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Economy - Economics USA

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Rutgers Poll - UPI

TRENTON, 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.

News Link • Global Reported By Geoffrey Hayes
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MISH: Global Economic Analysis

Private 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

News Link • Global Reported By Mike Shedlock
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Daily Telegraph

Ian 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.

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Financial Times

Currency 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.

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Mish Shedlock

Paulson 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

News Link • Global Reported By Mike Shedlock
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Calculated Risk

Home 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...

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Mish Shedlock

States 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

News Link • Global Reported By Mike Shedlock
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Calculated Risk

Nearly 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.

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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.

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MISH: Global Economic Analysis

If 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

News Link • Global Reported By Mike Shedlock
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Palm Beach Post

You 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.

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MISH: Global Economic Analysis

A 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 *

News Link • Global Reported By Mike Shedlock
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L. Neil Smith for The Libertarian Enterprise

As 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

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The Onion

Even 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

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Albany Times Union

Clinton's Ditch created the Empire State, but today's Erie Canal awaits a new economic role.

News Link • Global Reported By Geoffrey Hayes
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MISH: Global Economic Analysis

In 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

News Link • Global Reported By Mike Shedlock
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Mish Shedlock

Barring 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

News Link • Global Reported By Mike Shedlock
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MISH: Global Economic Analysis

Chicago 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

News Link • Global Reported By Mike Shedlock
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Calculated Risk

Beazer Homes reported that 68% of its prospective home buyers canceled their orders in the company's fiscal fourth quarter, which ended Sept. 30.

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Asia Times

Total 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

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MISH: Global Economic Analysis

Russia 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

News Link • Global Reported By Mike Shedlock
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