Reason.com
The Myth of the Recovery
The White House claims the economy is on the mend. That’s a fantasy.
(Page 3 of 4)
Toxic, mortgage-backed securities are still sitting on banks’ books, waiting for a market to emerge for them. Joe Engelhard, a former Treasury Department official, observes that “the stabilization of the banking sector will not be complete until housing issues are worked out.” With housing losses still mounting, banks are struggling to remain solvent.
Residential loans are just part of the problem. Troubled commercial real estate loans totaling about $3 trillion will start coming due during the next few years. Many of these loans, because they were for longer terms, have taken longer to hit the market than the residential loans that blew up in 2007, but they bear disturbingly similar characteristics. Widespread commercial real estate losses in the coming months threaten to destroy any gains Wall Street has seen during the last year.
This threat has many analysts predicting a rise in the number of banks going belly up. More than 170 banks have failed since the beginning of the recession. To put that in perspective, only three banks failed between July 2004 and December 2007. And the bank closures show no signs of slowing down. In October the feds shut down 20 banks, the most of any month since 1994. Some analysts have predicted that as many as 1,000 banks will have imploded by the time the economy recovers.
The glass-half-full banking results that the administration has been touting have been based largely on government support that masks significant losses. “These banks are going through a terrible, terrible period of loss, but we have nicely disguised it,” says Christopher Whalen, managing director of the financial markets research group Institutional Risk Analytics. “Third-quarter bank profits were short-term, subsidy-supported profits.”
The Troubled Asset Relief Program (TARP) and various Federal Reserve actions have put surviving banks on federal life support, especially if they’re part of the lucky few deemed too big to fail. The bailout policies of the current and last administration have sent a signal to the market that big banks can be trusted, and are therefore worthy of loans at much cheaper interest rates. Cheaper credit means more profits, and bigger surviving banks.
In October the Center for Economic and Policy Research released a study finding that the credit risk guarantee had provided up to $34.1 billion in benefits to the nation’s top 18 banks. The report looked at the gap between the interest rates paid by big banks and those paid by small banks. Adjusting for the fact that big banks normally get better rates, the numbers show that bank profits are largely a product of the too-big-to-fail guarantee. The report estimated that cheap credit accounted for 166 percent of Capital One’s profits over the past year—i.e., the bank really didn’t make any money on its own.
Without this subsidy and the TARP loans, both of which are politically unpopular, many large banks would be in bankruptcy or receivership today. “What happens when you remove those supports?” Wells Fargo’s Silvia asks. “It is problematic.”
Banks are aware of this problem. Interbank lending remains limited as confidence problems continue to plague the financial industry. “There is no grease in the engine in terms of bank credit or trade credit,” CreditRiskMonitor.com CEO Jerry Flum told The Institutional Risk Analyst in October. The goal of the TARP capital injections was to get the lending engine going, but banks have largely been sitting on the money, holding increased excess reserves.
With so much money sitting idle, cash flow is a major concern for banks and their customers. It is unclear when the market will see stability again, and until new operational norms emerge banks are likely to remain tight with their cash. With the administration now promoting the biggest banking regulatory overhaul since the 1930s, the uncertainty will likely continue. Bank analyst Joe Engelhard warns, “The regulation overhaul process has created a cloud of uncertainty for investors and institutions over what the new normal will be for profitability at large banks.”
In December the House of Representatives passed the Wall Street Reform and Consumer Protection Act, creating a permanent bailout fund and legal authority for the government to take over any financial institution, whereas regulators now only have that power over banks. The bill includes requirements that banks keep higher amounts of cash on hand relative to risk, places tight new restrictions on derivative products, and limits executive pay. The legislation also would create a Consumer Financial Protection Agency to strictly regulate products and operating policy, which may end up protecting small businesses and economic growth to death.
All of this is disconcerting to banks trying to get back on their feet. David Parshall, general partner at private equity secondary PEI Funds, warns that badly designed changes could hurt the economy even more than the uncertainty about them. More extensive reporting requirements, tighter capital regulations, and proposed powers to break up banks would all increase the cost of doing business and hobble the recovery, Parshall says. And continuing to waffle on regulatory reform means the markets will waffle as well.
There is a vicious circle here. Uncertainty breeds hoarding, hoarding breeds liquidity problems for manufacturers and small businesses, liquidity problems create unemployment problems, and unemployment hurts the broader market that banks operate in. If none of this changes, the Federal Reserve will likely keep interest rates effectively at zero, which in turn will incentivize banks to build their reserves. All of the above will likely induce the president and Congress to push for more of the unsound lending practices that helped inflate the housing bubble in the first place.
