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Economy - Economics USA

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AFP

Platinum raced to a series of record highs as mine stoppages in South Africa sparked a fresh wave of investment. By 12.53pm, platinum was up at USD1,688 per ounce against USD1,551, having earlier hit a record USD1,697 an ounce.

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Telegraph.co.uk

"People have been drawing home equity out of the houses at a rate of $700bn or $800bn a year. It's been a huge boost to consumption, but that game is now up. House prices are going to continue falling...

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Telegraph.co.uk

"People have been drawing home equity out of the houses at a rate of $700bn or $800bn a year. It's been a huge boost to consumption, but that game is now up. House prices are going to continue falling...

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Dowell Myers

Recent US immigration trends show leveling and, in some cases, declines in foreign-born persons as a percentage of the total population. [.pdf of study that includes a good look at upward mobility of immigrants vs. the US population]

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FFF

It’s quite amusing to watch U.S. officials, presidential candidates, and mainstream-media types presenting plans to “revive the economy.” They all operate on the assumption that a recession, like terrorism, is some sort of mysterious disease that per

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CalculatedRisk.blogspot.com

SunTrust Banks Inc.'s fourth-quarter net income fell 98% as the company recorded a higher-than-expected $555 million in write-downs and reported soaring credit costs.

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CalculatedRisk.blogspot.com

From the Fed's Flow of Funds report, household real estate assets totaled $20.99 trillion at the end of Q3 2007. So a 30% decline in prices would reduce "housing wealth" by about $6 trillion.

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CalculatedRisk.blogspot.com

As I've noted before, one of the greatest fears for lenders (and investors in mortgage backed securities) is that it will become socially acceptable for upside middle class Americans to walk away....

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CalculatedRisk.blogspot.com

Bank of America Corp.'s fourth-quarter net income fell 95% as the company recorded a higher-than-expected $5.28 billion in collateralized debt obligation write-downs and said credit costs soared.

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AP

"Some people think there's going to be a deep fall off a cliff" because of a potential recession in the U.S., said Lawrence Peterman, investement director at Eden Financial, a London-based stockbroker.

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AP

Wall Street was expected to plunge at the opening of trading Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. The Dow Jones was set to fall by 500 points when trading begi

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Bloomberg.com

Pimco's Paul McCulley on the need for a rate cut by the FED. "Sometimes when you are ill, you make an appointment with your doctor; other times, you go straight to the emergency room. Now is an other time...

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CalculatedRisk.blogspot.com

These two charts give a very accurate picture of bear market corrections going back all the way to the Great Depression. The average bear market correction was -25.6%.

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Mike

I have been telling everyone for weeks "Markets do not crash from overbought. Markets crash from oversold. It's a low probability event but one guaranteed to eventually happen." This could be the start of one. .... Mish

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Michael Shedlock / Mish

One of Britain's biggest property funds was forced to shut its doors to withdrawals yesterday after the slump in commercial prices triggered panic selling by small investors.

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