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0.2% Interest? You Bet We�ll Complain - (www.nytimes.com) That was the message delivered last Thursday to Americans who today make almost nothing on the savings in their bank accounts. It came from Sarah Bloom Raskin, an insider at the Federal Reserve. Ms. Raskin, one of the governors on the Fed board, made the usual disclaimer that her comments reflected her own thinking. But Fed watchers said her remarks probably mirrored views inside the central bank. The issue — as anyone looking for income-producing investments knows — is that the Fed drove down interest rates to almost zero to shore up big banks and an economy that those banks helped drive off a cliff. Now savers, who did nothing to create the financial crisis, are being punished.
Europe's Next Trouble Spot: Spain - (www.telegraph.co.uk) The Spanish rebellion has begun, sooner and more dramatically than I expected. As many readers will already have seen, Premier Mariano Rajoy has refused point blank to comply with the austerity demands of the European Commission and the European Council (hijacked by Merkozy). Taking what he called a "sovereign decision", he simply announced that he intends to ignore the EU deficit target of 4.4pc of GDP for this year, setting his own target of 5.8pc instead (down from 8.5pc in 2011). In the twenty years or so that I have been following EU affairs closely, I cannot remember such a bold and open act of defiance by any state. Usually such matters are fudged. Countries stretch the line, but do not actually cross it.
Fannie Mae and FHA finances continues to plague the US government - (www.northochousingnews.com) The sign on the door should say buyer beware. You and I didn’t have a choice in purchasing Fannie Mae, but we are paying for it’s broken business model. Although some of the fault is by the US government who pushed Fannie and Freddie to purchase sub-prime loans, its both their faults. First article FHA…U.S. housing secretary says FHA faces big risks Tue Feb 28, 2012 2:10pm EST. Safeguarding FHA capital could help private market grow WASHINGTON Feb 28 (Reuters) – The U.S. Federal Housing Administration faces “considerable risks” to its finances and the Obama administration will continue to scale back the agency’s presence in the mortgage market, the top U.S. housing official said on Tuesday. Housing and Urban Development Secretary Shaun Donovan told Congress that efforts to protect the FHA’s dwindling capital reserves were not only important in their own right, but that they could open the door to more private mortgage funding.
Millions of retirees can't afford basic living expenses - (www.latimes.com) More than 9 million retired Americans don’t have enough money to cover basic living expenses, according to a new study. Of the nearly 20 million older Americans who live alone or with a spouse, about 47% can’t afford everyday necessities such as proper nutrition and medical care, according to the analysis by Wider Opportunities for Women, a nonprofit research firm in Washington. (Another 20 million seniors live with family members or in group settings such as nursing homes. They aren’t included in the study.) The research organization used Census Bureau data to calculate median 2010 income levels for people 65 or older. Income came from a variety of sources, including Social Security, pensions and retirement savings. It compared that to basic living expenses in individual states and determined the gap between the two.
Obama Replaces Costly High Speed Rail Plan With High Speed Bus Plan - (www.patrick.net) Funny video showing DOT report demonstrating that buses can easily be retrofitted by removing valve, welding a “new thing” to the engine… ;-)
Foreclosures Jump 29% in January - (money.cnn.com)
In China, Sobering Signs of Slower Growth - (www.nytimes.com)
Fed's Fisher says more bond buys risky - (www.reuters.com)
This Bull Market Has Serious Self-Esteem Issues - (www.businessweek.com)
January factory orders fall most in over a year - (www.reuters.com)
Europe Is Stuck: It Can't Cut and Grow at the Same Time - (www.businessweek.com)
Stockman:"You'd be a fool to hold anything but cash now - (www.businessinsider.com)
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