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Foreign Economies Must “Decouple†from the United States by Suspending Lending to U.S. Consumers
Economists, who now see American troubles spreading around the world are predicting that foreign central banks will ignore the gathering inflation threat and follow the U.S. Federal Reserve down the rate-cutting path. Similarly, they argue that since the downturn began here, the recovery of the U.S. economy will likely be under way while the rest of world is still decelerating.
These assumptions have prompted a recent rally in the U.S. dollar, and an accompanying sell-off in gold, commodities and foreign stocks, and have cast doubts on the ability of foreign economies to economically “decouple” from the United States.
But investors…
21Aug2008 | Money Morning | Comments Off | ContinuedFinancial Indicator – Countrywide Financial
Follow This Indicator To Gauge Financial Sector Health – And Grab Profits
Smart Profits Report
by Karim Rahemtulla, Investment Director
It’s one of the most important companies in America today…
But like any company, it’s got its share of pros and cons. For example…
Pro: It holds the position of the largest private, non-governmental originator of mortgages in the US.
Con: It also holds the dubious distinction of being one of the most blatant issuers of sub-prime paper.
I’m talking about Countrywide Financial (NYSE: CFC) – the much-beleaguered bank and mortgage company.
And there is an interesting trend occurring at the bank – one that bodes well for banks…
4Jun2008 | Smart Profits Report | Comments Off | ContinuedHSBC Chief Calls for Tougher Inflation Fight, Industry Changes
The chief executive officer of HSBC Holdings PLC (ADR: HBC), Europe’s biggest lender, today (Tuesday) called on the U.S. Federal Reserve and other central banks to make fighting inflation a priority.
“Inflation is a long-term problem because there is no long-term will to solve it,” Chief Executive Officer Michael Geoghegan said during an informal shareholders meeting in Hong Kong.
He went on to criticize central banks that have kept interest rates low in response to curtailed economic growth and weak housing markets. But due in part to low interest rates, inflation has escalated as costs for food and energy soar, dampening consumer…
27May2008 | Money Morning | Comments Off | ContinuedMajor Lending Pullback Predicted by Maverick Wall Street Analyst Could Have Dire Implications for U.S. Economy
Oppenheimer & Co. (OPY) analyst Meredith Whitney’s reputation has soared like a skyrocket since she made her bearish – but highly prescient – call on the banking sector, including Citigroup Inc. (C), as Money Morning reported last fall.
Now she’s back. And her outlook for the financial sector is actually worse. Whitney is now predicting that the banking-sector’s financial crisis will extend well into next year. If not beyond.
And that’s not even the bad news.
Whitney now says the worst may be yet to come. The banking-sector financial crisis will last at least until the end of next year, and may actually stretch…
26May2008 | Money Morning | Comments Off | ContinuedLending Club 101
Now that I have pretty much mastered much of what Prosper is all about, it’s time to take a serious look at their competitor – Lending Club. As I had stated earlier, the sign-up interface is very smooth. The site has an overall energetic feel and although I hate the color orange, there’s something about mixing it with black and using creative visuals that scream “lending can be sexy.â€
The first thing I had to do was verify my identity, social security number (tax purposes), bank account, etc. The process is fairly straight forward and simple. When verifying your bank account it…
14Jan2008 | S. Oakes | 2 comments | Continued
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