Poll: Half of New Jerseyans want out
• Rutgers Poll - UPITRENTON, N.J., Oct. 17 (UPI) -- About half of New Jersey residents wish they were living somewhere else, with most citing high living costs as the reason, a newspaper poll found.
Contents Pages by Subject
Economy - Economics USA
MGIC "well positioned" to lose more money
• MISH: Global Economic AnalysisPrivate Mortgage Insurance Company MGIC reported a 3rd quarter net loss of $4.60 per share. It expects losses thru 2008. The CEO said the company was "well positioned". Housing permits and completions both plunged again. Things soaring: loa
Oil Ends Lower After Hitting Record $89
• APOil futures retreated from a record $89 a barrel Wednesday, ending lower after government data showing larger-than-expected gas and oil supplies outweighed worries about tension in northern Iraq.
Japan and China lead flight from the dollar
• Daily TelegraphIan Stannard, a Paribas currency analyst, said the data was "extremely negative" for the dollar. "It exceeds the worst fears. It is not just foreigners who are selling US assets. Americans are turning their back as well," he said.
IMF says dollar ‘overvalued’
• Financial TimesCurrency traders were given a green light to continue selling the US dollar on Wednesday, as the International Monetary Fund said the greenback “remains overvalued” and rejected claims the euro had risen too far.
NAHB: Home Builder Confidence Falls to Record Low in October
• calculatedrisk.blogspot.comRegionally, the West accounted for a substantial portion of the decline in builder confidence this month, with a four-point reduction in its HMI to 14.
Paulson Media Blitz on Mortgage Backed Securities
• Mish ShedlockPaulson will evaluate accounting rules for off-balance sheet investments of banks. Paulson claims to want transparency but the reality is that is the last thing he wants. Paulson says he does not want to bail out Citigroup but that is exactly what he
Treasury Secretary: Housing woes take bigger toll on economy than expected
• AFPThe woes of the US housing market are dragging on longer than expected, and may lead to over one million foreclosure notices this year for homeowners, Treasury Secretary Henry Paulson said.
Southern California home sales at record low
• Calculated RiskHome sales in Southern California plunged to the lowest level in more than two decades, as financing with "jumbo" mortgages dropped by half. The median price paid for a home dropped sharply as a result...
Grim Forecast for State Budgets
• Mish ShedlockStates awash in surpluses for the past two years are now treading water. GA, FL, MO, VA, AZ, WA, MD, NV, MI, CA, CT, IL, and SC all have budget issues. There is a recall in Michigan for those voting for tax hikes, and Crist (Fl) and Schwarzenegger CA
What 73% of homeowners with ARM's don't know
• Calculated RiskNearly three quarters of homeowners (73%) with ARM's don't even know how much their monthly payment will increase the next time the rate goes up.
Putin sends a strong message on Iran
•At a meeting of Caspian nations that kicked off in Tehran Tuesday, the subtle message seems to be: don't think about trying to stop it militarily and, by the way, stay away from our oil.
Bernanke Says Housing to Remain `Drag' on U.S. Growth
• BloombergFederal Reserve Chairman Bernanke said the housing slump will be a "significant drag'' on U.S. growth into next year. Credit markets have improved, he added, while a full recovery will take time "and we may well see some setbacks.**
Crude Oil Trades Near Record Above $86 on Turkey-Iraq Tension
• BloombergCrude oil traded above $86 a barrel because of concern Turkey may attack Kurdish militants in Iraq and disrupt shipments. Turkish Prime Minister Erdogan asked lawmakers to approve military action against rebels in Iraq, holder of the world
The Art of Bailing Out
• MISH: Global Economic AnalysisIf you are in a doomed relationship, it is best to get out of it as quickly as you can. This advice applies not only to personal relationships but also to the stock market. Countrywide CEO Mozilo has perfected the art of bailing. On 6 occasions in Oc
Panic in the Florida Housing Market
• Palm Beach PostYou don't see the paperwork. You won't see the panic. But behind doors in Palm Beach County and along the treasure Coast, thousands of homeowners are struggling to make the mortgage.
Super SIVs - A Fraudulent Attempt at Concealment
• MISH: Global Economic AnalysisA bailout plan has been cooked up so that Citigroup will not have to mark to market huge losses in $400 billion in SIVs. Citi does not want to put the assets on the books or sell them. The plan allows a group of banks to buy the assets at so called *
"The End" - by L. Neil Smith
• L. Neil Smith for The Libertarian EnterpriseAs a libertarian, for example, I knew a collectivized "command and control" economy can't work, in particular, because it can't discover or establish price. Price is the single most important item of information that's necessary
Banks plan fund to revive market
• BBCSome of the US's largest banks are expected to announce plans later to form a $75bn (£37bn) fund to support the ailing market for sub-prime debt.
Cost Of Freedom At All-Time High
• The OnionEven as it reaches unprecedented levels, most Americans have no choice but to pay for the intangible commodity. "I suppose you need freedom," said Nancy Holstrom, who was forced to send her two eldest sons to Iraq last month to help defray
Uncharted waters
• Albany Times UnionClinton's Ditch created the Empire State, but today's Erie Canal awaits a new economic role.
Super SIV Bailout Plan Doomed To Fail
• MISH: Global Economic AnalysisIn an effort to bailout commercial paper, the treasury and several large banks have devised a plan that boils down to this: Don't ask-Don't Sell. Don't Ask what an asset is worth. Don't Sell or you will find out and not like the resul
Foreclosures rise 2000% YOY in Riverside County, California
• PERepossessed homes in San Bernardino County also rose, from 518 in July to 860 last month. By Contrast, the county saw banks seize only 34 homes in September of last year.
Kiss Levitt Goodbye & Pucker Up For Beazer
• Mish ShedlockBarring some kind of miracle, it's time to kiss Levitt and Sons goodbye. And as for Beazer, I don't care what anyone says about things being a "net positive". Beazer cannot survive with 68% cancellation rates. Who would want to orde
Only One Choice - Raise Taxes
• MISH: Global Economic AnalysisChicago Mayor Daley says there is only 1 choice: raise taxes. And a staggering number of tax hikes and fees have been proposed. In Michigan, applause broke out when taxes were raised. In California, Schwarzenegger postpones the problem by issuing bon
Beazer Homes Reports 68% Cancellation Rate
• Calculated RiskBeazer Homes reported that 68% of its prospective home buyers canceled their orders in the company's fiscal fourth quarter, which ended Sept. 30.
Did he say, 'Tighter monetary policy'?
• Asia TimesTotal Fed Credit expanded only $2 billion last week, taking the total to $861.6 billion. Not much of an increase, and Doug Noland says, "Fed Credit has increased $9.4 billion y-t-d and $31.9bn over the past year (3.8%)." Almost nothing, con
U.S. Foreclosure Filings Nearly Double in September Over Same Month a Year Ago
• APForeclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure
Banks Earned $19 Billion From Overdraft Fees This Year
• KiplingerOverdrafting makes the Consumerist very sad, and banks very happy. Banks have already hauled in $19 billion this year in overdraft fees, and are quickly moving to amend policies that are attracting threats of regulation from the government.
Russia Liquidity Problems and Other Warning Signs
• MISH: Global Economic AnalysisRussia is back in the news lowering interest rates to help regulate liquidity. Liquidity problems are also appearing in Lithuania, Latvia, Romania and Hungary. No one knows when this will matter. Last month proved that. However, the cumulative effe
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