One by-product of people being evicted from their homes during foreclosure proceedings is that they often end up renting a place to live. After losing a house to the bank, they are not likely to be homeowners again for years.
The Administration’s new plan to keep people in their homes by reducing what they have to pay for their mortgages each month actually has a similar effect on “ownership” although that may not be apparent at first. Read More
When the House Committee on Un-American Activities began its investigations after WWII looking for communists in the US government, it might have had a semi-legitimate goal. That objective did not last long. The committee’s only purpose, shortly after the proceedings began, was to put Hollywood actors and writers out of work. Read More
According to Reuters, a poll of economists says the Japanese economy is likely to get worse.
Reuters reports that Trump Entertainment may file for Chapter 11.
Reuters writes that California may have to lay off 20,000 people. Read More
Markets in Asia were sharply lower.
The Nikkei fell 1.4% to 7,646.
The Hang Seng was down 3.8% to 12,951.
The Shanghai Composite was off 2.9% to 2,319.
At the open in Europe, the FTSE was off .7%. The Dax fell 1.2% to 4,316. The CAC 40 dropped 1% to 2,933.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
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