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Economy - Economics USA

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MISH: Global Economic Analysis

The Fed is openly and aggressively pursuing a policy of punishing dollar holders. The Fed is not cutting rates to bail out consumers but to bail out banks.Robert Toll proclaimed "Our boy has righted the ship". But what's really amazing

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Bloomberg

Crude oil rose for a third day to more than $82 a barrel in New York on speculation a U.S. interest rate cut will bolster demand for fuel. The Federal Reserve lowered its benchmark interest rate by a half point, more than economists predicted, to hel

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Bloomberg

Interest rate cuts by Federal Reserve Chairman Ben S. Bernanke will spur inflation, cause the U.S dollar to collapse and push the world's largest economy into recession, investors Jim Rogers and Marc Faber said.

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AP

(Another step in destroying the dollar) In a BOLD strike, the Federal Reserve slashed a key interest rate by a half point on Tuesday -- the first cut in over four years -- and left the door open to further relief to prevent a painful housing slump

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NAHB

Concerns about the substantial inventory of new homes for sale and the effects that deepening mortgage market problems are having on buyer demand caused builder confidence to decline for a seventh consecutive month in September, according to the late

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AP

The number of foreclosure filings reported in the US last month more than doubled versus August 2006 and jumped 36% from July, signals homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a housing sl

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247 Wall Street

24/7 Wall St. has run three or four pieces recently that suggest there are strong cases for $100 a barrel oil. With the $80 mark reached last week, some oil industry experts do not discount the possibility that crude may get close to $100 this year.

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Rocky Mountain News

The housing bubble was fueled by multidecade low interest rates priced many people out of their dream homes. People went after their American dream with a vengeance - taking out adjustable-rate, interest-only or, even worse, negative-amortization loa

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Gold Eagle

As the dollar falls, so does the wealth of dollar holders - particularly Americans. We checked this morning and found the dollar had dropped to over US$1.38 per euro. Last week, we paid $5 for a cup of coffee in London. And the prices keep going

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International Herald Tribune

Finance ministers and central bankers have long fretted that at some point, the rest of the world would lose its willingness to finance the United States' proclivity to consume far more than it produces - and that a potentially disastrous free-fa

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By Dean Baker, TruthOut.org. Posted September 12

At this point, there is probably no way to avoid a recession. If those making economic policy show no better judgment going forward than they have in the recent past, it is likely to be a long and painful recession.

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Mish Shedlock

Commercial real estate deals are collapsing in many parts of the country including NYC. Like residential, no price was too high to pay for a building on misguided beliefs about property values. But vacancies are rising and rents are falling. A proper

News Link • Global Reported By Mike Shedlock
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AP

The dollar sank to an all-time low against the euro Wednesday amid speculation that the Federal Reserve will soon cut interest rates by as much as half a percentage point. The 13-nation euro rose as high as $1.3889 in afternoon European trading —

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Reuters

U.S. light crude for October delivery was up $1.59 at $79.82 per barrel at 2:07 p.m. EDT after setting a record high of $80.00 a barrel earlier. London Brent crude was up $1.35 at $77.73 a barrel. Crude oil stocks in top consumer the United States

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Law

The sudden queasiness of lenders has cast a pall over the once-robust real estate market in the last six weeks, Cowan and other lawyers report. Deals have been interrupted mid-stride. Some have been re-jiggered and others have just died.

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Mish Shedlock

The "Savings Glut" is an optical illusion that confuses "savings" with "debt" while ignoring U.S. deficit spending, consumer credit binges, and trillions of dollars blown in Iraq, all in the face of Fed policies that dis

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WCBS TV

The downturn in the housing market appears to have driven two homeowners to desperate and illegal measures. New Rochelle Police raided a 3-bedroom home after undercover officers responded to a Craig's List posting offering dominatrix services wit

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AFP

Bruised Wall Street investors, facing a suddenly weaker economic outlook, pinned their hopes on a Federal Reserve rescue, even as some analysts warn of considerable uncertainty ahead.

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MISH: Global Economic Analysis

Greenspan says conditions are like 1987 or 1998. He could hardly be more wrong. In 1987 and 1998 we had an internet buildout and a housing bubble to look forward to. CDS, CDO, LBO SIV, ABS, etc all became financial buzzwords for easy credit. The easy

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Mish Shedlock

There is no double standard in gold hedging nor is there massive fraud in forward sales as some contend. Articles that see conspiracies in every tick in price do more harm than good. There are many reasons to own gold but forced covering by fraud sho

News Link • Global Reported By Mike Shedlock
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Financial Times

The dollar fell to a fresh 15-year low against a basket of currencies on Tuesday as the greenback continued to suffer from the prospect of a cut in US interest rates.

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MISH: Global Economic Analysis

Countrywide allegedly needs another cash infusion. So soon? It was less than a month ago that Countrywide received a $2 billion loan from Bank of America in return for options on 16-17% of the company and senior debt status on the loan. The speed at

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