Patriot Radio News Hour - Tuesday, March 4, 2008 PT 4 convert youtube files to avi
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Eric and Joe on the Patriot Radio News Hours continue to report on hemorrhaging of the economy. Helicopter Ben is calling for creativity to limit foreclosures and wants banks to forgive loans, including 50% of Jumbos on the high end trophy homes, but allowing the banks to participate in any appreciation when houses sell in future, virtually making homeowner a forgiven tenant.
CitiGrouop is in trouble again needing another infusion. They have already devoured 7.5b plus another 14.5 b from Abu Dhabi, Singapore, and Kuwait and the Duai financial wizards know that Citi will need a lot more to stay afloat. CNN is reporting that at least 200 banks may fail in 2008 with possibility of another 200 as well. FDIC has identified 76 banks as being in trouble and under scrutiny with more knocking on the door to closure.
The world's largest issuer of municipal bonds, California, will not buy any more bond insurance, saying that it has no value to the taxpayer. Cleveland, OH, is getting creative by asking the Fed for disaster relief, . . . from the manmade disaster of the sub-prime / credit debacle that has decimated the city. Bankruptcy filings are up 15% in Feb, which is 37% higher that a year ago and rate of increased filings expected to go higher; HSBC Director projects that US Debt Crisis will come to an end in second half of 2009.
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