Word: crediteers
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...reversal, and what does it bode for the coming days and months? Anyone claiming they know is blowing smoke. Though the brutal rout of global markets last week arose from fears the world's banking and financial markets risked total collapse in the face of the toxic credit crisis, government rescue plans detailed this week in both the U.S. and Europe mostly allayed those concerns, sparking surges on Monday and Tuesday. Market plunges since then came in the wake of negative news indicating serious slowing of American economic activity...
Smith: But that's also a great example of a President in effect not simply exercising crisis management but coming out of that crisis having established a kind of emotional bond with people and banking political credit that he can call upon down the road when things inevitably become more difficult. Maybe think of F.D.R. in March of 1933--I would argue that there really was never a majority of Americans who bought into the right-wing notion of Stalin Delano Roosevelt, because at a critical moment, F.D.R. established a kind of credibility ... God knows he was controversial. God knows...
...issue quiet is, in many ways, exactly wrong. True, he’s leading in all polls; true, enough middle-class whites will swing his way. Some will do it because they prefer his populist economic policies. Others will shrug, close their eyes, and vote the party line.Pundits will credit his inevitable victory to youth, African-Americans, and urbanites, and they will be right: Working-class whites are no longer the Democratic base, and if population demographics continue to shift, their support may no longer be crucial for victory. But if we are to hope...
...government's effort to boost bank lending to end the credit crisis is hurting one of the areas critical to the nation's recovery: mortgage rates. In the past week, the average mortgage rate on a 30-year fixed home loan has jumped more than one half a percentage point to 6.74%, according to Bankrate.com. That might not sound like much, but it is the biggest one-week rise in the normally stable lending rate in 21 years. Some economists say mortgage rates could soon top 7%, a level they have not seen in more than six years...
...What's more, a new "Adverse Market Fee" recently instituted by lenders for borrowers with less than perfect credit (regardless of the market) could raise the cost of a loan another half a percentage point - or an additional $70 a month on that same $200,000 loan - for nearly 20% of Americans. "For individuals looking to buy a home this is going to be just one more obstacle in their way," says Barry Ziggus, who tracks housing issues for the Consumer Federation of America...