Thursday Round Up

by James & Miel on October 16, 2008 · 0 comments

Hi All,

There is so much in the news that its almost hard to keep track of things! So here is the Thursday round up:

1) Treasury Secretary Paulson with the support of the Federal Reserve Chairman, Ben Bernake have taken steps to partly nationalize many of America’s largest banks (here).

2) The Peer to Peer lending industry has is shifting business models to allow loan portfolios to be bought and sold. LendingClub has come out of their SEC mandated “quiet period” and prosper.com has implemented that same period until their SEC registration is complete (here & here).

3) A new report has come out from Innovest Partners detailing long term trends in household credit card use. Among their predictions – the household credit card indebtedness is increasing at alarming rates. Elevated credit card defaults could become a substantial drag on the financial sector (here).

4) Wednesday the Dow Jones Industrial Average (DOW) declined by 733 points – its second greatest one day loss in history. The decline was largely due to concerns about economic fundamentals (here).

Enjoy the chaos. We are staying in cash.

-James

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