Daily Dispatches

Debt overtaking GDP in Britain too

Submitted by cpowell on Wed, 2007-08-22 23:32 Section: Daily Dispatches

Record Numbers Face Debt Meltdown

By Edmund Conway
The Telegraph, London
Thursday, August 23, 2007

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/23/cndebt...

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Countrywide confirms Bank of America's $2 billion investment

Submitted by cpowell on Wed, 2007-08-22 19:43 Section: Daily Dispatches

By Alex Veiga
Associated Press
via Yahoo News
Wednesday, August 22, 2007

http://biz.yahoo.com/ap/070822/countrywide_bank_of_america.html?.v=1

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Straight from the discount window to a bailout for Countrywide

Submitted by cpowell on Wed, 2007-08-22 18:40 Section: Daily Dispatches

Bank of America to Invest $2 Billion in Countrywide

By Valerie Baurerlein
The Wall Street Journal
Wednesday, August 22, 2007

Bank of America Corp. is making a $2 billion equity investment in Countrywide Financial Corp., the embattled mortgage giant, according to people familiar with the situation.

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John Rubino: Nope, that's not money

Submitted by cpowell on Wed, 2007-08-22 17:55 Section: Daily Dispatches

5:55p ET Wednesday, August 22, 2007

Dear Friend of GATA and Gold:

John Rubino, co-author with GoldMoney's James Turk of "The Coming Collapse of the Dollar," has written a wonderful little essay, "Nope, That's Not Money," about the misperception of debt as money. You'll enjoy it even if you have a clue about what IS likely to be money, and you can find it at Gold-Eagle here:

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Delinquent real-estate loans up by 36% in a year

Submitted by cpowell on Wed, 2007-08-22 17:24 Section: Daily Dispatches

By John Poirier
Reuters
Wednesday, August 22, 2007

http://www.reuters.com/article/gc06/idUSWBT00744320070822

WASHINGTON -- The Federal Deposit Insurance Corporation, which insures bank deposits, said on Wednesday it is keeping a close eye on the unpaid real estate loans that are piling up at U.S. banks and thrifts.

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Fed optimistic it has bought time and can avoid rate cut

Submitted by cpowell on Wed, 2007-08-22 17:19 Section: Daily Dispatches

By Mark Felsenthal
Reuters
Wednesday, August 22, 2007

http://www.reuters.com/article/ousiv/idUSN2234990120070822

WASHINGTON -- The Federal Reserve is hopeful that it has bought enough time with moves to soothe jittery credit markets to hold off any cut to the benchmark federal funds rate before a September meeting, if any easing is necessary at all.