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Case-Shiller Home Price Index up for 5th time, but cracks showing
The Case-Shiller Home Price Index has increased yet again. This marks the fifth consecutive monthly increase in house prices in the United States. Prices are now only 11.3% lower in the Composite-10 cities and 9.3% lower in the more…
GM’s sale of Saab collapses
From Reuters: A deal by General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure. GM had been aiming to close a deal by the end of…
News from around the web: 2009-11-24
Fed asks U.S. banks to submit TARP repayment plans | Reuters FT.com - Obama knows chest-thumping and China don’t mix BBC News - US consumer confidence edges up but remains subdued Gallup Economic Weekly: Spending Up Pre-Black…
Goldilocks is not sleeping in America anymore; she’s now in China
Remember the fabled Goldilocks economy that we had during the Great Moderation: A Goldilocks economy is a not too hot or cold economy, sustaining moderate economic growth and a low inflation allowing for a market friendly monetary…
British regulators disclose terms of emergency aid during panic of 2008
The Financial Times reports that British regulators have now opened up to reveal more of the details surrounding the emergency aid banks received during the most acute periods of stress to date in the financial crisis. Meanwhile, in…
Third quarter growth now 2.8%, much lower than original estimate
Bonds like this. Let’s see how the stock market reacts to this. Pre-market data show no big moves. From the BEA: Real gross domestic product -- the output of goods and services produced by labor and property located in the United…
The Kanjorski Amendment Trojan Horse and Prompt Corrective Action
Two weeks ago as the Financial Reform Bill was wending its way through Congress, Paul Kanjorski emerged as the champion of breaking up too-big-to-fail financial institutions. After seeing trillions of dollars in taxpayer money go to…
Quelle Surprise! Most Big Banks Lack Capital
My post title is an ode to Yves Smith, who likes to feign surprise when the blindingly obvious finally comes into plain view for all to see. The latest sign that underneath the surface weakness remains at large financial institutions comes…
Predatory lending local government version
This story is on the front page of Business Week: Detroit Mayor Dave Bing is struggling to save his city from fiscal calamity. Unemployment is at a record 28% and rising, while home prices have plunged 39% since 2007. The 66-year-old…