Too
broke to leave home even at 35 years of age - (www.mybudget360.com) Young
Americans are so broke, they can’t leave home. That might sound like the line
of a really bad joke but this is the unfortunate situation in our economy. Many young Americans are saddled with mind
numbing levels of student debt. Younger Americans are carrying the heavy burden
of the $1.2 trillion in student debt outstanding in the United States. At the
end of the day, many already have a mini-mortgage before they even go out and
house hunt. It should come as no surprise that sales volume is downright anemic
in the housing industry because new households are simply not forming as they
did in the previous generation. Younger Americans have lower wages,
more college debt, and massively reduced benefits compared to the previous
generation. The idea of buying and staying put in one location for 30 or more
years simply does not fit in with the economic conditions of many younger
households. In fact, we have the highest number of young Americans living at
home today compared to any other time in US history. Even through the recovery,
the number of young Americans living under the roof of mom and dad has
increased dramatically. In essence, young Americans are too broke to leave
home.
Vladimir
Putin called: He wants his warships - (www.cnn.com) So
much for détente. It was almost a year ago when a crowd gathered in Saint
Petersburg, Russia, to toast the launching of one half of a French-designed
warship, theVladivostok, which had been partially built for the Russian Navy in
the city's shipyard. The giant vessel, as high as a 20-story building, was
headed for final construction and assembly in France's Normandy region -- a
coastline that bears the scars of World War II. Standing on the dock, a
reporter for the Kremlin-run Russia Today TV gushed that the ship represented
"the winds of change between Russia and France." But just nine months
on, the wind has turned chilly. And now a deal worth about $1.65 billion risks
being tossed into the seas. Back in 2011, when former president Nicolas Sarkozy
inked a contract to deliver two Mistrals to the Russian Navy, with the
possibility of two more, he hailed it as bringing big money into the battered
French economy, and 1,000 jobs to the small Normandy community of
Saint-Nazaire, where it is being built by the company STX Europe AS, a
subsidiary of Korea's STX Corporation.
NY
Times: Big Swiss, French Banks Expected to Face Charges - (www.moneynews.com) Federal
prosecutors are preparing criminal charges against two of the world’s
mega-banks that could yield the first criminal guilty plea from a major bank in
more than 20 years, The New York Times reported. Neither of the banks cited by
the Times is a U.S. bank. The charges focus on Switzerland’s Credit Suisse for
its practices in offering tax shelters to Americans, and on France’s largest
bank, BNP Paribas, over doing business with nations like Sudan and Iran that
the U.S. has blacklisted, according to the Times. “The approach applies to American banks,
though those investigations are at an earlier stage,” the Times said. The
newspaper reported that the probes, being conducted simultaneously by a range
of government agencies, means prosecutors are “confronting the popular belief
that Wall Street institutions have grown so important to the economy that they
cannot be charged.” “A lack of criminal prosecutions of banks and their leaders
fueled a public outcry over the perception that Wall Street giants are ‘too big
to jail.’” According to the Times account, any guilty pleas would apparently
come from the banks themselves or their subsidiaries — there was no mention
that any individual banker might be charged.
Palm
Beach Court Starts Another Push To Clear Foreclosures - (www.mfi-miami.com) Palm Beach County
Chief Judge Jeffrey Colbath is attempting to hasten
Palm Beach County’s foreclosure process one more time as
previous efforts to streamline the system and the approval of last year’s
controversial fast-track foreclosure law have shown limited success. In
March, Colbarth signed an order requiring attorneys who file certain motions
in foreclosure cases to set a hearing date within five days or face
judicial rebuke. It’s a command he hopes will push banks and
homeowners to a quicker resolution and clear the court’s docket. According to
the Palm Beach Post, it’s raised the ire of some foreclosure defense
attorneys who believe the order gives judges the power to set cases
for trial when they are not ready and should require approval from the
Florida Supreme Court. “This shifts the burden to move the case forward to the
defendant,” said foreclosure defense attorney Tom Ice, who has asked the
Florida Supreme Court to weigh in on the rule. “The judicial system
is not supposed to be about just clearing the court’s docket.”
Spanish
‘Robin Hood of the Banks' to RT: We'll create different world with our own
rules - (www.rt.com) Enric
Duran, dubbed the ‘Spanish Robin Hood of the Banks’, for swindling 39 banks out
of half a million euros to redistribute them to organizations fighting against
the established financial system, spoke to RT Spanish to reveal his moves and
motives. In hiding for more than a year, and in serious trouble with the
courts, he nonetheless recently decided to break his silence and start speaking
to the press to explain his vision and how he went about achieving it. Speaking
to RT Spanish by Skype from an undisclosed location, he talks of the ingenious
and simple tactic he used to cheat dozens of banks out of a half-million euros. “I
realized that loans below 6,000 euro don’t show up in Spain’s bank database,” he
says, revealing the first step on the way to accumulating the fortune that
later earned him his moniker.
The
300 MPG Car Exists -- But it's BANNED in the US – (www.humansarefree.com) – This may
be partially a hoax, but some truth.
U.S.
manufacturing growth accelerates in April: ISM - (www.reuters.com)
Consumer Spending in U.S. Jumps by Most in Five Years - (www.bloomberg.com)
Consumer Spending in U.S. Jumps by Most in Five Years - (www.bloomberg.com)
Jobless
Claims in U.S. Unexpectedly Climb to Nine-Week High - (www.bloomberg.com)
[Hilsenrath] Fed Cuts Bond Buys, Sees Growth Pickup - (online.wsj.com)
[Hilsenrath] Fed Cuts Bond Buys, Sees Growth Pickup - (online.wsj.com)
No comments:
Post a Comment