Word: skyrocketing
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...charge-off rate on credit-card defaults could skyrocket to 10% in 2009 - double the average of 5% over the past 10 years - reaching $18.6 billion in the first quarter and $96 billion by the end of next year, predicts an October report from Innovest Strategic Value Advisors, an investment-research firm. "A 10% [charge-off] rate would be unprecedented," says Laura Nishikawa, an Innovest analyst. (Read "Fannie and Freddie Offer New Plan to Help Homeowners...
...sharper decline in employment in coming months." Reich also quotes 8% as a likely unemployment figure, though he notes that figure excludes job seekers who have given up searching altogether and part-time workers seeking full-time employment. With those segments of the population added, the figure could skyrocket to 12%, according to Reich...
PHISH to reunite. Hemp futures skyrocket...
...Comprehensive American Energy Security and Consumer Protection Act. The measure, which allows for some domestic oil drilling and exploration in a zone 50 to 100 miles offshore, is widely viewed as a concession by congressional Democrats to the Republican minority during an important election year in which gasoline prices skyrocket and the economy continues to stagger. While the pinched wallets of gas-guzzling Americans has sparked a political showdown over offshore drilling, the partisan warfare has unfortunately obscured a larger, more serious issue—the need for a comprehensive energy security policy. Fortunately, the Democratic majority has made...
...stave off financial collapse. The companies' combined share of new mortgages rose as high as 80% earlier this year as other lenders retrenched. The percentage has dropped somewhat since, says FHFA Director James Lockhart, but if either Fannie or Freddie had to stop buying mortgages, rates would clearly skyrocket. If either firm actually defaulted on its debts or MBS guarantees, the consequences might be catastrophic. Why's that? Read...