Economic Glance
Silicon Valley, the birthplace of the microprocessor, the personal computer and the iPhone, is a model of private enterprise at work. But not when it comes to getting a mortgage.
In Santa Clara County, the center of the global tech industry and one of the wealthiest places in the United States, most home buyers get help from the government, an analysis of government lending data shows. The same is true in other wealthy enclaves such as Nassau County, outside New York, and Arlington County, outside Washington, the analysis of more than 50 million loans finds.
Well-to-do get mortgage help from Uncle Sam
New Report Finds Financial Crisis Cost Economy $12.8 Trillion
The U.S. is still struggling to claw out of the hole created by the Great Recession, the Wall Street-caused crisis that resulted in the loss of millions of jobs. According to a new report from Better Markets, a pro-financial reform organization, the crisis cost Americans about $12.8 trillion in lost economic output:
– Estimated actual gross domestic product (“GDP”) loss from 2008 to 2018, of $7.6 trillion. This is the cumulative difference between potential GDP — what GDP would have been but for the financial and economic crises– and actual and forecast GDP during the period.
Consumer regulator barks; an industry shudders
In the 14 months it has existed, the Consumer Financial Protection Bureau has launched dozens of enforcement probes and issued more than 100 subpoenas demanding data, testimony and marketing materials -- sometimes amounting to millions of pages -- from companies that include credit card lenders, for-profit colleges and mortgage servicers.
Even in recession the rich get richer: Savers have been hit for £70bn as printing money 'helps rich' admits Bank of England
Record low interest rates have robbed savers of more than £70billion while printing money to revive the economy has mainly benefited the rich, the Bank of England admitted yesterday.
But critics have long claimed that ultra-low interest rates have hammered Britain’s army of savers and the decision to print money has led to a ‘death spiral’ in pensions by slashing annuity rates.
We'll make a killing out of food crisis, Glencore trading boss Chris Mahoney boasts
Oxfam said companies like Glencore were "profiting from the misery and suffering of poor people who are worst hit by high and volatile food prices", adding: "If we are going to fix the ailing food system then traders must be part of the cure."
The United Nations, aid agencies and the British Government have lined up to attack the world's largest commodities trading company, Glencore, after it described the current global food crisis and soaring world prices as a "good" business opportunity.
Simon English: In the surreal place called Planet Banker, those in charge are never to blame
Welcome to Planet Banker, a surreal place where a seeming lack of oxygen seems to affect the eye-sight and hearing of the inhabitants.
Why are we going on about that cocaine money-laundering thing when their continued capital strength is such a source of reassurance?
Super rich hold $32 trillion in offshore havens
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
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