Items Tagged with 'Government debt'


  • The biscuit breakfast economic indicator

    The menu in the canteen at HousingWire lists a special breakfast offer. Now, for only $1.39 (plus tax), any member of our staff can get a full breakfast of one biscuit smothered in gravy. This is very likely the largest indicator that I've seen that shows the economic recovery is likely to get worse before it gets better. The notion that Americans need more bargains is nothing new. As James Sweeney, an analyst for the global fixed income division of Credit Suisse [stock CS][/stock] put it, "deleveraging has become a household word."
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  • Full text: S&P downgrades the U.S. debt rating

    On Aug. 5, rating agency Standard & Poor's downgraded its rating of the U.S. sovereign debt, the first such downgrade for the U.S. in modern history. Below is the full text of Standard & Poor's press statement. We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. We have also removed both the short- and long-term ratings from CreditWatch negative.
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  • No Backstop, No Immediate Answers for Sovereign Debt Woes

    Editor's Note: On Monday, Paul Jackson, the publisher of HousingWire, postulated the market sentiment that we are all in this mess together. Two days ago, in one of his rare appearances in front of the press, Bank of England Governor Mervyn King spoke frankly to reporters over the results of his Quarterly Inflation Report.
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  • Deflect and Absorb: Measuring the Greek Afterburn on American Markets

    In examining the implication of the Greek debt crisis on the American financial markets, there are several points that continue to go unnoticed. Underneath the veneer of market hysteria reports, with some suggesting that a collapse of the Greek financial structure is proof of the vulnerability of the GSEs, it appears a good time to put everything in perspective. First, take a deep breath.
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  • Mortgage Liabilities Shrink as Borrowers Pay Down Debt

    Household debt shrank at an annual rate of -0.8 percent for the third quarter 2008, compared with the 0.6 percent annual growth in household debt seen just one quarter before. Federal debt, however, attempting to counter the failing financial market and bleeding job market, spiked over last year in the third quarter. It had only seen a moderate 5.9 percent yearly growth the previous quarter, the Federal Reserve announced Thursday in its quarterly statistical release.
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  • We Have a Winner, and His Name is Bill Gross

    Say what you will about the man, but PIMCO fund manager Bill Gross has clearly proven adept at getting his way throughout this credit crisis -- and investors in his funds are reaping the rewards. The UK Telegraph reported earlier this week that the U.S. Treasury's move to place Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] into conservatorship netted Gross and his fund $1.7 billion in profit.
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