Speaking to journalists en route to Berlin, Treasury Secretary Henry Paulson said that his speech on July 2 will focus on the Federal Reserve’s role as a macro stability regulator.
Paulson said that speech will focus on the Federal Reserve’s process for intervening in financial affairs and that any intervention by the Fed must be paired with market discipline.
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…He cites as examples appraisers, “fee hungry” mortgage brokers, and real estate agents who participated in putting home buyers into subprime mortgages they could not afford.
There may also be, as Lenckus puts it, an unknown number of “widget manufacturers”which bought various mortgage- backed financial instruments as investments that must now be devalued. This will impact the company’s bottom line and provide an impetus for shareholder suits.
Even companies that did not invest in subprime instrumentsmay be vulnerable…
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Owners of leased home want to sell, but the devil is in the details of the contract, says the Real Estate Adviser.
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Texas business activity declined further in June according to the Dallas Fed’s manufacturing report on Monday, whose business activity index fell to -24.1 from May’s -10.3.
“Several indicators for current conditions declined from May levels and turned negative,” read the report. “Despite June’s slowdown, more than a third of manufacturers responding to the survey expect increases in production and volume of new orders six months from now.”
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The ISM-Chicago business barometer remained below 50 for the fifth consecutive month in June, yet improved more than expected, coming in at 49.6, against expectations that it would fall to 48.0 from 49.1 in May.
“The threat of an economic recession spreading from the housing and credit sectors has yet to materialize, but economic growth remains negligible at best,” said spokesman Jack Bishop in the report’s summary. “Perhaps the mantra of fear of a recession has…”
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Canadian GDP and the ISM-Chicago Purchasing Manager’s Index will highlight the start of what is looking to be a busy shortened week on the North American data front. In the afternoon, comments from Portuguese Central Banker Vitor-Manuel Ribeiro Constancio will also be closely watched ahead of the European Central Bank’s rate decision on Thursday.
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Set in the heart of the Georgian Hills neighborhood in Frayser, Steve Lockwood, executive director of the Frayser Community Development Corp., sits in his office pouring over maps and economic development studies contemplating Frayser’s challenges and its potential future.
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A car owner who is five months behind on payments should count his blessings, says Bankrate car columnist Terry Jackson.
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Ditching an SUV when you’re upside down on the loan may be unwise, says Bankrate car columnist Terry Jackson.
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Retiring is not mandatory. You can stay shackled to a job until your last gasp if you follow these steps.
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