Archive for July, 2008
Thursday, July 31st, 2008
In an interview on CNBC, Former Federal Chairman Alan
Greenspan warned that if the Federal Reserve is given a role to
oversee the financial system it could undermine its credibility.
Greenspan said the US is facing a "once in a century
crisis." He warned that the U.S. teeters on the brink ...
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Thursday, July 31st, 2008
Zimbabwe is the latest example of what happens when inflation spirals
out of control to the point of hyperinflation. With the highest rate of
inflation in the world - about 2.2 million per cent -
Zimbabwe last week issued a Z$100 billion note, though still not enough
to buy a ...
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Thursday, July 31st, 2008
Speaking before the Exchequer Club of Washington, U.S. Treasury
Secretary Henry Paulson said the stimulus package has
supported the economy in the last year.
Paulson said market turmoil and energy prices have dragged on the
economy, while the labor market has softened...
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Thursday, July 31st, 2008
Freddie Mac today told mortgage servicers it was
doubling the amount of money it pays for each workout
that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of
foreclosure.
Freddie Mac also announced it will start reimbursing servicers for the
cost of door-to-door outreach programs, give servicers more time ...
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Thursday, July 31st, 2008
Economists say the reported 1.9% GDP growth for the second quarter of
2008 was boosted by a 1.5% increase in consumption and a 2.4% gain in net
exports. The figure was lower than expectations, however, as inventories
saw a sharp reduction.
Aside from the headline, the big news came from revisions ...
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Thursday, July 31st, 2008
The ISM-Chicago business barometer bounced into
growth mode in July following five months of slowdown. The growth was led
by advances in production and new orders, even as prices hit a 28-year
high and employment remained in contraction for the eighth straight
month.
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Thursday, July 31st, 2008
The advance U.S. GDP report came in lower than
expected for the second quarter of 2008, rising by 1.9% against
expectations of 2.3% growth, according to the Bureau of Economic Analysis
on Thursday. Revisions showed the U.S. economy shrank 0.2% in the fourth
quarter 2007.
The negative figure is the first ...
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Wednesday, July 30th, 2008
The consensus forecast expects U.S. GDP growth to
come in quite a bit better than the two previous quarters, as exports
have surged on the weak dollar and the fiscal stimulus package has
provided a boost to consumption.
The advance Q2 GDP report is expected to show growth of 2.3% in ...
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Wednesday, July 30th, 2008
Headline inflation in the United States could be
headed as high as 6% before the end of the year, CIBC chief economist
Jeff Rubin warns in a forecast published Wednesday.
"We haven't seen a 6% CPI inflation rate posted in
the U.S. since 1990 and even then only briefly for four ...
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Wednesday, July 30th, 2008
Mortgage service providers have staved off the foreclosure of
1.9 million homes in the past year in what has been the
largest bailout the housing industry has ever seen, according to Hope
Now, the private sector alliance of mortgage service providers,
counsellors and investors...
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