"(They said) 'We don't care, we have to get a credit score and without that credit score, we can't make the loan and we can't get a credit score because you're deceased. Now we know you're not deceased, but they think you are. So we're not going to do this loan,'" Kerr said.
Tis a problem? Hey, we don't care that you're not dead and have a credit score of 800, Experian says you are dead so we're going to deny you a loan!
Think these credit scoring agencies have just a little too much power?
Howe's Experian credit report had her listed as deceased. One of her creditors had reported her as dead.
I don't believe there is any investment, outside of a mania, that elicits more emotion, both positive and negative, than gold. People love it or hate it, there isn't much in between. It's because of these strong emotions that there is so many misconceptions about the yellow metal. Emotions tend to cloud normally reasonable minds to the point that they miss either opportunities or dangers.
Which brings us the current bull market in gold. What does gold hitting all-time record highs mean? To answer that you must brush away the myths and misunderstandings of what gold is and why someone would purchase it.
I am going to attempt to do that.
San Diego is just one of those cities that have had serious financial problems for a long time, but now the options are running out.
A private task force of prominent local business leaders formed by San Diego Mayor Jerry Sanders is recommending the city file for bankruptcy unless it undergoes a series of urgent and drastic fiscal reforms, according to a draft of the group's report.
...
For six weeks, the mayor and his deputies have insisted that the national and local economic recessions, not structural financial problems, are the primary drivers of the city's current $200 million deficit. In contrast, the draft states that "virtually all" of the deficit is structural, meaning the city is set up to spend more money than it takes in.
The Regional and State Unemployment rates for October were released today.
Twenty-nine states and the District of Columbia recorded over-the-month unemployment rate increases, 13 states registered rate decreases, and 8 states had no rate change.
Here are the highest:
Michigan - 15.1%
Nevada- 13.0%
Rhode Island - 12.9%
California - 12.5%
South Carolina - 12.1%
New unemployment rate highs are California, Delaware (8.7%) and Florida (11.2%). The District of Columbia is now at 11.9%.
First is the unemployment rate for October in all 50 states.
Who would think good news would mean just one bank failure in Florida.
Commerce Bank had assets of $79.7 million and total deposits of about $76.7 million, the FDIC said. The FDIC and Central Bank entered into a loss-share transaction on about $61 million of Commerce Bank's assets. The failure is expected to cost the FDIC's insurance fund $23.6 million.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
This week's films are by The Yes Men. These guys are a scream. They walk right into organizations like the WTO and give incredible phony presentations, which believe it or not, many in the audience just nod, approve and praise.
Considering yesterday's amazing victory to obtain an audit of the Federal Reserve as an amendment in a Financial Reform bill passed out of committee, today we have the most amazing report.
Senator Chris Dodd, Senate Banking Chair says:
Mike Stark: “Is it a foregone conclusion that he’ll be confirmed?”
Senator Dodd: “Not necessarily, not necessarily, we’ll see how members react.”
Mike Stark: “What do you think his chances are?”
Senator Dodd: “Well I don’t know, as Chairman of the committee I don’t want to speculate how other members feel about it, we’ll see what happens.”
So, the winds may be changing for Bernanke. The hearing is on December 3rd. What I would like to know before bashing Bernanke, is who would be his replacement? If it's Larry Summers, then yea rah Helicopter Ben.
The GAO has released a new report on the Stimulus.
GAO's review of prime recipient reports identified the following: Erroneous or questionable data entries that merit further review:
3,978 reports that showed no dollar amount received or expended but included more than 50,000 jobs created or retained
9,247 reports that showed no jobs but included expended amounts approaching $1 billion
Instances of other reporting anomalies such as discrepancies between award amounts and the amounts reported as received which, although relatively small in number, indicate problematic issues in the reporting.
Pretty astounding huh. Believe this or not, 75% of the reporting was supposedly reviewed by a Federal Agency, while only 1% was reviewed from the recipient of the funds.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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