Treasury Sees Millions More Foreclosures

Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury official conceded much more must be done to soften the impact of a severe and prolonged housing crisis.

"The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn," Michael Barr, assistant Treasury secretary for financial institutions, told a House Financial Services subcommittee. (more)

Gerald Celente on Goldseek Radio 05 Sept 2009

Is Another 9/11 Set to Unfold?

Earlier this year, quite by happenstance, I read a book written by Pulitzer Prize-winning reporter James B. Stewart.

Photo: At 9:02, United Airlines flight 175 about to impact the World Trade Center south tower.

"Heart of a Soldier" tells the story of two men who, well before it happened, foretold not only of the terrorist attack of 9/11 but also the 1993 bombing in the World Trade Center parking garage that preceded it.

(more)

UK was hours from bank shutdown

Britain was within hours of a banking shutdown last autumn as the government battled to piece together a rescue plan for the stricken Halifax and Royal Bank of Scotland, it has emerged.

Treasury mandarins and Bank of England officials battled the clock to come up with a support package on the weekend of 12 October. If they had failed, the Financial Services Authority could have ordered the closure of cash machines and prevented deposits at either of the two main casualties of the global financial chaos. (more)

US Stocks Close Higher, Paced By Industrials

Another round of buying in industrials, including Caterpillar and General Electric, spurred stocks higher Wednesday, while an upgrade for SanDisk helped keep tech stocks in the green.

Overall, the Dow Jones Industrial Average closed up for the fourth straight session, rising 49.88 points, or 0.53%, to 9547.22. Leading the index, Caterpillar tacked on $1.44, or 3.1%, to $48.41, while General Electric increased 37 cents, or 2.6%, to 14.87.

Investors had come into this week seemingly on edge. Given the Dow was up more than 45% in the past five months with only slight pullbacks, there was concern a bigger slide could be in the cards. So far this week, however, the only thing on the decline has been the dollar. In turn, commodities have pushed higher while global industrials and many other sectors have spent much of Tuesday and Wednesday's trading on the climb. (more)

Wall Street Journal Europe September 09 2009

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Gold, the Dollar, Commodities, & Special Ways to Make Money in this Depression

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