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...Arnuk also asserts that co-location gives firms that can afford to do it an unfair advantage, because the exchange is "offering them things that the general investor does not get." (Firms pay for the server space they use: as little as $50,000 a year, but as much as $500,000 a month to co-locate at the NYSE and other exchanges, says Murray White, senior vice president of global technologies at the exchange...
While critics of co-location cry foul, reps from the NYSE say co-location is common and fair and that all exchanges charge for similar services. The exchange doesn't consider it special access because any firm that wants to can pay the fee and co-locate. Furthermore, firms that co-locate aren't at much of an advantage if they don't know how to program their computers with the algorithms that will ultimately keep them ahead of the crowd. (See 10 ways your job will change in the coming decade...
...problem is already massive. When the value of a house is less than its mortgage, a homeowner can't sell and pay off his debt. If a house becomes unaffordable - because of job loss, say, or an adjusting mortgage interest rate - the homeowner is trapped. Underwater borrowers are more likely to default on their mortgages than those with positive equity. (See a chart showing metropolitan areas with the highest percentage of underwater borrowers...
Americans already pay considerably less than the Europeans and Japanese for gas - it's one of the reasons we've been able to subsidize a wasteful SUV lifestyle for so long. A smart tax would stabilize the price of gas at a high enough level to discourage driving - and it would generate revenue that could be used for a number of green programs, including cash for clunkers. Certainly, efficiency is an important goal - a new report from McKinsey & Co. found that the U.S. economy could save $1.2 trillion through 2020 by investing $520 billion in various efficiency investments - and encouraging...
...foreclosure cases we now see in the office are no longer the people who got connived into taking inappropriate mortgages—mortgages that encouraged the buyer to pay only interest and not build equity in the house, or that would reset in 2 years and double their payments. These days, the typical homeowner facing foreclosure seems more likely to have simply lost a job—in a steel plant or a bank or as an auto-mechanic—and fallen behind on payments...