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Even if the government passes its $700 billion rescue plan, as it's likely to do, that won't be enough to prevent a pretty deep recession.
Read →Berkshire Hathaway gets another great deal, but not so great for General Electric shareholders
Read →I've seen a lot of ads on tv recently for Bank of America's "risk free CD" so I decided to give it a look. Here's what I found.
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Newest Version of Bailout Bill May Raise FDIC Insurance Limits to $250,000
The version of the bailout bill that the Senate is scheduled to vote on tomorrow raises the FDIC insurance limit from $100,000 to $250,000 for one year.
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When People Start Running on the Bank, Virtually Every Bank is an Inch from Zero
Even the banks that saw this coming months ago couldn't prepare for this.
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Looks Like Something Other than a Financial Crisis to Me
I don't invest in bank stocks and I don't think that I ever will. But, this market fall is taking my portfolio to its knees.
Read →Dime Direct, the online division of Dime Savings Bank of Williamsburgh is offering a 6 month CD with a 5% APY when opened with a checking account.
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Bailout Denied - Significant Consequences Likely
Our Congress has cut off their nose to spite their faces, and now a depression is imminent.
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Capitalism Will Survive - Bailout or No Bailout
It may seem like the capitalist economic model is falling apart but this is just a natural part of the ebb and flow of an economic system. It may be a painful part but that's the nature of capitalism.
Read →On Friday, the FDIC made a significant change to the way that FDIC insurance is extended on revocable trusts. The change makes it easier to add beneficiaries and simplifies the process. It also means that the FDIC has significantly expanded what it will insure.
Read →There's an interesting Bloomberg article from John M. Berry that argues that the bailout will actually generate a profit from the government. He calls it a massive carry trade. What's a carry trade? It's a trade where the cost of raising capital for an investment is lower than the return provides by the purchased assets. The difference is profit. In this case, the government is borrowing money from the public and foreign governments via Treasuries at 3-4% and purchasing assets that should yield 8-10%. Based on this, he predicts positive cash flow for the government and an overall gain. The $700 billion is invested capital, not lost money.
Read →Everbank raised the rates on its 3 month CD and 6 month CD and now has the top rates for each term according to the BestCashCow rate tables.
Read →The NY Times is reporting that Wachovia and Citi are in merger talks. Wachovia needs a buyer. It's stock is getting crushed and it's suffering from a bundle of bad mortgage loans.
Read →I just called WaMu and asked if they were still offering high rates after being sold to JP Morgan Chase. The news was good.
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