Friday, February 26, 2010
In an interview with Newsmax.TV, Davidson, who is a member of the Newsmax board of directors, elucidated the ideas of a recent book, titled “Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown.”
The book — written by David Wiedemer, Robert Wiedemer, and Cindy Spitzer — states that two big bubbles have yet to burst: the dollar and $12.3 trillion in government debt. (more)
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( Lindsey 's interview starts at about 31:00 in part 3)
“Other currencies aren’t strong and the Euro has real problems, with cracks much wider than Greece beginning to show,” Rogers said.
“But it’s the Pound that’s most vulnerable. In real terms, it’s already devalued against virtually every currency barring the Zimbabwean dollar and it’s especially exposed over the weeks running up to the UK election. In a basket of currencies, the Pound is potentially a basket case. And that will put Britain in an extremely bad position for the shakedown.” (more)
The average rate on a 30-year fixed rate mortgage was 5.05 percent this week, up from 4.93 percent a week earlier, mortgage finance company Freddie Mac said Thursday.
Rates had dropped to a record low of 4.71 percent in December, pushed down by an aggressive government campaign to reduce consumers' borrowing costs.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds. (more)
Benchmark crude for April delivery fell $1.83 to settle at $78.17 a barrel on the New York Mercantile Exchange.
Oil has been bouncing back and forth for months between $70 and $80 as investors watch economic data for clues about where the economy is heading following the Great Recession.
The signs Thursday were mostly negative as the government said new claims for unemployment benefits last week jumped unexpectedly while a separate report on big-ticket manufactured goods was mixed. (more)