68% of US Debt Financed by Foreign Entities

I may not have used the same expletive that you'll see at the end of this video but damn if it doesn't apply.

Beware of Mortgage Leopards Trying to Hide Their Spots

No that's not a typo.

It appears that a number of prominent sub-prime mortgage lenders are now offering their customers a product known as "Equity Accelerator".

The "Equity Accelerator" program promises homeowners that they can pay off their mortgage years in advance and save thousands of dollars in interest payments simply by signing up for automatic electronic fund transfers and paying their mortgage every other week instead of once a month. Sounds terrific right?

Maybe, maybe not.

Most of these programs have a one time enrollment fee that is collected from your first extra principle payment, a monthly participation fee, variable rates based on the payment dates and of course, lots of fine print on the agreement.

I recently reviewed one of these agreements and had to laugh when I saw that the terms of the program which the lender suggests that customers "read carefully and retain for your records", is printed on the opposite side of the section that you are supposed to detach and mail back to the company.

So if you're considering enrolling in an "Equity Accelerator" program, you may want to visit the Kiplinger.com Community Forum thread and learn more before you sign on the dotted line.

Go to:
http://forums.kiplinger.com/showthread.php?t=3718

ICRC Calls Gaza A Full-Blown Humanitarian Crisis

excerpt from:
BBC NEWS | Middle East | Gaza clashes spark 'major crisis'

The Gaza Strip faces a "a full-blown humanitarian crisis", the International Committee of the Red Cross (ICRC) says.

The ICRC's head of operations for Gaza, Pierre Kraehenbuhl, told the BBC that life was becoming intolerable in Gaza after 10 days of conflict.

Clashes between Israeli forces and Palestinian gunmen continue as Israel attempts to end militant rocket fire.

At least 12 Palestinians were killed in an Israeli strike on UN-run school in in Gaza, medical officials said.

At least 110 people have died since the ground assault began on Saturday, medical officials say.

More than 560 Palestinians have been killed since Israel moved to end rocket attacks from Gaza 11 days ago, Palestinian medical officials say. The UN says at least 25% of those are civilians.

At least 30 Palestinians were killed on Tuesday, while four Israeli soldiers were killed by fire from one of their own tanks.

Israel says it has killed 130 Hamas fighters and has denied claims that Hamas has killed 10 of its soldiers.

Israel says its offensive is stopping militants firing rockets, but at least five missiles hit southern Israel on Tuesday, with one reaching the town of Gedera, about 40km (25 miles) from the Gaza Strip.

Ann Coulter's "Today" Show Appearance Canceled

Have Americans had enough of Ann Coulter? Let's hope so. Time will tell.



Has NBC developed a conscience? I doubt it. They probably just calculated that Ann Coulter and people of her ilk who spread hate rhetoric are not marketable right now. Apparently, CBS is willing to take the gamble. Let's see how it pays off.
About NBC
Read the Article at HuffingtonPost

Foreign & Domestic Automakers Reporting Declining Sales

This should not surprise anyone. 

Once upon a time, the problem might have be defined as US automakers losing ground to foreign competitors.  But today there is a new reality. Consumers are cash strapped and maxed out on credit.  Wages are stagnant.  Home equity has declined.


excerpt from:

US auto sales fall for many firms beyond Big Three | csmonitor.com

The auto industry's downturn is not a Detroit problem, it's affecting companies around the world.

As the automotive industry closed out the 2008 calendar year, brands like Toyota, Honda, and BMW joined the US-based carmakers in reporting sizable sales declines. During the month of December, all those companies reported that sales were down 30 percent or more from the same month a year before.

It's a sign that the industry's problems are rooted heavily in the wider recession for US consumers, not just in the long-term challenges of product mix and labor costs that burden America's homegrown automakers.

The shared sacrifice doesn't make things any easier for the Detroit Three: General Motors, Ford, and Chrysler. GM reported a sales drop of 31 percent Monday, while Ford said its sales volume was down 32 percent. Chrysler's sales fell 53 percent in December.

The auto industry gets hit early and hard during recessions. That's because cars are big-ticket purchases that consumers can choose to postpone. In the current economic downturn, a range of factors have piled on: once-high gasoline prices, a squeeze on the availability of loans, and the decline in household wealth rooted in the drops in the housing and stock markets.