“If we don’t get a turn in unemployment,” Whalen worries, “if we don’t get a recovery in housing and the real economy, then we’re going to see even higher credit loss experience for banks, even after next year. It’ll keep on going.”
Make Today’s Problems Today’s Problems
More Articles by Anthony Randazzo
- ‘The Financial Crisis Was the Result of Government Housing Policy’, Anthony Randazzo, May 17, 2012
- High Unemployment the New Normal, Anthony Randazzo, May 10, 2012
- Tidequistadors In Search of Sound Money, Anthony Randazzo, April 6, 2012
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|3.10.10 @ 4:43PM|#
The other day, when the unemployment numbers came out, some dope was braying about how the Presidential Suit's economic policies had "slowed the rate of decline" and were therefor a raging success.
Eventually, you just run out of people to lay off, no matter what the yuks in the White House are doing.
Lester Hunt|3.10.10 @ 4:57PM|#
Prosperity is just around the corner! I'm starting to think of him as Herbert Clark Obama.
Thumbs up|3.10.10 @ 5:12PM|#
A few minutes ago I heard Randi Rhodes on my car radio saying the stimulus is definitely working 'cause there's been an increase in employment for such jobs as teachers, firefighters and such like. She figures that's what it was supposed to do and "the right" (I guess that includes libertarians) should stop complaining about funding going to help this sector create jobs. She fails to mention of course, that in the recent past, the largest source of new jobs in the country have been small businesses, not governments.
|3.10.10 @ 5:34PM|#
What she doesn't realize is that every single government job is a job that has been transferred from the private sector, not a job that has been added to the private sector.
And that's a best case scenario. Leaving aside the government jobs which have the operational effect of reducing private sector employment, the task of collecting and allocating the funds for the government job means there is some loss along the way.
smartass sob|3.10.10 @ 9:12PM|#
There is also the fact that no matter how many new government jobs are created, none of them bring in enough taxes to fund the cost of the salaries for those jobs. That means the money has to come from some non-government jobs, or borrowing, etc. I would think that to be a net drain on the economy.
|3.15.10 @ 10:42AM|#
You are wrongin your comment,you did not mention that for every dollar the job holder spends it generates 3 dollars om main street.
|3.15.10 @ 10:42AM|#
You are wrongin your comment,you did not mention that for every dollar the job holder spends it generates 3 dollars om main street.
|3.10.10 @ 5:21PM|#
"David Parshall, general partner at private equity secondary PEI Funds, warns that badly designed changes could hurt the economy even more than the uncertainty about them."
So what's the track record of getting *well* designed changes in anything like this?
|3.10.10 @ 5:35PM|#
I heard Randi Rhodes on my car radio saying the stimulus is definitely working
Sounds like a porn star.
ed|3.10.10 @ 6:53PM|#
Looks like one, too. From the 70s.
smartass sob|3.10.10 @ 9:15PM|#
"Randi Rhodes gets ridden hard and put away wet." ;-)
.|3.11.10 @ 12:37AM|#
She looks like Al Franken in drag and without glasses.
boys|3.11.10 @ 1:49AM|#
., let's see what you look like
.|3.11.10 @ 3:27AM|#
Okay
This|3.11.10 @ 1:17PM|#
is the 2nd time this week that my reply is: I'll have to order a strap-on.
.|3.12.10 @ 5:47PM|#
JUANITA!? Is that you?
too bad|3.12.10 @ 9:32PM|#
I only like virgins;-)
Comrade Zero|3.10.10 @ 9:38PM|#
Reminds me of Ozzy's guitarist in the 80's
Thumbs up|3.10.10 @ 9:52PM|#
This could be an 80's guitarist...
josey|3.10.10 @ 5:36PM|#
Conventional wisdom presupposes that the economy should recover. Not necessarily so -- there's a piper here to pay.
Pied Piper of Hamlin|3.11.10 @ 9:14AM|#
Pay me or I'll drop off all these snakes and REALLY fuck up your economy
Gilbert Martin|3.10.10 @ 5:38PM|#
Of course the administration's claims are myth because their premise is based on Keynesenian economic theory - which itself is a myth.
Joshua|3.10.10 @ 9:55PM|#
There's nothing wrong with Keynes, it's just politically unfeasable, and leads to long term stagnation. Keynes said to tax the boom & stimulate the bust.
Nobody's ever been willing to tax the boom.
Gilbert Martin |3.10.10 @ 10:57PM|#
There's plenty wrong with Keynes.
Government spending is nothing more than forced transfer payments.
It creates no net benefit whatsoever.
