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As you can see, we didn’t get a huge amount of snow in Manhattan overnight. But schools chancellor Joel Klein has decided in his wisdom that “today’s a day for a snow day,” and New York City public schools are closed because of snow for the first time since Curious Capitalist Jr. began attending five years ago. Guess I’m working from home today.
Central banks are trying to revive weak economies by injecting large amounts of money. That policy helps in the short run, but easy money can also create the conditions for future booms and busts.
Thursday’s $25 billion foreclosure settlement received praise from some consumer groups, but the reaction was not all positive. One detail of the deal that has raised questions and concerns is reports that the five major U.S. banks will get credit for principal reduction of mortgages they do not own. While the fine print of the plan has yet to be released, mortgage investors fear they will be forced to write down the value of their holdings.
