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In a see sawing day on Wall street, US stocks finished lower for for the 5th straight day as the meltdown continues.
Mr Mortgage says that are are hopes that Australia's market will be higher on Monday on Futures trades, but that does not take into consideration people ready to jump out of the market on any rise. The real worry is tighter credit and liquidity of funds in banks, as this will affect both businesses needing finance for cash-flow, and consumers wanting to buy their products using finance.
Lower the cash rate may increase demand for finance, but if the consumer can't get mortgage home loan finance of car finance to buy a new car, where will the economy finish? That's the question that no-one can answer.
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The S&P 500 fell below the 900 mark, as fears that tighter credit may send the global economy into recession slashed the appetite for risk.
The ...Write Comment (0 Comments) |
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John McCain has been adjudged by American voters to be, too slow, too inflexible and too tied to his old self to be able to lead the US to change. Its game over for him and Sarah Palin, so what do they do? Demonstrate that their policy direction is better for Americans? Nope. Tried that and Obama and Biden nailed em on that.
Show how you're a Maverick? Nope. we tried George Bush, Dick Cheney, and all the other Mavericks and it got us and the USÂ nowhere.
Bring out the war hero card and tell em how you know how to win a war? Nope. We let you go for 5 years and you don't know how to win a war, or we would not still in one. In any case, didn't we loose the Vietnam war?
So what's left? The hate card, the fear card and the race card and the smear card. John McCain has demonstarted his policies are as bankrupt as the banks that have gone under whilst his pals were in char...Write Comment (0 Comments) |
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I was thinking the other day as I read, listened to, and watched all the dismal poll data showing the republican candidate for president down and falling in the polls… where have I seen this beforeWrite Comment (0 Comments) |
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Is the US planning to Nationalise its Banks? Its looking a lot like socialism [some say communism] to many on the republican side of US politics, but deregulation and lax practices and auditing have left many US and European banks without liquidity, and that's the big problem that isn't going away according to Mr Mortgage.
US Treasury Secretary Henry Paulson is weighing plans for the US government to invest in banks as the next step in trying to resolve the deepening credit crisis.
These capital injections are something that Secretary Paulson is actively considering,
White House Press Secretary Dana Perino said in a briefing in Washington. She also said President George W. Bush will meet with Group of Seven finance ministers at the White House on October 11.
Paulson told reporters in Washington on Wednesday that legislation Congress passed last week to rescue financial institutio...Write Comment (0 Comments) |
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Last week, on Oct. 2, Supreme Court Justice Antonin Scalia became the inaugural speaker of the Herbert W. Vaughan Lecture Series at Harvard Law School. His subject, "Methodology of Originalism," was given before a crowd of over 650 students, faculty and the general public.Write Comment (0 Comments) |
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Now, understand this: for those of us who pay attention to history and to world events… we have come to KNOW, deep down, where we live, that socialism equals slavery. You can parse it anyway you like… but in the end… we believe socialism and slavery are the same thing… at least the results of both are the same.Write Comment (0 Comments) |
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Well, folks, the zig-zagging of the southern cone of South America has officially begun! Saying that we have covered some serious ground since leaving Bahia Blanca, Argentina would be an understatement. Over the dizzying 1,300+ miles that we have driven in 10 days, we have toured the East coast of Argentina all the way to the West coast of Chile. The two coasts of the continent, as well as areas pocketing the international border are where most of our designated targets have been so far. The first stop of this most recent segment was UNESCO World Heritage Site, PenÃnsula Valdés. It has been listed as such mainly due to the various marine mammals that are naturally drawn to it's coastline and coastal waters. The main draw year-round are the Southern Right Whales out in the protected waters of Golfo Nuevo and Golfo San José, while at various points of the year you can find se...Write Comment (0 Comments) |
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Queensland banking, insurance and investment financial services group Suncorp is losing value quicker than the Zimbabwe currency, so Mr Mortgage said that it must be relieved that another bank actually wants to buy it.
Suncorp said today it has had several approaches by parties interested in buying its banking and funds management operations.
Speculation has been rife in financial markets that Suncorp would become a takeover target because of a need to recapitalise its balance sheet in the face of a global financial crisis.
Commonwealth Bank of Australia has been rumoured as one bank interested in the banking division.
Last week, Suncorp chief executive John Mulcahy said he thought the bank's change in business model would help reduce the complexity structure and bring down costs of the bank.
Mr Mulcahy said that the bank was well-positioned but would require extensive c...Write Comment (0 Comments) |
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Sick of hearing about the US banks going under? Well theBank of Queensland (BOQ) has posted a another rise in cash profit for the 2008 financial year.
Mr Mortgage has heard rumours that the Bank of Queensland has been a take-over target for some time and blind Freddie can see why.
It rose by almost half to just over $155 million, boosted by a big rise in retail deposits after the purchase of regional building societies, but bad debts rose by nearly a third to $27 million.
BOQ managing director David Liddy says the bank has maintained its profitability despite the global financial crisis.
"This has been a really challenging year for our financial services sector with such volatility in financial markets," he said.
"But BOQ has once again made considerable progress in 2008 and I'm delighted today to announce another solid result for the bank."
Investors will get a fi...Write Comment (0 Comments) |
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M.J. Rosenberg, a socialist blogger at Talking Points Memo, has all the intellectual integrity of the characters at Media Matters.*
In “First George Will, Now Krauthammer: Obama Is The Better Candidate. Brooks Lies,” Rosenberg suggests that neocon Charles Krauthammer has switched sidesWrite Comment (0 Comments) |
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The Paulson Bailout, proposed at $700 Billion, has now grown in the Senate to $850 Billion with the addition of absolutely ridiculous “sweeteners” like free bicycles and tax breaks to wooden arrow makers! The Senate has completely lost its way.Write Comment (0 Comments) |
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With most pundits expecting the RBA to reduce the cash rate by 0.5% this month, it would be folly to fix your rate right now.
I realise that the "security" of a fixed interest rate may seem attractive in these uncertain times, but isn't that precisely the reason why you should stay uncommitted?
Yes I also realise that the Major banks may not pass on the full reduction, but is that any reason the do what they want you to do? I believe not. I fixed my rate two years ago at 7.09%.
I believe we could be headed their again. It all depends on how things pan out with the US resue package.
My belief is that it will have little effect on the US financial woes, and that would mean interest rates heading South, but with one caveat. A much harder time to get new credit, in the US, the UK and in Australia.
In fact some people are predicting the end of lo-doc home loan lending, at least from m...Write Comment (0 Comments) |
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My favorite translation of the Bible is the Revised Standard… and second, the American Standard..
As a youth, in grammar school, I read the bible from cover to cover. The King James edition, I might add. I was enthralled with the beauty of the near poetical rhythm of the scripture as it flowed.Write Comment (0 Comments) |
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Alan Greenspan, together with a litany of well-intentioned but boneheaded judicial opinions beginning with the Supreme Court, tried to be “fair” and “equitable” to people who had no business owning a mortgage or a home. These people should have remained renters until they had the 20 percent down to buy a home.Write Comment (0 Comments) |
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You know, one of the things that trouble me most, these days, is the overt bitterness of the liberals/progressives/socialists among us. It runs like a sour note through a symphony. It spills over in conversations one tries to have with a liberal/socialist. It runs through their writings, too.Write Comment (0 Comments) |
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