Expert Foreclosures
Signs the Economy will worsen?
Yesterday, in local newspaper, I read some news in business section, that seem are signs that the economy is either weakening or will do so soon. There was the news about the Euro Dollar getting stronger than the US Dollar; up to 1.40 now. Second, the housing market not having completely stopped falling. Third, foreclosures keep on happening on a daily basis. Third, jobless went up by 4,000. This seems really like nothing, but remembering predictions from experts about a week ago, many thousands will be losing their jobs at end of the year, primarily from Pharmaceutical companies, since no new Drug has come into market, and they cannot post the expected high earnings, so they have to cut jobs.
Fourth and probably most worrisome, I guess is that in only a few hours the Federal Government had “injected” quite a few billion dollars into Wall Street on Thursday alone!!! Not having newspaper with me now, I cannot recall how much money, but it was a huge amount. How’s money “injected”?
The Federal Reserve extends the credit that they loan to banks and businesses. They also come up with new loan policies like they have recently. It used to be that a bank would make a loan and pay it back the next day because they temporarily needed the money to pay back people who relied on them.
The Fed recently made the move to make 30 day loans, which can be extended up to 60 days. It’s a new move and shows that certain banks are having trouble paying back the money they owe people.
This is largely due to the fact that banks have been lending money to people with less than great credit and crappy jobs. These people were already struggling with their payments when all of a sudden gas prices went up, their mortgage went up, they lost their job, they had an unexpected medical emergency, or any other number of things that can cause you to fall behind on your payments to the bank.
As these cases continue to grow around the US, banks also find themselves struggling to make their day to day payments. They largely rely on people like me and you to pay them back on time. When enough people don’t, they become “insolvent,” meaning they don’t have the money on hand to pay back their obligations on time.
To prevent this, they appeal to the Federal Reserve, and even other banks, to help them out when they are in a bind. Citigroup has grown some attention lately, having borrowed several billion dollars on a few occasions to help them make their payments. I believe they borrowed 12, and then another 11 billion on two separate occasions. The European Central Banks have also “injected” a massive amount of money in the past couple of months, to the tune of $600 billion dollars.
That’s a lot of freaking money. There are some really big banks out there that are really hurting. Expect to see some of them merge in the coming days, kind of like a shotgun wedding. There are many things going on with the markets right now that are causing these problems, check out this guy’s site for more information:
http://www.markswatson.com
He has some really good stuff, including a series of articles titled The Coming Economic Depression which he started back in 2002. It’s hard to find from the main page, but if you Google the title of the articles you’ll find them. They are quite lengthy but have a lot of good stuff.
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