David Rosenberg at Gluskin Scheff commented today about possible problems at FHA: FHA … THE NEXT SHOE TO DROP? We have a contact in the mortgage business who took a good hard look at the delinquency data from the FHA, along with loss severities. There is a very good chance that in the near future [Continue]
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“Wherever we’re headed, America is evolving in ways most of us don’t like or understand. Individually focused yet collectively adrift, we wonder if we’re heading toward a waterfall. Are we?” Strauss & Howe – The Fourth Turning Political leaders and the mainstream media have been blindsided by the sudden mood shift of the [Continue]
Housing: Price-to-Rent Ratio by CalculatedRisk on 2/23/2010 08:27:00 PM In October 2004, Fed economist John Krainer and researcher Chishen Wei wrote a Fed letter on price to rent ratios: House Prices and Fundamental Value. Kainer and Wei presented a price-to-rent ratio using the OFHEO house price index and the Owners’ Equivalent Rent (OER) [Continue]
by Scott Hamilton Feb. 23 (Bloomberg) — The U.K. economy is entering a “very grave stage” and the Bank of England should expand its 200 billion-pound ($310 billion) bond-buying plan to fight the threat of a relapse, former Treasury adviser Roger Bootle said. “A second dip is a real possibility and deflation is a live [Continue]
by Rick Rozoff Global Research, February 24, 2010 On February 22 two major developments occurred in the Americas south of the Rio Grande. The two-day Rio Group summit opened in Mexico and Great Britain started drilling for oil 60 miles north of the Falklands Islands, known as Las Malvinas to Argentina. The meeting in Mexico [Continue]
02/23/10 Sixty-one percent of the “underemployed” — those who are either out of work or working part time and want full-time jobs — are not hopeful they will find a job in the next four weeks, according to Gallup tracking polls conducted Jan. 2-31. Sixty-eight percent of those working part time are not optimistic about [Continue]
The world’s financial system is still rigged to reward excessive risk-taking, argues Tracy Corrigan. By Tracy Corrigan Published: 6:03AM GMT 17 Feb 2010 Henry Paulson recognises that skewed systems banks used that rewarded short-term profits Photo: Getty Images In Greek tragedy, the hero sows the seeds of his own destruction. Aristotle, in [Continue]
Amidst a widening federal probe into Miami city finances, and a budget deficit born of corruption and union promises, Miami’s City Manager Resigned last Friday. On Monday, Mayor Tomás Regalado appointed Carlos Migoya to fill the city manager vacancy. The new city manager quickly stated I’ll tackle budget woes. Carlos Migoya, a career [Continue]