Governments stealing from bank accounts
The questionable practice of “bail-ins” begun by Cyprus a year ago to keep banks solvent is beginning to spread to other nations, and holders of large deposits are starting to see their balances plunge literally overnight.
The Obama administration is pledging nearly $300 million in federal dollars to Detroit to help shore up basic infrastructure priorities, such as improving public transit and police and eradicating blight. Just don’t call it a bailout – a term that’s still toxic on Capitol Hill, on both sides of the aisle.
On Friday, gold (NYSEARCA:GLD) futures for December — the most active contract — increased $15.10 to close at $1,339.20 per ounce, while silver (NYSEARCA:SLV) futures edged 7 cents higher to finish at $21.83.
FHA needs $1.7 billion taxpayer subsidy
The Federal Housing Administration plans to tap $1.7 billion in taxpayer money at the end of the month to cover its losses — a first for an agency that has been self-sustaining since its 1934 creation. The FHA has played a pivotal role in propping up the housing market by backing low- down-payment loans for borrowers after the mortgage market unraveled and other lending sources dried up. It accounts for nearly 20 percent of all home-purchase mortgages.