Future Corn Rations, Continued French Protests & Poverty in the Suburbs

Posted on Oct 17, 2010 in Economic News, Federal Reserve & Bankers

Kevin Hayden



Bank of America Downgraded by Bonds Market: Junk

Bondholders are penalizing Bank of America Corp. the most of any of the largest U.S. financial firms as the investigation into the foreclosure crisis expands.

Credit-default swaps on the country’s largest bank by assets rose above those of its peers by a record margin, according to data provider CMA. The contracts, which imply Bank of America has lost its investment-grade rating, exceed Citigroup Inc.’s by the most ever and surpassed Morgan Stanley’s this week for the first time in a year.

Attorneys general from all 50 states joined to open an investigation into whether lenders and mortgage companies falsified documents as they sought to repossess homes.


How High Will Corn Prices Go Before Usage is Rationed?

Panic at the pumps: French motorists swamp petrol stations

US Cities Face Half a Trillion Dollars of Pension Deficits

Dollar Keeps Falling As Investors Await Fed Action


Swazi Salaries ‘can’t be paid’

Swaziland’s government may run out of money to pay government employees before the end of the financial year if no funding is forthcoming from international finance institutions, various role players in the country said this week.


Poverty in Suburbs Increasing Rapidly During Economic Downturn

The American suburb is no longer a refuge from poverty in cities.

A pair of analyses by the nonprofit Brookings Institution paints a bleak economic picture for the 100 largest metropolitan areas over the past decade and in coming years, and finds that suburbs now are home to one-third of the nation’s poor, and rising.

The study of census data finds that since 2000, the number of poor people in the suburbs jumped by 37.4 percent to 13.7 million. The growth rate of suburban poverty is more than double that of cities and higher than the national rate of 26.5 percent.

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