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Economy - Economics USA

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Financial Times

His warning that a strong wave of food inflation is heading towards the world economy was met by nods from agriculture traders, food industry executives and western’s government officials at the USDA’s annual Agricultural Outlook Forum.

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Michael Shedlock / Mish

The attempt to blame the free market for this mess is galling. The blame lies with Congress, the Fed, and the SEC. If the Fed had not reduced interest rates to 1% and held them there, the bubble would never has gotten as big.

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WashingtonPost.com

Warren Buffett, had warned years before that "derivatives," whose value was balanced loosely on the real assets underneath, were the equivalent of "financial weapons of mass destruction."

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London Times

The Bush Administration was wrong about the benefits of the war and it was wrong about the costs of the war. The president and his advisers expected a quick, inexpensive conflict. Instead, we have a war that is costing more than anyone could have ima

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AZcentral.com/arizonarepublic

Three communities in the southwest Valley top the devaluation list: Buckeye valuations plummeted nearly 25 percent, Avondale dropped nearly 22 percent and Goodyear fell 20 percent.

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AZcentral.com/arizonarepublic

Three communities in the southwest Valley top the devaluation list: Buckeye valuations plummeted nearly 25 percent, Avondale dropped nearly 22 percent and Goodyear fell 20 percent.

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CalculatedRisk.blogspot.com

Five months ago, the Ellicott City home was appraised at $560,000; the lender says it is now worth $469,000. "I told them, you guys are wrong," Nancy Corazzi said. "They said, 'sorry, this is what we're doing....

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CalculatedRisk.blogspot.com

The proposal warns that up to $739 billion in mortgages are at "moderate to high risk" of defaulting over the next five years and that millions of families could lose their homes.

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CalculatedRisk.blogspot.com

Vacant homes are a negative externality for the neighbors; from unkempt yards, mosquito infected pools, fire hazards, and trespassers squatting in the homes ( aka "bando", a homeless person living in....

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Reuters.com

GMAC lost $2.33 billion in 2007, hurt by a $4.35 billion loss at ResCap that reflected rising customer defaults, lower loan volume, and write-downs. ResCap is the largest independent U.S. mortgage lender after....

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CalculatedRisk.blogspot.com

Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent are underwater.

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CBS5.com

Wallace points out that the market for the exotic financial instruments has leaped, by some measures, from $1trillion to $45 trillion - about twice the size of the entire United States stock market.

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TheAtlantic.com

Nelson forecasts a likely surplus of 22 million large-lot homes (houses built on a sixth of an acre or more) by 2025—that’s roughly 40 percent of the large-lot homes in existence today.

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Michael Shedlock / Mish

Where is Spending Slowing? Nearly every consumer category we looked at in the survey scored lower than a year ago in terms of spending going forward – led by restaurant spending....

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Michael Shedlock / Mish

"The market is full of rumors of unwinding of CDOs, and the price action suggests that people believe the rumors, It sort of has that Armageddon feel, and the market is feeding on itself."

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Michael Shedlock / Mish

In a scene likely to be played out in states and municipalities nationwide, things are starting to implode in California at the state level, the county level, and the city level.

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FinancialTimes.com

The US, however, is a debtor. It must keep the trust of foreigners. Should it fail to do so, the inflationary solution becomes probable. This is quite enough to explain why gold costs $920 an ounce.

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Christian Science Monitor

Americans from Main Street to Wall Street may have to live with less debt. Banks and investors are now becoming much tougher when it comes to handing out credit...If this continues, economists see potential widespread ramifications for the economy:

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NBC11

The city of Vallejo is on the brink of becoming the first California city ever to declare bankruptcy, City Council members said Tuesday. Vallejo may run out of cash as early as March, council member Stephanie Gomes said. [the first domino]

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CalculatedRisk.blogspot.com

Even with single family starts at the lowest level since the '91 recession, when you look at inventories and new home sales, the builders are still starting too many homes....

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Reuters

Sara Lee Corp, the second-largest U.S. breadmaker, said it would raise bread prices during the April-June period, its fourth price increase in the past year and a half, as it copes with soaring wheat costs.

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