Monday, December 7, 2009
And while Texas is densely populated with banks, nearly a quarter of households in the Dallas-Forth Worth area have gone to a pawn shop or check cashing company recently to carry out a simple financial transaction.
Those were just a few of the findings of a new government survey released Wednesday on Americans' access to basic banking services.
The survey, which tallied responses from roughly 54,000 U.S. households, marks the first time that the Federal Deposit Insurance Corp. has published such data. (more)
We are now on the edge of winter 2009, and recent events across the globe indicate more and more that our predictions for 2010 were correct. Let’s examine some of those events and their implications now… (more)
For decades, gold and silver investors have been warning the masses about the catastrophic weaknesses inherent in fiat currencies; currencies backed by nothing but empty promises and printed out of thin air ad nauseam by Central Banks. Precious metals, they said, were the only safe form of currency because they were finite, and could not be duplicated, meaning they could not be inflated to worthlessness. Until recently, these warnings have gone almost completely ignored by the general public.
Critics of gold (often proponents of Central Banks) contended that gold was an unrealistic and outdated foundation for an economy because its limited supply restricted liquidity, and kept a country from being able to “spend effectively.” (more)
Stop paying your mortgage.
At least that's the message from a University of Arizona law professor. Brent White's new paper argues just this tactic, and it is hitting a nerve as the nation's housing crisis enters its fourth year.
White is hardly first to talk about the idea of walking away from a mortgage that is bigger than the value of a home.
Nonetheless, his suggestions have gone viral and are popping up online, in newspapers and on television.
It's a move that can save some people money, but at the expense of wrecking their credit.
The topic is central to what's crippling the housing market: About one in four homeowners, or 10.7 million Americans, are considered underwater, meaning their mortgage exceeds their home value, according to real-estate information company First American CoreLogic. (more)