Fed’s Fisher: Suboptimal Growth in 2010, “Perhaps” 2011 – Calculated Risk
Cash-for-clunkers and the first-time-homebuyer tax credit have both shifted demand forward, increasing sales today at the expense of sales tomorrow.
California budget boss jumps off before train wrecks – The Sacramento Bee
Mortgage Program Gathers Steam After Slow Start – The Wall Street Journal
Economic Outlook: Possible Upside Surprises, Downside Risks – Calculated Risk
I expect another wave of foreclosures in early 2010, and the impact of the housing tax credit to wane, and eventually lower house prices especially in higher priced bubble areas (although I think we’ve seen the bottom in many other areas). My expectation is prices will fall in real terms for several years. But if prices fall further than I expect that could have a serious impact on banks (more losses) and consumer confidence (less spending).
FHA’s reserve fund hits 7-year low – The Washington Post
U.S. Unemployment Rate Headed to 12%-13%, Economist Says – The Wall Street Journal, Real Time Economics
Job Woes Exacting a Toll on Family Life – The New York Times
One Quarter of Homebuyers Want Foreclosures – HousingWire
It’s Time to Break Up Goldman Sachs – Zero Hedge
Below are the complete blueprints for global (and soon galactic) financial, political and social domination, courtesy of the firm that is well on its way to becoming the undisputed heavyweight monopolist of all Wall Street action. Take out an effectively nationalized Citigroup and Bank of America, and it already is. It is time to break apart Goldman Sachs.
November 12, 2009
Uncategorized