Retail Sales Surprise on the Upside
Feb. 12 (Bloomberg) — Sales at U.S. retailers unexpectedly halted a record six-month slide in January, reflecting higher gasoline prices and more spending on items such as clothing and food. The 1 percent increase followed a revised 3 percent drop the prior month, the Commerce Department said today in Washington. Purchases excluding automobiles gained 0.9…
Feb. 12 (Bloomberg) — Sales at U.S. retailers unexpectedly halted a record six-month slide in January, reflecting higher gasoline prices and more spending on items such as clothing and food. The 1 percent increase followed a revised 3 percent drop the prior month, the Commerce Department said today in Washington. Purchases excluding automobiles gained 0.9 percent. Consumer spending, about 70 percent of the economy, is likely to resume shrinking as the year progresses, according to a separate monthly Bloomberg News survey, capping the longest slide on record. Lawmakers are aiming to shore up the economy with a $789 billion stimulus package that’s designed to create 3.5 million new jobs.
It’s called predatory lending.
Joe, plenty of people who would have qualified for prime say they were offered only subprime.
As to the question of outright broker fraud: If the mortgage broker, the real estate agent, the lawyer, and the inspector were all working as part of a team, then you might be able to prove the lawyer had broken the law by not representing his/her client — but only in a state like New York that requires buyers to have lawyers. As far as I know, it’s not a requirement in most places.
Nonetheless, although not technically illegal at the time, morally what the subprime brokers were doing was wrong. They were being given risky loans at inflated rates with outlandishly high closing costs, and often the price of the house was inflated beyond all reason (beyond the regular “bubble” rates). The buyers did not have adequate knowledge or anyone representing their interests. They were being ripped off at every turn, even though at the time it was not “illegal.” Credit-card interest rates of 30 percent and more are legal now too, but it doesn’t make them ethical.
Me thinks it is a bit soon to be fed up with the left. And no, please don’t throw me into the briar patch of more earnings equality and a bigger safety net. Not that!
Time to reveal the emperor’s clothes for what they are – the naked self-interest of the rich who have had their share of income increase drastically over the past few decades while the average joe (even “joe the bummer”) and jane have lost ground.
We’ve pissed on our planet, stolen from our fellow humans, and ignored the future. Time indeed to “put away childish things.” The excess of the rich is sickening – they’ve gotten away with it by selling the middle class and the poor on a media-driven fantasy that they too have a hope of living high on the hog. Enough already.
seriously, how many people are going to start knocking off work early now when they hear that? This is BAD!!!
careful what you wish for putnam, I think we are really going to get it: a big turn toward a more european-style system. more people working for the state, more earnings equality and a bigger safety net. everyone’s gonna mail it in. hear comes european style chronic under-employment…. what do you think? maybe then everyone will get fed up with the left’s version of incompetence and excess, and we’ll switch back.
I am more concerned with what the Top CEOs make as the heads of these record companies than I am an artist or whore like Britney….
It’s mind boggling – the poor decisions and bad judgements still abound in this industry – it’s no surprise to me that record labels will probably cease to exist in 5 years time.
Oh goodie – well if I do ever get laid off from this place than I can go to the gov’t and have them pay my mortgage!?!?!? – well – ALRIGHT!!
I think it means if you’re broke enough they’re going to write a check for part of your mortgage every month.
I might take you up on that gemini. I have a hard time with what brittany spears makes. it should be illegal, or at least taxed. all of our scientists are going to want to be whores now.
Joe – what does that mean? US to subsidize mortgages
sorry – i work in the record biz
if anyone cares to engage me on that industry- I would LOVE to give you all the gory details!
sorry, I thought my [escape] button would cancel my typos.
JUST HIT THE TAPE — US to Subsidize Mortgage Payments After Borrower Means Test.