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The vast bulk of mortgage resets lie ahead of, not behind us. This reset profile is of great concern, because the majority of resets are still ahead. Moreover, the mortgages to which these resets will apply are primarily those originated late in the housing bubble, at the highest prices, and therefore having the largest [...] Warner Bros. acquires the Pirate Bay Guardian to be published on Twitter Expedia offering Mars flights for $99 Opera browser, now with face gesture recognition, like puff cheeks to zoom out. China giant pandas in zoo turn out to be dyed brown bears The court order from a Connecticut judge includes Fairfield Greenwich Group, a big hedge fund who said they did due diligence on Madoff but apparently did little but pass money on to him, collecting steep fees for doing so. This is big. When they say frozen, they mean frozen. No withdrawals, no credit cards, no [...] Video and article Today Chris Knight, the anthropology professor suspended from the University of East London last week for suggesting that bankers might be lynched, was wandering the march alone. “I just met a copper and I said to him, ‘Is this the revolution?’ He said: ‘No, this is the dry run, the revolution [...] April Fools jokes? Hah! Things are way too dire for that. Collapsing economies, criminals in high places, you know the whole enchilada way too well. However, the Marxist International Liberation Front has been documenting hitherto unknown ties between our capitalist overlords, like that AIG is money-laundering for the Queen of England’s heroin smuggling. Whoops, [...] The fixed-wing Greenwind has set a new world record for a wind-powered vehicle, 126.1 mph. Now they want to try it on ice, and go even faster. Michael Lewis on the collapse of Iceland Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, [...] Joseph Cassano Joseph Cassano bankrupted AIG. Yes, that’s right, he bankrupted it. Reports are the FBI is close to filing charges against him. I expect he’ll become as detested as Madoff. 80,000 volunteers worked unceasingly for days to build the levees in Fargo. The city is only 90,000 so that means everyone who could work, did. More came from surrounding areas. People opened their homes to those who had lost homes, sometimes just giving them the keys, literally leaving the doors open when they weren’t there. [...] Today at dawn, New York City police surprised a gang of free market fanatics just before they could set off a massive dynamite explosion that would have blown away the entire northern wall of lower Manhattan’s Metropolitan Correctional Center. News of the daring rescue attempt quickly spread throughout radical capitalist circles, bringing tycoons, magnates, and [...] |
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