The government of the UK has always denied that the UK suffers from the same problem of sub-prime mortgages and so called NINJA loans (no income, no job, no assets). Although several investigations have shown that there might be a lot more sub-prime mortgages about than many people realise. As the number of repossessions increase [...]
Here’s a documentary from the beginning of 2008 about UK subprime mortgages.
This was already investigated in a documentary in 2003 which you can watch here: It could have been so different
Don’t believe the politicians that say this is all an American problem and that it’s not as bad as the USA. Truth be told [...]
The US government is having a problem in that they are finding their debts are spiralling ever upwards. Something which a lot of households can identify with at the moment.
As a temporary fix the dollar sign has been switched to a figure–the ‘1′ in $10 trillion. The clock is currently marking the US federal government’s [...]
Behind the complex stories of individual bank failures, state bail-outs and shotgun weddings lies a simple overextension of credit to ordinary people, chiefly in the form of home mortgages. All major financial firms are significantly exposed to these loans, which have been going sour at a rising pace in the US and, more recently, in [...]
Today I thought I’d put up a few diagrams I usually end up drawing in the air with my fingers when I talk to people about this topic.
Frugal living for the visually inclined
This is a short video by Don Harrold explaining why he thinks Fannie Mae and Freddie Mac were taken into conservertorship (A new word the US government came up with. Does it mean nationalised? It’s not a word according to spellcheck). To be fair the US government is stuck between a rock and hard place [...]
This article shows people that have the self discipline to reign in their spending when necessary. Though it’s unfortunate that a lot of frugal people will have to bare some of the costs created by those that weren’t as careful with their spending and use of credit cards. Still it goes to show that you [...]