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...alternative to HAMP would be the proposed "cramdown" legislation, whereby a bankruptcy judge would be given carte blanche power to modify a loan by lowering the interest rate, reducing the principal amount or extending the term of the loan to make the monthly mortgage payments more affordable to the troubled homeowner. Under this program, firms would not get the big subsidies, since the judge would be acting unilaterally in modifying the loan. (See how Americans are spending...
...However, the cramdown proposal has not gained momentum in Congress: many fear it would destabilize the mortgage industry in the long term, since lenders would be reluctant to make future loans and bondholders would be reticent to purchase them if the terms could suddenly be changed by a judge at any time. "They'd be much more cautious about who they're going to loan to in the future, for fear that this bankruptcy situation could occur, and it would sour them to some degree on making home loans," says Curran...
Producers who cannot sell or store their gas will have limited options: cap their wells, which could be bad for them in the long term; give gas away for free, which has happened before when producers did not want to halt production; or flare it - burn it off into the atmosphere. With production decreasing because of low price incentives and a great deal of gas likely being lost from capping wells and flaring gas, the oversupply will not last, and the price will be pushed higher by supply and demand fundamentals. The natural gas futures traded on the New York...
...great pricing inefficiency arises because this natural gas speculator is following a predefined plan - and the plan is publicly known. Plus, it's a foolish one. A fund that invests in long-term natural gas prices is taking needless risk in placing significant money in the short-term futures market...
...course, critics are right that the program will probably drive up the price of used cars for poor people who need them and will have only a marginal effect on the long-term prospects of the auto industry. Subsidies don't so much increase demand as kidnap it, inspire people to take the money they were saving for a new fridge and apply it to a pickup instead. As for the environmental benefit, the new fleet will save about 160 million gal. of gasoline a year--which sounds awfully good, except that we use 378 million...