Todd Carpenter for NAR Social Media
OPEC Orders Cut in Production
Just in case you had any doubt that we need immediate energy independence or have a Middle East that has the least bit of concern for the global economy–OPEC orders a cut in oil production. Is Russia the answer?
Futures Off 6.5%, Watch for a Big Ride Today
Asian and European markets tumbled overnight, 10 percent and 6 percent respectively and futures are showing 6.5 percent decline. The Big Picture wonders if we will trigger NYSE circuit breakers today.
Credit Cards, Banks Dirty Little Secret
Keep your eyes on this creeping, sneaking monster. More Americans than we imagine have and continue to finance lifestyles on credit cards at 14-20 percent.
Credit cards are likely to be the next Waterloo for the banking system. According to The Wall Street Journal, “A broader range of consumers now carry cards and many run consistent credit balances to fund their lifestyles. This has led to successively higher peaks over the years in credit-card charge-off rates.”
FDIC Lobbies for Broad Loan Modification Program
FDIC Chairman is still on the offensive to bring broader implementation of loan modifications. She is educating Congress that they have the foreclosure prevention, homeowner protection tool they are looking for–they just need to pressure Banks and Treasury to allow its effective use.
AIG the “Black Hole”
The credit enhancement on our financial crisis is apparently crumbling at an accelerated rate. AIG has already maxed out their $85 billion line, quitely drawn another $37.5 billion, and heading to the “government bank” for another $10 billion from the new Commercial Paper Funding Facility.
Is it Time for Keynesian Thinking?
Everyone is looking for answers in economic theory and history. Here is one economist analyzing the classic economist many are pointing to for answers. Maybe Keynes wouldn’t be advocating our approach.
NAR Needs a Good Social Media Expert
My good friend Todd Carpenter, prolific blogger, social media ninja, real estate aficionado is offering his services to NAR. Go comment on why he should be NAR’s pick for success!
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