I thought I had sent this in.
Greece is still not out.
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Ross Williams
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Owners Stop Paying Mortgages, and Stop Fretting
These folks are playing the game the same way the banks and lenders do, with hard nosed realism. The only problem is that eventually the banks and lenders will eventually get the rules changed in ways that will likely make it much more difficult on people being foreclosed. It won't happen when everyone is watching, like now. They will wait until people aren't paying close attention and the immediate impact is only felt by a small number of people. Just the way they did for bankruptcy "reform", student debt and a variety of other regulations.
When the servicer sends a default notice the ownership of the house is ended. The occupant is just negotiating moving day.
Denial is easy until the marshals arrive. We do not indulge in bailiffs. Bankruptcy is gentler on individuals.
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rcc
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Does IMF Stand for Impressive Macroeconomic Flexibility?
So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.
"In the long run we are all dead." But not today.Real soon now. There is still no deal.http://www.bbc.co.uk/news/business/market_data/overview/Previous close value
*All charts show local time
Dow Jones 15 min delayvaluechange%12862.23+156.82+1.23Top winner and loser Bank of America Corp. 7.84+0.37+4.90Procter & Gamble Co. 62.81-0.47-0.74Nasdaq 15 min delayvaluechange%2905.66+45.98+1.61Top winner and loser Threshold Pharmaceuticals Inc. 2.99+1.70+131.78Mannkind Corp. 2.17-0.30-12.15S&P 500 15 min delayvaluechange%1344.90+19.36+1.46Top winner and loser Genworth Financial Inc. 9.17+1.13+14.05Edwards Lifesciences Corp. 71.54-9.12-11.31
Market reportsvaluechange%5882.79+41.62+0.71
London
FTSE 100 15 min delayvaluechange%5901.07+105.00+1.81Top winner and loser Admiral Group 1038.00p+76.00+7.90Petrofac Ltd. 1474.00p-21.00-1.40Dax 15 min delayvaluechange%6766.67+111.04+1.67Top winner and loser Daimler AG 45.46+1.36+3.08Deutsche Boerse AG 47.20-0.14-0.29
http://www.telegraph.co.uk/finance/financialcrisis/Financial crisis latest news
Greek debt deal edges closer as talks restart in Athens
The chief negotiator representing Greece's international creditors was recalled to Athens on Friday night for crunch talks to try to secure a bondholder agreement over the weekend.
03 Feb 2012| 28 CommentsReal soon now. There is still no deal.Debt crisis: as it happened, February 3, 2012
The FTSE 100 has closed at a seven-month high after US data showing more US people are in work boosted global markets, while Greece announces it is to auction €625m of Treasury bills next week.
03 Feb 2012| 516 CommentsUS jobless rate falls to lowest for three years
America's unemployment rate tumbled to the lowest level in three years in January, raising hopes that the world's biggest economy may at last be gaining the momentum that has eluded it since the financial crisis.
03 Feb 2012| 9 CommentsFriend requests no longer an issue for Zuckerberg
“You are a shy, idealistic person who does not find it easy to have relationships, especially intimate ones.”
03 Feb 2012| CommentEurozone bail-out 'not big enough' as Greek debt worries grow
International debt inspectors believe they have found another €15bn black hole in Greece’s public finances caused by the deepening recession, delivering the crippled nation another devastating blow.
03 Feb 2012| 252 CommentsUS Fed's Ben Bernanke warns on eurozone stress
The chairman of Federal Reserve said that there have been "positive" developments in eurozone debt crisis in recent weeks, but warned that a slow US recovery remains vulnerable to any shock from the troubled region.
02 Feb 2012| 2 CommentsDebt crisis: as it happened - February 2, 2012
US Fed chairman Ben Bernanke warns that the country must rein in spending and create a sustainable budget in order to avoid a debt crisis similar to that seen by Italy and Spain in the eurozone.
02 Feb 2012| 540 CommentsWill the great interest rate gamble pay off?
By flooding the system with 'free’ money, the central banks could be storing up trouble, says Jeremy Warner.
02 Feb 2012| 286 CommentsWeak house market slows construction growth
Britain's construction industry grew at a slower-than-expected rate in January, weighed down by a weak housing market and stagnant employment.
02 Feb 2012| 40 CommentsOil's upward price pressure
Top stories: US jobs, Shell, Oil and Gold tip and Unilever
02 Feb 2012| CommentDigby Jones proves an iSoft target when discussion turns to Goodwin and failing companies
Good to hear the dulcet tones of Lord Digby Jones on Radio 4.
02 Feb 2012| 2 CommentsIFS calls for George Osborne to make tax cuts to avoid recession
George Osborne should consider emergency tax cuts in the Budget as Britain is “certain” to be plunged back into recession this year, an influential forecaster warns.
02 Feb 2012| 49 CommentsDebt crisis: as it happened - February 1, 2012
The Institute for Fiscal Studies has urged the Government to consider a £20bn fiscal stimulus in the event of the eurozone break-up, saying a possible plan B should be outlined in the Budget.
01 Feb 2012| 376 CommentsUK faces two-year recession if euro fails
A eurozone meltdown would plunge Britain back into a two-year recession and send unemployment soaring above 10pc, the Institute for Fiscal Studies (IFS) has warned.
01 Feb 2012| 110 CommentsAt last, some justice for Testosterone Fred
We are fed up with the 'unrepentant demeanour' of Fred Goodwin and his ilk, argues Allison Pearson.
01 Feb 2012| 188 CommentsGreece nears debt deal with banks but EU clash looms
Greece was on the brink of a deal with private creditors on Wednesday night after weeks of brinkmanship.
01 Feb 2012| 204 CommentsBundesbank sinks deeper into debt saving Europe
Germany's Bundesbank has entirely exhausted its stock of private assets and run up a quarter of a trillion euros in liabilities propping up the eurozone system, testing the political limits of EMU solidarity in Germany.
01 Feb 2012| 457 CommentsUK manufacturing defies gloom with growth
Britain's manufacturing sector enjoyed a better-than-expected start to 2012, growing in January for the first time in four months, but economists said it was too early to rule out another recession.
01 Feb 2012| 13 CommentsDarling: Goodwin annulment leaves bad taste
The Labour MP and former Chancellor believes due process has not been followed in stripping former RBS CEO Fred Goodwin of his knighthood, saying it is a sign of bad government.
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