Europe moving socialist?
Bob Morris @ Mar 9th 2008 18:54 - Category: Socialism ;
Archive for March 9th, 2008
Africa’s “first narco-state”
Bob Morris @ Mar 9th 2008 18:12 - Category: Unfiled Tags: cocaine, Guinea-Bissau;
Guinea-Bissau, a failed state, has no prisons and few police, it’s now being used as a major transport hub to move cocaine from South America to Europe and Asian heroin to the US.
‘Coke fashionistas’ are ruining Africa - UN boss
Subprime ghost towns
Bob Morris @ Mar 9th 2008 15:32 - Category: Credit crisis ;
Marc Slavin of the Arizona Short Sale Office says his company has been to neighborhoods where nearly every house is vacant.
It’s happening in NYC and Cleveland too, as well as many other areas too.
Thinking about Obama VP choice
Bob Morris @ Mar 9th 2008 13:48 - Category: Election 2008 Tags: Obama;
Richardson would be ideal. He’s not anti-gun, something which will help carry the west and Texas, has major foreign policy experience, and is Hispanic, which will help carry that bloc too.
Wall Street banks face “systemic” $325 bn margin call
Bob Morris @ Mar 9th 2008 10:10 - Category: Unfiled ;
This from a Wall Street bank, JP Morgan Chase & Co. They just sent a $28 million margin call to Thornburg Mortgage, who can’t pay it. This means JPM is likely out that $28 milllion (admittedly, chump change for them) but more pain is almost certainly coming.
“A systemic credit crunch is underway, driven primarily by bank writedowns for subprime mortgages,” according to the report co-authored by analyst Christopher Flanagan. “We would characterize this situation as a systemic margin call.”
The investment banks loaned money to other entities using their holdings as collateral. If the amount of collateral falls below predetermined levels, then the banks require more money. With the collapse in the value of subprime mortgage holdings, margin calls will be increasing - that’s what JPM means by “systemic.”
Feds open criminal inquiry against Countrywide
Bob Morris @ Mar 9th 2008 00:15 - Category: Credit crisis Tags: Countrywide, Mozilo;
I’m guessing CEO Angelo “If I can’t drive a company into bankruptcy and keep billions while doing so, then I fear socialism is coming to the US” Mozilo may well be having some sleepless nights.
Can you say “Enron?” I knew you could. And Mozilo doesn’t have a US president running interference for him either.
