A record 4.33% of Manhattan apartments were empty in July, up from the previous record of 3.67% reached just a month earlier. According to diplomatic cables, King Faisal’s biggest fear was the perception Saudi oil money would, “directly or indirectly,” end up in the hands of its biggest enemy in the form of additional U.S. assistance. Digital Mortgage Platform Helps Home Buyers Shop for Mortgages, Transfer your debt to a card with 0% intro APR until 2022, Getting approved for 1 of these cards means you have excellent credit. We are customizing your profile. The U.S. would buy oil from Saudi Arabia and provide the kingdom military aid and equipment. Treasury officials solved the dilemma by letting the Saudis in through the back door. Rent prices in top cities are down “substantially” compared to last year — especially in San Francisco, according to Realtor.com. HARP Refinance Program is Over. In the end, one bank was awarded its portion a day late to keep the U.S. from exceeding the limit. A new study shows the salary required to buy a house and live comfortably in top U.S. cities. On board, the mood was tense. Rates Could Rise After the Fed Meets. By 1977, Saudi Arabia had accumulated about 20 percent of all Treasuries held abroad, according to The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets by Columbia University’s David Spiro. It was July 1974. Are you a homeowner? Forget the 30yr mortgage if you owe less than $822K (Do this instea…, How to pay off your house ASAP (So simple it's unbelievable), Congress Gives Veterans A Generous Mortgage Relief Program, Savings Interest Rates SkyRocket After Fed Meeting, With the Recent Rate Hike, CDs Become Best Investment, Mortgage Rates Remain Low by Historical Standards – Experts Urge Locki…. John Hope Bryant is an American entrepreneur and philanthropist who has built more than 40 organizations, entities and companies, including Operation HOPE, the largest non-profit financial inclusion organization in the country, and The Promise Homes Company, the largest for profit, institutional quality, minority controlled owner of single family rental real estate in the country. Vacation homebuyers can get the best return on their investment by renting out homes in Montana, North Carolina and Pennsylvania, according to Vacasa. The goal: neutralize crude oil as an economic weapon and find a way to persuade a hostile kingdom to finance America’s widening deficit with its newfound petrodollar wealth. Saudi Arabia, which has long provided free health care, gasoline subsidies, and routine pay raises to its citizens with its petroleum wealth, already faces a brutal fiscal crisis. The basic framework was strikingly simple. The residents of a South Florida condo complex want former President Donald Trump's name officially removed from their home following the siege at the U.S. …. According to a 2016 study by OneWest, a nonprofit community development organization, West End residents spend roughly $475 million each year on … It “wasn’t a question of whether it could be done or it couldn’t be done,” said Parsky, 73, one of the few officials with Simon during the Saudi talks. A California home currently on the market for $1 million is making headlines for reasons beyond its luscious landscaping and ample amenities. The Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret How a legendary bond trader from Salomon Brothers brokered a do-or-die deal that reshaped U.S.-Saudi relations for … What's the Untold Story of Saudi Arabia's Debt Secret? SUBSCRIBE NOW. Treasury Secretary William Simon, left, sits with Nancy Kissinger and Secretary of State Henry Kissinger as they listen to former President Nixon talk to his staff prior to leaving the White House for the last time, August 9, 1974. An embargo by OPEC’s Arab nations—payback for U.S. military aid to the Israelis during the Yom Kippur War—quadrupled oil prices. That year, the oil crisis had hit home. ... Jobs Cars Homes … But politically, “it’s always been an ambiguous, constrained relationship.”. “The Saudis are under a lot of pressure. Saudi Arabia’s situation has become so acute the kingdom is now selling a piece of its crown jewel—state oil company Saudi Aramco. It took several discreet follow-up meetings to iron out all the details, Parsky said. Watch breaking news live and Good Day New York. Exactly how much of America’s debt Saudi Arabia actually owns is something that matters more now than ever before. With a handful of Treasury and Federal Reserve officials, the secret was kept for more than four decades—until now. $39 for One Year. In the first of many special arrangements, the U.S. allowed Saudi Arabia to bypass the normal competitive bidding process for buying Treasuries by creating “add-ons.” Those sales, which were excluded from the official auction totals, hid all traces of Saudi Arabia’s presence in the U.S. government debt market. Photographer: Pictorial Parade/Archive Photos/Getty Images. In the end, the county's sales tax revenues recovered quickly after businesses reopened in May. In the past year alone, the monetary authority has burned through $111 billion of reserves to plug its biggest budget deficit in a quarter-century, pay for costly wars to defeat the Islamic State, and wage proxy campaigns against Iran. “Let’s not assume they’re bluffing” about threatening to retaliate, said Marc Chandler, the global head of currency strategy at Brown Brothers Harriman. Photographer: Dirck Halstead/Liaison via AP Photo. