:00.244-07:00Euro-Zone Slipping Further Into Deflation<span style="font-weight: bold; font-style: italic; font-family: georgia;">The Euro zone annual inflation rate in the 16-country region <a href="http://en.mercopress.com/2009/05/30/euro-zone-with-zero-inflation-and-growing-fears-of-deflation">fell to 0%</a> in May from April’s 0.6%, according to Euro-stat. Economists said inflation would turn negative in June,—deflation—further complicating the task of the European Central Bank as it attempts to combat the worst economic downturn for half a century.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-83165173811614493192009-06-01T10:42:00.000-07:002009-06-01T10:43:59.519-07:00Euro-Zone Slipping Further Into Deflation<span style="font-weight: bold; font-style: italic; font-family: georgia;">The Euro zone annual inflation rate in the 16-country region <a href="http://en.mercopress.com/2009/05/30/euro-zone-with-zero-inflation-and-growing-fears-of-deflation">fell to 0%</a> in May from April’s 0.6%, according to Euro-stat. Economists said inflation would turn negative in June,—deflation—further complicating the task of the European Central Bank as it attempts to combat the worst economic downturn for half a century.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-70643271408685425822009-06-01T10:39:00.000-07:002009-06-01T10:41:18.965-07:00Banking Crisis to Last Until 2013?<a style="font-weight: bold; font-style: italic; font-family: georgia;" href="http://www.reuters.com/article/ousiv/idUSTRE54C6XL20090513">NEW YORK (Reuters) </a><span style="font-weight: bold; font-style: italic; font-family: georgia;">- A day after saying big U.S. banks probably needed to raise only one-fourth the capital demanded by the government, Standard & Poor's said the nation's banking crisis has "merely entered a new phase" and might not end before 2013.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-33212213529109212722009-06-01T10:33:00.000-07:002009-06-01T10:35:00.495-07:00Commercial Lending Falls More Than Consumer Lending<a style="font-style: italic; font-weight: bold; font-family: georgia;" href="http://www.forbes.com/feeds/afx/2009/06/01/afx6489125.html">Washington, Jun 01 2009 June 1</a><span style="font-style: italic; font-weight: bold; font-family: georgia;"> - The Treasury Department reported today that total lending among US banks receiving Capital Purchase Program funds fell 0.8% in March, with commercial lending declining more than twice as fast as consumer lending.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-2429117081975264952009-06-01T09:55:00.000-07:002009-06-01T09:58:49.051-07:00Interbank Lending Rate at a New Low<span style="font-family: georgia; font-weight: bold; font-style: italic;">The </span><a href="http://www.forbes.com/feeds/ap/2009/06/01/ap6487215.html"><span style="font-family: georgia; font-weight: bold; font-style: italic;">cost of three-month dollar loa</span></a><span style="font-family: georgia; font-weight: bold; font-style: italic;"><a href="http://www.forbes.com/feeds/ap/2009/06/01/ap6487215.html">ns</a> fell to another record low Monday as stock markets continued to rally around the world amid renewed hopes that the worst of the global recession has passed.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-35679698653894009932009-05-29T09:14:00.000-07:002009-05-29T09:15:12.741-07:00This is EXACTLY How I FeelThis morning, Krugman was talking about the inflation fear-mongering. I agree with him in that if there is going to be ANY inflation, it will only come about as a result of deficit spending at the federal level. But the banks are hoarding more than what Obama is doing in additional spending. So the hoarding negates any inflationary effect that the spending may have had. Where I disagree with Krugman is in his assertion that more government spending is going to "rescue" the American economy. The hoarding door can swing both ways and bank hoarding can also keep any positive effects from occurring. But eventually, unless we plan on making such expenditures a permanent feature of the economy, we simply MUST address the underlying issue...stagnant wages. <br /><br />Either wages must come up or prices must come down. Conservatives want to give us lending and credit to make up for the difference between wages and prices and "liberals," or what I like to call neo-liberals, want to avoid the wage issue too and give us government spending. Where do they think the tax money comes from to pay for all of this spending? Doesn't it come from.... wages? <br /><br />But I don't see wages going up any time soon...except maybe for the rich. No, the only thing I see are falling prices. There's no other way out but to deflate this overly-inflated economy. Home prices, car prices, college costs, luxury items at the mall...everything that was being purchased on time before this mess began must come down.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-92189526822424056812009-05-29T08:33:00.000-07:002009-05-29T08:44:30.333-07:00Paul Krugman Expresses My Opinion....somewhat<a href="http://www.nytimes.com/2009/05/29/opinion/29krugman.html">This Krugman article</a> expresses my opinion very well, especially when it comes to the current fear-mongering over inflation. But instead of addressing the root cause, stagnant wages, he seems to imply that government spending can "rescue" us from flat income. Unless "liberals" plan on making these expenditures permanent, something MUST be done about stagnant wages. <br /><br />Conservatives push credit in order to make up for stagnant wages and "liberals" push government spending--spending derived from tax money that is taken from, you guessed it...wages. <br /><br />This is about wages. Period. Either prices have to come down or wages have to go up. Bottom line.