The detriment to the transferors completely cancels out the benefit to the transferees.
|3.11.10 @ 1:03PM|#
There's everything wring with Keynes. Put simply they only look at one side of the ledger. They talk about how spending creates spending, but they ignore the spending that didn't happen because of the transfer that would have created spending.
The idea that government can add value to the process is preposterous on it's face and history is abundantly clear on the issue.
Pingback| 3.10.10 @ 5:51PM
The Recovery that Wasn’t Quite « The Republican Heretic links to this page. Here’s an excerpt:
CentristNet|3.10.10 @ 7:17PM|#
Agreed, Obama's people are simply not telling the truth to the American people.
Unemployment worsened in January 2010 in 30 states, and hit all time highs in 5 states.
Unemployment Surges, Reaches All-Time High in 5 States in January 2010 http://tiny.cc/iYamB
Further, the February 2010 budget deficit hit an alltime high bc of transfer payments.
February 2010: Largest Monthly Budget Deficit in American History http://bit.ly/aU1hpX
Media won't even rebut the Obama advisor fantasies tho
Middleagedlibertylover|3.10.10 @ 9:28PM|#
The worst part of all of these troubles is that a lot of people know these entitlement and "recovery" policies are rotten and still shrug it off, thinking this is America and somehow we are "too big to fail" ourselves. As if we will just "come up" with 13Trillion dollars and be a solvent country again tomorrow. We've been lulled to sleep for so long, nobody is ready to accept that entitlements have to go away in order to recover. It's almost as if personal responsibility has become so terrifying to people, they'd rather die on the government's leash than stand on their own two feet and make the tough decisions for themselves. So sad for this once proud country...
Comrade Zero|3.10.10 @ 9:40PM|#
Sad part is that it all happened so quickly. Maybe once the eternal-adolescent boomers are gone we can pick up the pieces.
|3.11.10 @ 1:06PM|#
'As President in 1901, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor.'
Wow it did happen quickly, we had NO chance to see this coming.
John Smith|3.10.10 @ 9:59PM|#
If you keep telling the American people that everything is getting better, then eventually people will believe this and things will really start getting better. The government is trying to brainwash everyone with optimism, and it might work. At least up until when the rioting starts.
|3.11.10 @ 1:04PM|#
This is the core myth of Disney economics. The jobs lost are real because the spending is real and the bill comes due no matter what you 'believe'.
Some Guy|3.10.10 @ 11:35PM|#
But the program has only helped individual buyers and sellers, not the housing market as a whole.
I just came to point out that statement is an outrageous falsehood. The house buyer bribe absolutely did not help buyers, who would have otherwise seen prices go much lower.
|3.11.10 @ 2:47PM|#
Indeed, just as serious, responsible homebuyers watched prices soar during the bubble thanks to the ease with which irresponsible people could obtain homne loans. It's called "inflation," and that particular mistake has cost us hundreds of billions, if not trillions.
|3.11.10 @ 2:58PM|#
Which just screwed those responsible people who tried to save up money first and buy something they could actually afford.
When you stop and think about it, it's really nuts to spend 30 years paying for your house. How else can you afford a $400K house? By not buying a $400K house! Prices would never have skyrocketed so high without this artificial bubble, but there is also some 'keeping up with the Joneses' mentality among buyers, too.
I admit I also think it's absurd to spend 5-7 years paying for a car. It's a way to get back and forth to work! These are just two ways that everyone has been living on a bubble for the past twenty years. Throw in over-priced college degrees and hefty credit card balances, and you've pretty much got the list of stuff the government wants to throw money at.
jayrad|3.11.10 @ 12:22AM|#
"If you tell a big enough lie and tell it frequently enough, it will be believed."
Adolf Hitler
*disclaimer* I am in no way comparing Obama to Hitler.
Ebeneezer Scrooge|3.11.10 @ 4:59AM|#
Because Hitler meant it. Obama just wants to be "clear".
|3.11.10 @ 1:07PM|#
Yep, clear as mud.
Godwin|3.11.10 @ 9:16AM|#
Thanks for bringing it up, just the same
Pingback| 3.11.10 @ 3:29AM
The Myth of the Recovery - Viewsflow links to this page. Here’s an excerpt:
Ebeneezer Scrooge|3.11.10 @ 5:01AM|#
She fails to mention of course, that in the recent past, the largest source of new jobs in the country have been small businesses, not governments.
Hmm. Has anyone seen any new small governments start up lately?
It's Smart Ass Scrooge for today.
