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Federal Reserve and ECB are in no mood to save us from the consequences of our debt (Daily Telegraph)
Fetch your tin helmets once again. The European Central Bank is opting for a monetary purge. So too is the US Federal Reserve, now ruled from Dallas.
Read more...Pressure Points in the Bank Bust (Kitco.com)
Standard & Poor announced in late May it has cut or might cut debt ratings on $34 billion of securities tied to Alt-A mortgages, whose type issued in 2007 have a default rate to 6.64% for 90 days late as of end April.
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