Contents Pages by Subject

Economy - Economics USA

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Reuters

Sentinel Management Group Inc., a U.S. futures commission merchant whose decision to freeze client accounts on Tuesday helped roil global financial markets, filed for Chapter 11 bankruptcy protection late on Friday.

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Christian Science Monitor

Chinese central bankers, French pension-fund managers, and staid German bankers have been the piggy bank for America's housing boom. Foreign loans to help Americans get mortgages have quadrupled to nearly $1 trillion.

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MISH: Global Economic Analysis

In a surprise move the Fed cut the discount rate 50 basis points. Stock futures that were sinking took off like a rocket. The moral hazards of the Fed continue but Bernanke is doomed to fail. Here is the key: There is both a decreasing demand for cre

News Link • Global Reported By Mike Shedlock
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Reuters

U.S. Senator Charles Schumer said he would introduce legislation to temporarily lift the portfolio limits on mortgage finance companies Fannie Mae and Freddie Mac if their regulator fails to act. The bill would lift the cap by 5% to 10% and could be

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AFP

New home construction in the United States fell to a 10-year low in July, the government said Thursday in a report that signaled a further slowdown in the distressed housing market. The Commerce Department said housing starts plunged 6.1 percent in J

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MISH: Global Economic Analysis

Countrywide tapped 11.5 billion of its credit line. When a company draws on its bank lines, it is basically out of options. Typically those bank lines are not meant to be used. Countrywide stopped Alt-A and Subprime. Merrill Lynch is talking about a

News Link • Global Reported By Mike Shedlock
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by Justin Raimondo (AntiWar)

"The U.S. government is on a 'burning platform' of unsustainable policies and practices," Walker avers, including "fiscal deficits" and "overseas military commitments threatening a crisis if action is not taken soon.*

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McClatchy News

The Labor Department's most recent inflation data showed that U.S. food prices rose by 4.2% for the 12 months ending in July, but a deeper look reveals the price of milk, eggs and other essentials are actually rising by double digits.

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AP

Sales of existing homes fell in 41 states during the April-June quarter while home prices were down in one-third of the metropolitan areas surveyed, underscored the severity of the current housing slump, the worst downturn in 16 years.

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Reuters

U.S. stocks fell sharply, wiping out the year's gains for the benchmark S&P 500, after Countrywide Financial shares plunged on a brokerage downgrade and rumors it was having trouble raising money. The clouds enveloping the No. 1 U.S. mortgage len

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Reuters

Countrywide Financial Corp. could face bankruptcy if liquidity worsens, according to a Merrill Lynch & Co. analyst who downgraded the largest U.S. mortgage lender to "sell" from "buy." The downgrade suggests deepening problems at

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MISH: Global Economic Analysis

Goldman Sachs injects $3bn into its troubled quant hedge fund that has lost 30% this year. In addition fees were lowered to 0% from 2% and performance fees lowered to 10% from 20%.Will this stop the redemptions? Is it Deal or No Deal?

News Link • Global Reported By Mike Shedlock
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LA Times

Southern California home sales continued to slump in July, falling 27% from year-ago levels, and are now running 54% below peak levels reached in July 2003, DataQuick reported today. Some industry experts have warned that August sales may be even we

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Reuters

Until two years ago, middle-class retirees vied with property speculators for houses and apartments on Florida's sun-drenched Gulf Coast. Now almost every other house on some of its streets has a for-sale sign outside. With a bloated inventory

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Government Accounting Office

David Walker, comptroller general of the US is warning of the same collapse that Rome suffered. His reccomendations aren't correct, but his assessment is frank, and rather sober. (And it's only 14 pages)

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Financial Times

The US government is on a ‘burning platform’ of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action is not taken soon, the country’s

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MISH

The USA is hooked on credit and the Fed is an enabler. The problem with addiction is that stronger and stronger doses eventually kills the patient. This is where we are today. Some junkies (consumers) have finally realized this on their own accord, m

News Link • Global Reported By Mike Shedlock
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Global Economic Analysis

A sudden demand for cash sent the markets reeling. So where is all that sideline cash? The answer is that sideline cash is really sideline credit. And credit is drying up. Today the markets received the world's biggest

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Reuters

The U.S. Treasury department said it was keeping a close eye on financial market activity as U.S. stock prices slumped in early trading on worries about subprime mortgage sector problems. "The Treasury Department continues to monitor markets and

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Reuters

Residential mortgage delinquencies and defaults are becoming more common among borrowers in the category just above subprime, American International Group said. In a presentation on its subprime exposure, AIG, the world's largest insurer and one

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Reuters

World stocks tumbled after BNP Paribas became the latest bank to be hit by mortgage credit problems and shortage of cash in money markets prompted the European Central Bank to add emergency liquidity. The French bank froze more than $2 billion worth

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