Pingback| 3.11.10 @ 6:50AM
Don’t Be Fooled. Our Economy is Still Stuck in Neutral : Minor Thoughts links to this page. Here’s an excerpt:
LibertyBill|3.11.10 @ 8:48AM|#
If the economy is recovering under Obama's polices then I have an oil reserve in backyard.
Almanian|3.11.10 @ 9:16AM|#
Drill baby drill!
Pingback| 3.11.10 @ 10:53AM
The Myth of the Recovery « GCN News links to this page. Here’s an excerpt:
Pingback| 3.11.10 @ 2:01PM
Instapundit » Blog Archive » IS THE RECOVERY A MYTH? “The White House claims the econ links to this page. Here’s an excerpt:
Pingback| 3.11.10 @ 2:04PM
The Myth Of The Recovery - Transterrestrial Musings links to this page. Here’s an excerpt:
|3.11.10 @ 2:39PM|#
If I'm not mistaken, Reason still hews to an open-borders mentality on immigration. Simply put, you do not solve the problems of a modern, high-tech, First World economy by importing millions of illiterate peasants whose children have 50% dropout rates AND THEN providing these economic underperformers with First World levels of government benefits. Soaring budget deficits are the inevitable result.
And that unemployment number will remain stubbornly high so long as immigration rates remain similar to what they were during the economic boom. The economy is creating jobs, but not any faster than immigrants are arriving.
Brace yourselves: it's a long fall from here, and we've only just begun.
Jimmy 'Crack' Corn|3.11.10 @ 4:20PM|#
WJ Alden
+5
|3.12.10 @ 11:23PM|#
If the government stopped providing benefits, and allowed people to succeed or die based on their work, then immigration could be infinitely sustainable. The type of immigrants coming to a nation that guarantees nothing but the product of your own labor is different then the ones we've been getting lately.
|3.14.10 @ 2:48PM|#
A libertarian's wet dream. Like the one of me with Laetitia Casta, it will never come true.
The United States is, in a very real sense, property. That which isn't owned separately, like a home or business, is owned jointly by its citizens. That includes schools, roads, sewers, bridges, dams, prisons, and government buildings of all kinds; national parks, national forests, watersheds, waterways, mineral rights, military hardware, ad infinitum - all paid for either in blood or in taxes: my taxes, your taxes, our ancestors' taxes and blood.
The people who come here as immigrants are receiving all of that for free.
Life is not just but about economics, and people are not just units of labor, but that's what purist libertarians would reduce it all to.
|3.11.10 @ 2:48PM|#
I'm a 50 year old IT worker. I have a job but noticed that the headhunter calls and emails dried up over the last 10 months or so.
In the last few weeks I have received 10 or so emails and actually got a call yesterday from a headhunter.
I'm hoping that the economy is recovering.
I don't think obama's stimulus has anything to do with it, if anything it (and just about everything else he does) hurting the recovery.
After a while the pent up demand will start something. We'd probably already be in recovery if obama and the rest of the nutters had just let things alone for the last 15 months
Pingback| 3.11.10 @ 2:52PM
The Myth of the Recovery - Reason Magazine Private Me links to this page. Here’s an excerpt:
|3.11.10 @ 3:01PM|#
The White House has been claiming we're in a recovery since Obama first set foot in the White House 15 MONTHS AGO.
Still no recovery. But don't worry! The rising unemployment numbers mean that recovery is right around the corner!
|3.11.10 @ 4:28PM|#
Changes in the stock market from a year ago have little to do with improvements in our economy if you measure our economy in terms of full employment.
Barack Obama, our Marxist ideologue in the White House and the Democrats in Congress are destroying our economy. They REFUSE to do what is necessary to create GROWTH in the private sector - cut personal and corporate taxes for a start.
We have incredibly incompetent SOCIALISTS and Progressives (Communists) pushing these outrageous idiotic plans (Government Control of Healthcare and Cap and TAX). The American People will begin cleaning house in November.
|3.11.10 @ 8:25PM|#
"The problem with Socialism is that sooner or later you
will run out of other peoples money." Margret Thatcher, former PM United Kingdom.
It's happening to us now.
This is important. It once again proves that those who don't learn from history are bound to do the same things over and over.
|3.11.10 @ 8:25PM|#
"The problem with Socialism is that sooner or later you
will run out of other peoples money." Margret Thatcher, former PM United Kingdom.
It's happening to us now.
This is important. It once again proves that those who don't learn from history are bound to do the same things over and over.
