Jun 28 2009
The Country that Punishes Savers: Americans Saving 7 percent of Income Putting nearly $800 Billion Annual Rate on the Sidelines. Banks offering 0 to 0.10 Percent to Borrow Your Money.
Americans are increasingly putting more and more money on the sidelines. For the month of May Americans put away 6.9 percent of their income into savings. Not the stock market or real estate but bona fide savings. This is a stark contrast from the zero rates achieved back in April of 2008. When we [...]
Jun 20 2009
Downey Savings and Loan: The Anatomy of an Option ARM led California Banking Disaster. Other People’s Money Delusion.
On June 15, 2009 the Office of the Inspector General issued their audit report regarding the failure of California’s Downey Savings and Loan Association (Downey). Now the story of DSL is important because it highlights the entire process of how we came to this financial crisis that now threatens the economic stability of the [...]
