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Economy - Economics USA

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Article Image Farm Wars

I had a dream the other night in which there was famine. Fuel was not available, and the land was barren. If we are indeed being thrown straight into third-world status, we need to prepare.

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CalculatedRisk.blogspot.com

Today, said Rich Johnston, Temecula's deputy director of building and safety and code enforcement, as many as 15% of Temecula's 22,500 single-family homes are bank-owned or in some stage of foreclosure.

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NYtimes.com

All told, about 8.8 percent of home loans were past due or in foreclosure, or about 4.8 million loans. That is up from 7.9 percent at the end of December. (About a third of American homeowners do not have mortgages.)

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RawStory.com

Mini-CAT or City Cat, can be refueled in minutes from an air compressor at specially equipped gas stations and can go 200 km on a 1.5 euro fill-up -- roughly 125 miles for $3. The top speed will be almost 70 mph and the cost of the vehicle as low as

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HousingWire.com

The Q4 to Q1 change in severe delinquencies strongly favors prime borrowers, for example, with severe DQs increasing by 19.2 percent for prime and 13.7 percent for subprime borrowers.

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Calculatedrisk.blogspot.com

With prices now falling - and expected to continue to fall - the percent homeowner equity will probably decline rapidly in the coming quarters.

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biz.yahoo.com/ap

Residential Capital LLC, the mortgage lending unit of GMAC LLC, said Tuesday it needs more than three times more cash to stay in business than it estimated just weeks ago.

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Michael Shedlock / Mish

At $1.8 trillion annually in a $14 trillion economy, the states and municipalities spend almost twice as much as the federal government, including the cost of the Iraq war.

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Michael Shedlock / Mish

At $1.8 trillion annually in a $14 trillion economy, the states and municipalities spend almost twice as much as the federal government, including the cost of the Iraq war. When librarians, lifeguards, teachers, transit workers, road repair crews and

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RawStory.com

WILMINGTON, Delaware (Reuters) - General Motors Corp on Tuesday said it is closing four truck plants employing 10,000 workers and could sell its Hummer brand in a rushed response to higher gasoline prices that the largest U.S. automaker now sees as a

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LA Times

More: "Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million.

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MrMortgage.ml-implode.com

With discounts as large as banks are offering, entire neighborhoods and regions are being marked-to-market overnight. This is pulling thousands of other home owner’s values down sharply forcing them into a negative equity position

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Bloomberg.com

S&P also said today that it revised its outlooks on Bank of America Corp. and JPMorgan Chase & Co. to negative. Citigroup Inc. was taken off review for a downgrade and given a negative outlook, while Wachovia Corp. was placed on review for a downgrad

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Michael Shedlock / Mish

After the fairy godmother (Bush) signed the bill written by industry lobbyists and passed by Congress as "reform", banks and lending institutions went on a credit binge of previously unimaginable proportion.

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Michael Shedlock / Mish

In the 1980's the consumer was not tapped out. Today's consumer is so tapped out that many are walking away from their homes. Others are voluntarily choosing bankruptcy.

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Reuters

U.S. food prices will rise a stiff 9 percent a year through 2012, the largest increase since 1979 and the result of record-high crop prices, the head of an economic consulting company said on Thursday. The projections by Bill Lapp of Advanced Econ

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Financial Times

US banks set aside a record $37.1bn to cover losses on real estate loans and other credits during the first quarter in a sign of the growing economic pain being caused by the global credit crisis, regulators said on Thursday.

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LewRockwell

We agree with George Soros too; the slump will result in a "noticeable decline in living standards" for most Americans. But we were waiting for the evidence...the proof that the consumer is cutting back. Now we have it. And it comes from th

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Economist.com/

This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms.

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Economist.com/

This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms.

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