I’m not going to pick the bottom of the housing market just yet, but I am willing to concede that, for many people, it just doesn’t matter anymore. In some neighborhoods across the Bay Area, home prices may drift 10-20 percent lower over the next few years. In others, they could stay roughly flat or [...]

In 2009, the U.S. Congress passed and President Obama signed the American Recovery and Reinvestment Act (ARRA).  You may recall the phrase “shovel ready projects” or saw the big green signs along local freeways touting infrastructure work to be done locally. The initial price tag was about $787 billion.  There first object of ARRA was [...]

Outrage of The Day… via Obama to Use Pension Funds of Ordinary Americans to Pay for Bank Mortgage “Settlement” « naked capitalism. Obama’s latest housing market chicanery should come as no surprise. As we discuss below, he will use the State of the Union address to announce a mortgage “settlement” by Federal regulators, and at [...]

I don’t agree with the premise – see here. But, John Carney get some credit for a smart analogy: So this guy from (let’s say) Morgan Stanley walks into a bar. He orders drink after drink. Downs a dozen or so high-quality glasses of Scotch. Does a few shots of tequila. Maybe grabs a beer [...]

Last week, Bloomberg news dropped a bombshell that The Fed had secretly-lent $7.7 trillion to the banks during the credit crisis of 2008. Given the incredible dollar amount, it’s been a surprise that the story hasn’t been more widely-discussed. Today, Ben Bernanke issued a scathing response. First, from Bloomberg: The Fed didn’t tell anyone which [...]