The Next Slum?

Strange days are upon the residents of many a suburban cul-de-sac. Once-tidy yards have become overgrown, as the houses they front have gone vacant. Signs of physical and social disorder are spreading. At Windy Ridge, a recently built starter-home development seven miles northwest of Charlotte, North Carolina, 81 of the community’s 132 small, vinyl-sided houses […]

UBS Pays For Its Subprime Sins With $11.3bn Write-down

Meanwhile, the credit crunch keeps crunching. Another major bank has paid for its sub prime sins with several pounds of equity flesh. “UBS (NYSE:UBS) announced a US$11.3bn write-down and an emergency injection of funds from Singapore and the Middle East that make it as the biggest subprime crisis casualty to date among major European banks.” […]

Dollar Crisis: None dare call it ‘conspiracy’

Crude oil prices hit an all-time high this week, closing above $98 a barrel for the first time in history. According to the AAA, many drivers in my home state of California are already paying more than $4 a gallon for regular unleaded gas. And in one town south of Big Sur, unleaded gas topped […]

US Dollar Poses Grave Risk to World Economy

“Allow me to point out the irony of this situation,” Guido Mantega, the Brazilian finance minister, told reporters at a recent global pow-wow. “Countries that were references of good governance, of standards and codes for the financial systems” were now the same countries where financial problems were threatening to wreck global prosperity. Whoever could he […]

Goldman Sachs Escaped Subprime Collapse by Selling Subprime Bonds Short

Phew! That was close. For a moment there, it looked like the collapse of the subprime mortgage market was going to wipe billions off financial earnings for years to come. The bad debts were stacked up like poisoned berries gathered by a poison-crazed squirrel during the housing bubble of 2003-2006. Going bad – fast – […]

It’s Time For The Banks To Face The Hangman

By Mike Whitney Officials in the Treasury Dept—-working with their colleagues at Citigroup, J.P. Morgan and Bank of America—have concocted a scheme to rescue the banks from their massive losses in mortgage-backed securities. The group is planning to set up a $100 billion emergency fund which will purchase non-performing assets for short term debt. In […]

Monster wind farm would be one of world’s biggest

While I greatly applaud wind energy (coming from the flat windy low-lands of Holland) in local sustainable wind farms that accommodate small communities and don’t affect the environment to the point of destruction, I fail to see why these monstrosities have to do with a sustainable society. They don’t replace dirtier forms of energy, they […]