Obama Signs Bill Lifting Federal Debt Limit to $14.3 Trillion

The debt limit was increased from $12.4 trillion to keep the U.S. from going into default. Obama signed the bill privately Friday at the White House.

//snipurl.com/ud1we



Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia

Countries ranked less likely to default include corruptocracy Kazakhstan, less-than-reform-minded Indonesia, the debt-ridden Philippines and violence-ridden Colombia.

//snipurl.com/ud1wh



US banks facing $1.4tn crisis over commercial property loans

America's fragile high street banks are bracing themselves for a fresh financial crunch as a wave of commercial property mortgages go sour on offices, shops and factories, causing losses of up to $300bn (£192bn) hitting nearly 3,000 small- and medium-sized financial institutions.

//snipurl.com/ud1wk



Foreclosure numbers may foretell delinquency surge

The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who've fallen behind on mortgages could be on the way.

//www.startribune.com/business/84070102.html



The Coming Foreclosure and Commercial Real Estate Storms

There's near-universal agreement that principal reduction is the key, but we are left with lame programs, like this one announced yesterday by CitiMortgage. The so-called "strategic non-foreclosure" continues the "extend and pretend" policy that bank lenders have pursued over the past year.

//www.cbsnews.com/blogs/2010/02/11/business/econwatch/entry6198016.shtml


From Information Clearing House

--------

Pay-go redux: Can Obama rein in federal spending?

Christian Science Monitor

02/13/10

Days after presenting a budget that will create a record $1.56 trillion deficit this year, President Obama vowed Saturday to comb through future budgets line by line to forestall growing deficits that began under his predecessor, George W. Bush. Legislation signed by Obama on Friday raises the federal debt ceiling from $12.4 trillion to $14.3 trillion but aims to rein in runaway federal spending by bringing back the ‘pay-go’ rules of the 1990s — forcing lawmakers and the president to offset new spending with equal cuts elsewhere. … Critics say Obama is being partisan if not disingenuous in talking about budget discipline even as he and the Democratic Congress just lifted the debt ceiling — ostensibly to save the economy — further beholding the nation to China, its chief lender...

//tinyurl.com/yfkefs8


Informant: Thomas L. Knapp



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