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-76172916254211484312009-05-29T07:33:00.000-07:002009-05-29T07:39:53.365-07:00A Little DeeperPeople seem convinced that a recovery is going to occur this year. But what is at the bottom of this assumption? The only bit of good news has been the stimulus package and we already know that the banks are hoarding about the same amount of money, so whatever effect that the stimulus could have will be canceled out by the hoarding of the banks. <br /><br />Then, after the economy continues to weaken, they'll start to come to the realization that the problem is a little deeper than just frozen credit markets.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-33282065963255594652009-05-29T07:30:00.001-07:002009-05-29T07:32:48.593-07:00Gas Prices Rise Even While Demand Remains Weak<a style="font-weight: bold; font-style: italic; font-family: georgia;" href="http://news.yahoo.com/s/time/20090529/wl_time/08599190144600;_ylt=AluGSb3eoRZrGVBOSl0kQOJv24cA;_ylu=X3oDMTJzMTZkbGN0BGFzc2V0Ay90aW1lLzIwMDkwNTI5L3dsX3RpbWUvMDg1OTkxOTAxNDQ2MDAEY3BvcwM3BHBvcwM3BHNlYwN5bl90b3Bfc3RvcmllcwRzbGsDb2lscGxlbnRpZnVs">TIME</a><span style="font-weight: bold; font-style: italic; font-family: georgia;"> - Storage tankers across the globe may be brimming with oil that no one is buying because of the </span><span style="font-weight: bold; font-style: italic; font-family: georgia;" class="yshortcuts" id="lw_1243607241_0">global economic downturn</span><span style="font-weight: bold; font-style: italic; font-family: georgia;">, but the </span><span style="background: transparent none repeat scroll 0% 0%; cursor: pointer; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; font-weight: bold; font-style: italic; font-family: georgia;" class="yshortcuts" id="lw_1243607241_1">traditional laws of supply and demand</span><span style="font-weight: bold; font-style: italic; font-family: georgia;"> don't always apply to oil prices. Drivers have faced rising prices at the gas pump in recent months, as investors and oil-producing countries hoard supplies in anticipation of a global economic recovery later this year.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-75830644722523667202009-05-29T07:27:00.000-07:002009-05-29T07:28:18.053-07:00GDP Falls By 5.7% in the First Quarter<a style="font-family: georgia; font-weight: bold; font-style: italic;" href="http://news.yahoo.com/s/ap/20090529/ap_on_bi_go_ec_fi/us_economy;_ylt=AiRX4a12wwL99zc3rEoeY2.S.aF4;_ylu=X3oDMTMwY24yOGUwBGFzc2V0Ay9hcC8yMDA5MDUyOS9hcF9vbl9iaV9nb19lY19maS91c19lY29ub215BGNwb3MDMwRwb3MDMwRzZWMDeW5fdG9wX3N0b3JpZXMEc2xrA2Vjb25vbXlzaW5rcw--">WASHINGTON</a><span style="font-family: georgia; font-weight: bold; font-style: italic;"> – The economy sank at a 5.7 percent pace in the first quarter as the brute force of the recession carried over into this year. However, many analysts believe activity isn't shrinking nearly as much now as the downturn flashes signs of letting up.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-25976402600654101092009-05-29T07:11:00.000-07:002009-05-29T07:25:08.979-07:00They're Even Trying To Undo Geithner's Latest Proposals!<a href="http://news.yahoo.com/s/nm/20090529/bs_nm/us_banks_derivatives"><span style="font-weight: bold; font-style: italic;">(Reuters)</span></a> <span style="font-weight: bold; font-style: italic; font-family: georgia;">- A group of banks and money managers plan to release a letter to the Federal Reserve Bank of New York and other U.S. and overseas regulators to help fend off some rules proposed by the Obama administration that seek to control trading in the derivatives market, the Wall Street Journal reported.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-30026027473897718872009-05-28T12:35:00.000-07:002009-05-28T12:50:31.058-07:00PPIP is Less Appealing to the Banks Now<span style="font-family: georgia; font-weight: bold; font-style: italic;">But prospective buyers and sellers have <a href="http://online.wsj.com/article/SB124346787723260427.html">expressed reluctance</a> to the FDIC about participating for fear the program's rules will change in a political atmosphere hostile to Wall Street. In addition, some banks that might have sold troubled loans into the program earlier in the year have become less eager as they regained a sense of stability.</span><br /><br />This is exactly why I didn't like the idea of giving money to the banks anyway. Not only do they appear to be ungrateful, but they're convinced that the worst is over. <br /><br />It's only just beginning.John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0tag:blogger.com,1999:blog-1529949489789765690.post-36119830452103929822009-05-27T15:12:00.000-07:002009-05-27T15:14:14.794-07:00Case-Shiller Shows a Further Decline in Prices<span style="font-family: georgia; font-weight: bold; font-style: italic;">The Composite-10 index shows </span><a style="font-family: georgia; font-weight: bold; font-style: italic;" href="http://www.creditwritedowns.com/2009/05/case-shiller-shows-a-further-decline-in-prices.html">an18.6% decline</a><span style="font-family: georgia; font-weight: bold; font-style: italic;"> in prices over the last year, while the Composite-20 registered a 18.7% drop in that time. Both figures reflect numbers using the non seasonally-adjusted data series. Two markets, Denver and Charlotte, saw price upticks from February to March. This is encouraging as no market in the Composite-20 has seen a price uptick in any month since Lehman went bust in late September.</span>John L. Feierhttp://www.blogger.com/profile/05245264110224261416noreply@blogger.com0