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. If You're Current or Former Military, You'd Better Read This, Home Mortgage Rates Drop Sharply This Week. When parting ways with a spouse, you’ll want to assemble a team of trusted professionals, gather necessary financial documents and develop a plan for your new future. The federal moratorium on evictions expired last Friday, ending protections for nearly 12 million Americans. In return, the Saudis would plow billions of their petrodollar revenue back into Treasuries and finance America’s spending. Yet in many ways, the information has raised more questions than it has answered. The TLDR? While oil’s collapse has deepened concern that Saudi Arabia will need to liquidate its Treasuries to raise cash, a more troubling worry has also emerged: the specter of the kingdom using its outsize position in the world’s most important debt market as a political weapon, much as it did with oil in the 1970s. Disputes over debts rumbled on for years. At first blush, Simon, who had just done a stint as Nixon’s energy czar, seemed ill-suited for such delicate diplomacy. The Trump Administration will use the Centers for Disease Control and Prevention’s authority to halt evictions for a broad swath or renters. A bizarre suburban home that includes a spaceship-themed dining area and a room full of sand is up for sale, if you dare. “It was clear the Treasury people weren’t going to cooperate at all,” said Stephen McSpadden, a former counsel to the congressional subcommittee that pressed for the GAO inquiries. The threat comes amid a renewed push by presidential candidates and legislators from both the Democratic and Republican parties to declassify a 28-page section of a 2004 U.S. government report that is believed to detail possible Saudi connections to the attacks. “When I arrived at the embassy, I was told by people there that this is Treasury’s business,” Brown said. Today, Parsky says the secret arrangement with the Saudis should have been dismantled years ago and was surprised the Treasury kept it in place for so long. But the real mission, kept in strict confidence within President Richard Nixon’s inner circle, would take place during a four-day layover in the coastal city of Jeddah, Saudi Arabia. America has taken tentative steps toward a rapprochement with Iran, highlighted by President Barack Obama’s landmark nuclear deal last year. “Buying bonds and all that was a strategy to recycle petrodollars back into the U.S.,” said David Ottaway, a Middle East fellow at the Woodrow Wilson International Center in Washington. An internal memo, dated October 1976, detailed how the U.S. inadvertently raised far more than the $800 million it intended to borrow at auction. Switch to one of these cards! A TikTok user recently shared some advice about home ownership following a dreadful experience. We would like to show you a description here but the site won’t allow us. It took a few years, but Rob Lowe has finally managed to offload his majestic Montecito estate for a equally majestic price. Many of America’s allies, including the U.K. and Japan, were also deeply dependent on Saudi oil and quietly vying to get the kingdom to reinvest money back into their own economies. Lock in Now. real estate Rob Lowe gets $45 million for epic California estate Drivers line up for fuel at a U.S. gas station during the worldwide fuel shortages caused by the oil embargo imposed by OPEC, circa 1974. And on Saturday rent is due for millions. The strategy continued even after the Government Accountability Office, in a 1979 investigation, found “no statistical or legal basis” for the blackout. Don't end the year with debt. In April, Saudi Arabia warned it would start selling as much as $750 billion in Treasuries and other assets if Congress passes a bill allowing the kingdom to be held liable in U.S. courts for the Sept. 11 terrorist attacks, according to the New York Times. What’s more, the commitment to the decades-old policy of “interdependence” between the U.S. and Saudi Arabia, which arose from Simon’s debt deal and ultimately bound together two nations that share few common values, is showing signs of fraying. How a legendary bond trader from Salomon Brothers brokered a do-or-die deal that reshaped U.S.-Saudi relations for generations. New child tax credit to provide financial relief for families feeling the pressure of COVID-19 ... 'Tiny paradise': Alabama mother and two daughters open tiny homes resort. But even so, he has no regrets. Simon, who had by then returned to Wall Street, acknowledged in congressional testimony that “regional reporting was the only way in which Saudi Arabia would agree” to invest using the add-on system. Read Article about Dealing with the financial side of divorce Britain's first 40-year fixed-rate mortgage unveiled Other banks could look to offer long-term fixed loans, experts say By Rachel Mortimer 10 Mar 2021, 5:00am Tensions still flared 10 months after the Yom Kippur War, and throughout the Arab world, there was plenty of animosity toward the U.S. for its support of Israel.