Credit Card Law Goes Live

Starting Thursday, banks must comply with parts of the recently passed Credit Card Act of 2009 by mailing bills at least 21 days before their due dates and providing at least 45 days’ notice before making a significant change to their rates or fees. Currently, banks are generally required to mail billing statements at least [...]

Art Cashin: Next 6-8 Weeks ‘Very Critical’

“[China] topped out before the other markets, they had their rebound at the end of 2008, long before we had our March bounce and they had a bit of a sharper rally and they seem to have peaked out before we did so it’s bit of a leading indicator,” said Cashin. -cnbc

Housing Starts in U.S. Fell on Multi-Family Units

Aug. 18 (Bloomberg) — Housing starts in the U.S. unexpectedly fell in July, pulled down by multifamily dwellings, while single-family starts which make up most of the industry rose to the highest level since October. The 1 percent decline in starts to an annual rate of 581,000 was the first drop in three months and followed [...]

Four Signs the Stock Market Has Finally Begun a Correction

The sell-off that began with Japan’s lower than expected GDP results.
Reasons:
1) Earnings Hangover
2) China Downturn
3) Inside Dope
4) Beware Lack of Buyers

Markets Will ‘Abruptly’ Drop 25-50%:Deighan

Markets will drop 25 to 50 percent and it will happen abruptly, Deighan told CNBC.  “There’s no basic foundation for the run-up we’ve had, been far too rapid. It continues to run up on what’s normally considered bad news,” he said.

Stock Market Has Gotten ‘Overly Optimistic’: El-Erian

“Stock investors are making overly optimistic assumptions,” El-Erian said. “The key stimulus has already come into the consumer and has helped in the last few months. But for the third and fourth quarters looking ahead, I am not so sure things will be as good.”  Just three weeks ago, El-Erian told CNBC that the stock [...]

‘Incompetent’ Leaders Pose Threat to Recovery: ‘Black Swan’

“It is a matter of risk and responsibility, and I think the risks that were there before, these problems are still there,” he said. “We still have a very high level of debt, we still have leadership that’s literally incompetent …”

“They did not see the problem, the don’t look at the core of problem. There’s [...]

Roubini: Risk of Double-Dip Recession Not Quite Past Yet

The world economy still risks a double-dip recession if oil prices rise toward $100 per barrel and if huge U.S. government debts frighten investors, Nouriel Roubini, professor of economics and chairman of RGE Monitor, told CNBC. The world economy still risks a double-dip recession if oil prices rise toward $100 per barrel and if [...]