Median Home Price in Detroit = $7,500
• ritholtz.com/blog/Granted, its in one of the most economically devastated regions of the country, but still — that data point is amazing.
Contents Pages by Subject
Economy - Economics USA
Talking Shop With a ‘Vulture’ Investor
• nymag.com/daily/intel/The banks are carrying second-lien loans at par and have hundreds of billions of dollars of them. We just bought some at 33 cents on the dollar in the market. If they turn out to be worth 33, every bank would collapse.
The Economic Crisis and Why It's Happening
Jet LaceyWhen this crisis started to unfold, I thought “Hmmm.” Something about this stinks, and chances are, if it smells like bulls**t it probably is. To quote Alex Jones on his radio show the other day, “It starts with investigating one lie and a whole un
Mish: Who Bears the Burden for a $3 Trillion Mistake?
• Michael Shedlock / MishRather, the plan is to repudiate the bondholders, step by step, boiling each frog in order, hoping to minimize the fallout from foreign bondholders.
Bank of America Loans Valued at $44 Billion Less Than Books Say
• Bloomberg.com“That’s the heart of why these companies are trading where they are,” Friedman Billings Ramsey & Co. analyst Scott Valentin said in an interview. “Technically, if you mark-to- market the entire balance sheet, most of these banks are insolvent.”
Warren Buffett: Economy Will Be ‘In Shambles’ for 2009 and Beyond
• Bloomberg.comWhile Buffett and business partner Charlie Munger can’t predict how stocks will perform in 2009, they’re certain “that the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond,” he wrote.
Stimulus Provision May Inhibit Watchdog Investigations, Critics Warn
• Washington PostThe Obama administration pushed through a provision in the $787 billion stimulus package that gives an oversight panel headed by a White House nominee powers to ask that independent watchdogs call off their investigations.
Sharper Downturn Clouds Obama Spending Plans
• NY TimesThe economy is spiraling down at an accelerating pace, threatening to undermine the Obama administration’s spending plans, which anticipate vigorous rates of growth in years to come.
Stock Markets: Party Like It's ... 1996
• CalculatedRiskblog.comThe S&P 500 closed at 735 or so. The low in 1997 was 737.01.
Maria Bartiromo interviews Jim Rogers on the Economy and Obama
• Jessescrossroadscafe.blogspot.com/He has hired people who are part of the problem. ...These are people [Geithner and Summers] who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans.
In Defense of Greed
• Mark YannoneThe communists guiding the world's economies have to destroy individual initiative and its image. Among their tools are illegal property confiscation and spurious accusations of greediness. The commies need correction.
U.S. Economy Shrank 6.2% Last Quarter, Most Since ’1982
• Bloomberg.comThe U.S. economy shrank in the fourth quarter at a faster pace than previously estimated as consumer spending plunged, companies cut inventories and exports sank.
Obama’s Budget Plan Sweeps Away Reagan Ideas
• NY TimesThe budget that President Obama proposed on Thursday is nothing less than an attempt to end a three-decade era of economic policy dominated by the ideas of Ronald Reagan and his supporters.
Fox News <i>Strategy Room</i> w/ Judge Napolitano, 02/25/2009
Powell GammillJudge Napolitano interviews Ron Paul, Peter Schiff, Rep. Walter Jones and Glenn Beck on the economic crisis. (video parts 1 - 6 links)
Doug Casey: What to Do in 'The Greater Depression'
• Doug CaseyEUROPE IS FATED TO BE NOTHING MORE THAN THE SOURCE OF HOUSEBOYS AND MAIDS FOR THIE CHINESE IN THE NEXT GENERATION!
Jim Rogers "Things Are Going To Get Much Worse/Predicts Civil Unrest Within A Few Years"
• YoutubeJim Rogers doesn't have much hope for the US economy. He says short stocks and divest dollars soon. Civil unrest is likely in the US. Buy commodities and farm if you can. 2/24/2009
Unemployment Initial claims 667,000: Continued Claims Over 5 Million
• Calculatedriskblog.comIn the week ending Feb. 21, the advance figure for seasonally adjusted initial claims was 667,000, an increase of 36,000 from the previous week's revised figure of 631,000
The new number: $600 trillion
• James LieberFor 96 years Americans accepted illegal income redistribution with barely a peep, but now that wealth redistribution is in $800 billion bundles, the socialism is fully recognized. What new insights will $600 trillion bring to this awakening, retarde
Budget Expects Revenue From Limits on Emissions
• Washington PostA mandatory cap on the nation's greenhouse gas emissions, which President Obama embraced as central to his domestic agenda, would be designed to generate revenue for the government while addressing the world's most pressing issue.
Obama to Seek Higher Tax on Affluent to Pay for Health Care
• NY TimesPresident Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, calling for stricter limits on the benefits of itemized deductions taken by the wealthiest households
D.C.’s Wealth Boom Expected To Get Boomier
• The AgitatorWashington, D.C. is not only largely escaping the recession, the D.C. metro area has become the wealthiest region in the country—a troubling development, given that the largest employer and chief industry here is government.
'There will be blood'
• Reportonbusiness.comHarvard economic historian Niall Ferguson predicts prolonged financial hardship, even civil war, before the ‘Great Recession' ends
So Cal Real Estate: Lisa Ling on Trashing Out Foreclosed Homes
• CalculatedRiskblog.comFrom Lisa Ling at KCET. Last year she did an excellent report "Foreclosure Alley". If you missed that one, it is worth watching ... This video gives you a good idea how quickly the life of a family can be ripped apart.
Obama's first Blunder
• arcleinThis second round is merely a flushing of cash into government programs and fixes little. It does not restore the collapsed credit system. Firstly, the US government must intervene to rewrite all outstanding mortgage contracts to properly release
U.S. Consumer Confidence Collapsed to Record Low
• Bloomberg.comThe Conference Board’s index declined more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4, the New York-based research group said today
The US economy with Congress at the wheel
• Mark YannoneHere, take the keys. Make sure you don't park it too close to the other cars.
U.S. Clears Path to Bank Nationalization
• Washington PostThe Obama administration revamped the terms of its emergency aid to troubled financial firms, setting a course that could culminate with the government nationalizing some of the country's largest banks by taking a controlling ownership stake.
Nassim Taleb: Says Crisis Is Harder to End Than Great Depression
• Bloomberg.com“The black swan for me would be for us to emerge out of this unscathed and return to normalcy,” Taleb said. Compared with the Great Depression, this crisis is “very different, and it requires much more drastic action.”
Stress test could lead to some bank nationalization
• MarketWatchU.S. banks that fail a looming government stress test of their financial viability could be forced to accept government investment, pushed into shotgun marriages or simply nationalized if the institution's situation is bad enough, regulatory obse
There is a RAT hiding inside the stimulus bill
• The Intellectual RedneckJust when you think you could not be any more shocked by the things that got secretly stuck in the stimulus bill, Sen. Charles Grassley finds a RAT has been "snuck" into the bill. RAT, acronym for Recovery Accountability and Transparency Bo
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