Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their heads.
Now the bill is coming due.
posted by plexi
on Mar 27, 2008 -
Columbia Business School doesn't like Ben Bernanke.
The Previous Link is a
Music Video from Columbia Business School. No Billy Joel, but it is a music parody. You might not like music parodies which is A-Okay, but this is a financial focused music parody from a business school improv group. It made me smile wanely a few times, but I still enjoyed it. You might not. I am sorry if you do not. If you don't, maybe you would like a video about munchkin kittens. [more inside]
posted by Lord_Pall
on Mar 19, 2008 -
While the US equities markets were closed on Monday for Martin Luther King Day, stock markets around the world took a nosedive, losing billions in equity
; the markets in Australia
, South Korea
, Indonesia, Hong Kong
, the UK
, and more countries
have dropped at least 5% each (Canada
only fell 4.75%), even though most of those markets had already been seriously down for several days prior. India has been hit particularly hard
, at one point down a whopping 11%, tripping their markets' automatic "circuit breakers"
for a mandatory time-out period, before scraping back up to close at 8% down.
US futures markets are currently predicting a 650+ point drop just at the open Tuesday morning
, before even a single trade goes through. [more inside]
posted by Asparagirl
on Jan 22, 2008 -
Do you know a young 20 something hipster who is too busy spending their parents money on beer, poorly fitting clothes and blogging about the newest band reinventing music from 20 years ago? Is their waiter/bartending existence causing you to worry about their long term investment habits? Do they need some fisical responsbility in their young lives? Well you're in luck my friend! Thrasher Funds
now offers the first mutual fund targeted to hipsters
. With holdings
in Apple, Gucci, H&M, and Louis Vuitton, this fund not only has it's pulse on your young hipster's generation, it also dresses the way they want! Get in on it today! via
posted by Stynxno
on Nov 8, 2007 -
Stephen Barnwell makes meticulous bills for fictional worlds, such as the Dream Dollars
of a lost Antarctic colony
, complete with symbolism and backstories. He has introduced several new, more politically controversial fictional currencies for less ideal worlds: the United States of Islam
, the State of War
, and the Empire of America
. He is not the only artist who imagines currency, there are the beautiful notes
and the strange work of JSG Boggs [prev]
who hand-draws almost real bills that subvert the lines between money and art
, occasionally running into issues with the Secret Service
on the way. On the borders between reality and fantasy is the new currency developed by foreign exchange specialists Travelex, the Quasi Universal Intergalactic Denomination
, introduced to solve some of the problems in money in space, and which may actually be used by space tourists
posted by blahblahblah
on Oct 16, 2007 -
At a time when fed-up American citizens are petitioning Congress
to end the imprudent financial practices that caused the
housing bubble sub-prime mortgage crisis liquidity crisis
impending recession -- including the banning of SIV's
and refusing any bailouts
for Wall Street, banks, or mortgage companies -- the United States Treasury Department has just announced
the creation of a giant-mega-ultra SIV called "M-LEC" made up of assets from several of the largest American banks. Already unofficially nicknamed "Sivie Mae" (or worse, "the Frankenstein Fund"
), it would be an off-balance-sheet way for these banks to pool and price the ABCP
's that they've lately been having trouble pricing and thus selling -- i.e. the liquidity crisis. [more inside]
posted by Asparagirl
on Oct 16, 2007 -
Billions over Baghdad.
"Between April 2003 and June 2004, $12 billion in U.S. currency—much of it belonging to the Iraqi people—was shipped from the Federal Reserve to Baghdad
, where it was dispensed by the Coalition Provisional Authority. Some of the cash went to pay for projects and keep ministries afloat, but, incredibly, at least $9 billion has gone missing, unaccounted for, in a frenzy of mismanagement and greed. Following a trail that leads from a safe in one of Saddam's palaces to a house near San Diego, to a P.O. box in the Bahamas, the authors
discover just how little anyone cared about how the money was handled."
posted by homunculus
on Sep 27, 2007 -
In Silicon Valley, Millionaires Who Don't Feel Rich
[NYTimes Link] Mr. Kremen estimated his net worth at $10 million. That puts him firmly in the top half of 1 percent among Americans, according to wealth data from the Federal Reserve, but barely in the top echelons in affluent towns like Palo Alto, Menlo Park and Atherton. So he logs 60- to 80-hour workweeks because, he said, he does not think he has nearly enough money to ease up.
posted by ThePinkSuperhero
on Aug 5, 2007 -
I am a Swiss Banker currently in possession of over $ 1 Billion in funds stashed away by the late dictator Mobutu Sese Seko of the Congo. Our Swiss Confederation President Micheline Calmy-Rey said her government is holding just $6.6m frozen in accounts.
"We discussed the question of Mobutu's funds and my government is prepared to restore the money to the DR Congo as soon as possible," Ms Rey told reporters
in the DR Congo capital, Kinshasa, after talks with Mr Kabila.
But we can help you get the rest of the 92.4 million dollars if you will just send us your bank account number and call to confirm your ID and pin number.
posted by infini
on Jul 17, 2007 -
Make My Movie Online
Be A Producer
Help me raise the money to produce My Movie! For a minimal donation of only $2, YOU can receive a Producer`s Credit (PC) in the end credits of my film! Not only will you receive a credit, in exchange for your donation, you can also have a vote in some of the decisions such as casting, crewing and storyline! AND, not only that, but you also will have the opportunity to participate in the PROFITS of the film when we distribute the film.
posted by pt68
on Mar 13, 2007 -
The Money Maker
:"On the 1000 guilder note, it became a “sport” for me to put things in the notes that nobody wanted there! I was very proud to have my fingerprint in this note – and it’s my middle finger!"
posted by dhruva
on Feb 26, 2007 -
Marjoe Gortner, world's youngest preacher
kicked off his religious career by performing a marriage at the age of four and a half. Although he eventually left the evangelism gig and became a hippie, lack of cash led him to take it up again part time as an adult. That is, until a crisis of conscience precipitated a documentary
where he exposed the business
of evangelical ministry. "Marjoe" won the 1972 Oscar for "Best Documentary" and has been recently re-released. An interview with Marjoe.
You tubery inside.
posted by arcticwoman
on Feb 18, 2007 -
Want to learn about investing?
Morningstar, an independent investment researcher, is offering 172 free online "classes" on stocks, bonds, funds, and portfolio building. And there's nifty quizzes at the end of each lesson where you can earn points that can be used for Morningstar products.
posted by ThePinkSuperhero
on Jan 9, 2007 -
is the handy guide for Internet startup entrepreneurs to use to calculate their next investment round. If you've recently raised money for your startup, how do you plan to use it? If you're working for a startup, better hope Matt Marshall
doesn't tag you with the dreaded bubble
posted by gen
on Jan 7, 2007 -
It's Wall Street bonus season.
And, as Henry Blodget writes, the folks who have "the good fortune of working in a hot industry in a favorable market environment"
are doing extremely well this year. Notably, Goldman Sachs is breaking records with a $16.5 billion bonus pool. That is roughly $622,000 per employee but some employees do better than others
: "[Goldman CEO] Lloyd Blankfein, for one, will probably earn a measly $50 million (loser), whereas Morgan Sze (big man on campus), head of GS's principal strategies group in Hong Kong will go home with a check around twice that." Anyway, whether you're a $120K secretary or a $100M trader, author Michael Lewis has some some tongue-in-cheek advice for dealing with poorer relations
posted by blue mustard
on Dec 20, 2006 -