Pingback| 3.11.10 @ 4:32PM
Small Business News March 11, 2010 | Small Business Trends links to this page. Here’s an excerpt:
Jonas Parker|3.11.10 @ 5:49PM|#
November is too late
Pingback| 3.11.10 @ 6:00PM
Right-Wing Links (March 11, 2010) links to this page. Here’s an excerpt:
Alan Davidson|3.11.10 @ 6:36PM|#
I run the lender division for the most well known website that matches small businesses seeking funding with the lenders that provide such.
We have had to include in our business model new vertical markets such as debt restructuring co's and credit repair co's due to the fact that our revenue comes from the lender side , not the borrower side.
As such, the lenders are not lending and therefore not buying our leads and we had to fill that void of revenue with new markets.
The credit market for small businesses is FROZEN.
Up to 70% of new jobs come from small businesses. They are NOT getting the capital they need to grow, improve or even stay in business.
This so-called growth is artificial. Period. Until the housing and small business industry improves, we will be stagnant. Period.
Pingback| 3.11.10 @ 7:04PM
Small Business News March 10, 2010 « Small Business Center links to this page. Here’s an excerpt:
|3.11.10 @ 8:24PM|#
"The problem with Socialism is that sooner or later you
will run out of other peoples money." Margret Thatcher, former PM United Kingdom.
It's happening to us now.
This is important. It once again proves that those who don't learn from history and bound to do the same things over and over.
Pingback| 3.11.10 @ 9:05PM
Yelp Launches Free Webinars For SMB Owners « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 1:03AM
Small Business News March 10, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 1:11AM
Behind the Real Estate Scenes in Silicon Valley: March Silicon … | San Mateo County C links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 2:02AM
FourSquare Adds Analytics, Real Business Value « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 5:05AM
FourSquare Adds Analytics, Real Business Value « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 6:05AM
Facebook Helps SMB Owners Make Events More Useful « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 9:05AM
FourSquare Adds Analytics, Real Business Value « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 9:33AM
Obama in the Sky with Diamonds « Appalachian Conservative links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 1:01PM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 1:21PM
Small Business Trends « Blog-Feast.com Blog Collection links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 3:05PM
Yelp Launches Free Webinars For SMB Owners « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 4:04PM
Yelp Launches Free Webinars For SMB Owners « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 5:04PM
Facebook Helps SMB Owners Make Events More Useful « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.12.10 @ 11:06PM
Drones silently patrol U.S. borders | Hot News and Trends - Right Now! links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 1:04AM
Small Business News March 9, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 2:02AM
FourSquare Adds Analytics, Real Business Value « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 3:02AM
Looming Commercial Real Estate Crisis Threatens Small Businesses « Small Business Cen links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 10:03AM
Small Business News March 10, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 1:02PM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 3:03PM
Yelp Launches Free Webinars For SMB Owners « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 4:01PM
FourSquare Adds Analytics, Real Business Value « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 9:04PM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.13.10 @ 10:06PM
Small Business News March 12, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.14.10 @ 8:03AM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.14.10 @ 10:05AM
Costs Are Skyrocketing « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.14.10 @ 12:02PM
Automatic IRAs: What Would They Mean to Small Business? « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.14.10 @ 9:04PM
Automatic IRAs: What Would They Mean to Small Business? « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.14.10 @ 11:33PM
CURRENCIES: Dollar Pares Loss After Retail Sales Jumps | Insider Forex Secrets Guide links to this page. Here’s an excerpt:
Pingback| 3.15.10 @ 12:02AM
Costs Are Skyrocketing « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.15.10 @ 1:09PM
Small Business Summits, Webinars, and Conferences « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.15.10 @ 2:01PM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.15.10 @ 4:02PM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.15.10 @ 10:02PM
Small Business News March 15 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 1:02AM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 6:40AM
ThisGlobe.com — Blog — Small Business News March 11, 2010 links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 7:01AM
Small Business News March 11, 2010 « Small Business Center links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 10:06AM
Entrepreneurial Job Creation Statistics are an Economic Rorschach Test « Small Busine links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 1:04PM
BizzyBlog links to this page. Here’s an excerpt:
Pingback| 3.16.10 @ 6:26PM
Lightning Links (031610, Afternoon) « Deals & Investments links to this page. Here’s an excerpt:
Pingback| 3.25.10 @ 7:30PM
A Second Mortgage Meltdown? - The Ticking Time Bomb of Shadow Inventory | SwiftEconom links to this page. Here’s an excerpt:
Pingback| 4.21.10 @ 9:11AM
This talk of the recession ending is BS - US Message Board - Political Discussion Fo links to this page. Here’s an excerpt:
Pingback| 4.25.10 @ 7:39PM
A Second Mortgage Meltdown? « JOIN THE NEW BROOM PARTY links to this page. Here’s an excerpt:
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