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  • Thu, Apr 30 2009
  • 8:43 PM » Freddie Mac pays 2008 bonuses, honors Kellermann's
    Published Thu, Apr 30 2009 8:43 PM by Reuters
    NEW YORK (Reuters) - Freddie Mac, the U.S. mortgage finance giant, on Thursday said it paid $1.3 million in retention bonuses to three executives in late 2008 and so far this year, including a full payout of the award promised to its acting chief financial officer before his shocking death, according to a Securities and Exchange Commission filing.
  • 8:43 PM » Chrysler to Enter Chapter 11, Form Alliance With Fiat
    Published Thu, Apr 30 2009 8:43 PM by WSJ
    Chrysler filed for bankruptcy at the behest of the U.S. government after failing to reach an agreement with a small group of creditors.
  • 5:37 PM » House approves credit card legislation
    Published Thu, Apr 30 2009 5:37 PM by CNN
    Read full story for latest details.
  • 5:36 PM » Report on Foreign Holdings of U.S. Securities at End-June 2008
    Published Thu, Apr 30 2009 5:36 PM by US Treasury
    April 30, 2009 tg-116 Report on Foreign Holdings of U.S. Securities at End-June 2008 WASHINGTON -- The final results from the survey of foreign portfolio holdings of U.S. securities at end-June 2008 are released today and posted on the U.S. Treasury web site at (). This annual survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will be for end-June 2009, and preliminary data are expected to be released by February 26, 2010. Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held on year-end 2008, are currently being processed. Preliminary results are expected to be reported by August 31, 2009. Overall Results The survey measured foreign holdings of U.S. securities as of June 30, 2008, to be $10,322 billion, with $2,969 billion held in U.S. equities, $6,494 billion in U.S. long-term debt securities (of which $1,532 billion are holdings of asset-backed securities (ABS) and $4,962 billion are holdings of non-ABS securities), and $858 billion held in U.S. short-term debt securities. The previous survey, conducted as of June 30, 2007, measured foreign holdings to be $9,772 billion, with $3,130 billion in U.S. equities, $6,007 billion in U.S. long-term debt securities, and $635 billion in short-term U.S. debt securities (see Table 1). Table 1. Foreign holdings of U.S. securities, by type of security, as of recent survey dates (Billions of dollars) Type of Security June 30, 2007 June 30, 2008 Long-term Securities 9,136 9,463 Equity 3,130 2,969 Long-term debt 6,007 6,494 Asset-backed 1,472 1,532 Other 4,535 4,962 Short-term debt securities 635 858 Total 9,772 10,322 Of which: Official 2,823 3,493 Table 2. Foreign holdings of U.S. securities, by country and type of security, for the major investing countries into the U.S., as of June 30, 2008 (Billions of dollars...
  • 5:35 PM » April Economic Summary in Graphs
    Published Thu, Apr 30 2009 5:35 PM by Calculated Risk Blog
    Here is a collection of real estate and economic graphs for data released in April ... Click on graphs for larger image in new window. New Home Sales in March The first graph shows monthly new home sales (NSA - Not Seasonally Adjusted). Note the Red columns for 2009. This is the lowest sales for March since the Census Bureau started tracking sales in 1963. (NSA, 34 thousand new homes were sold in March 2009; the previous low was 36 thousand in March 1982). From: Housing Starts in March Total housing starts were at 510 thousand (SAAR) in March, just above the revised record low of 488 thousand in January (the lowest level since the Census Bureau began tracking housing starts in 1959). Single-family starts were at 358 thousand in March; just above the revised record low in January (356 thousand). From: Construction Spending in February This graph shows private residential and nonresidential construction spending since 1993. Note: nominal dollars, not inflation adjusted. "Residential construction was at a seasonally adjusted annual rate of $275.1 billion in February, 4.3 percent below the revised January estimate of $287.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $390.7 billion in February, 0.3 percent above the revised January estimate of $389.5 billion." From: March Employment Report This graph shows the unemployment rate and the year over year change in employment vs. recessions. Nonfarm payrolls decreased by 663,000 in March. January job losses were revised to 741,000. The economy has lost almost 3.3 million jobs over the last 5 months, and over 5 million jobs during the 15 consecutive months of job losses. The unemployment rate rose to 8.5 percent; the highest level since 1983. From: March Retail Sales This graph shows the year-over-year change in nominal and real retail sales since 1993. On a monthly basis, retail sales decreased 1.1% from February to March (seasonally adjusted), but sales are off 10.7% from March...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:35 PM » World economic reports (April 23-30): the good, the bad, and the ugly
    Published Thu, Apr 30 2009 5:35 PM by Google News
    The 2009 global economy is still contracting quickly, as shown by key Q1 GDP reports. However, there are some glimmers of hope that are emerging, like industrial production in Japan got a bump in March and German and U.S. survey reports show some signs of relief. However, the light at the end of the tunnel is still very dim - even the positive indicators remain very much in negative territory. The good: Japan's Industrial Production rose 1.6% in March The chart illustrates the preliminary figures for Japanese through March 2009. The 1.5% bump is certainly a relief; however, production levels remain down over 35% since last year. Baby steps, I suppose. More good: Survey reports in Germany and the U.S. rebound The chart illustrates the Germany Ifo business climate survey and the Conference Board's consumer confidence survey through April. The German Ifo survey rose to its. However, businesses contend that inventory liquidation is imminent, and therefore, new production is not. Likewise, the U.S. in April, consistent with yesterday's reported in consumer spending. However, it is prudent to note that this survey is still very low, and so too is consumer demand. The bad: Annual export growth remains on red alert The chart illustrates annual export growth through March for Switzerland and Thailand, and through February for the Philippines. The noteworthy observation here is: that annual export growth slowed in Switzerland and the Philippines, which is luke warm news at best, given that their growth rates are double digit negative. The ugly: GDP falling precipitously in Q1 2009 The chart illustrates GDP growth in Q1 2009 (on a year over year basis, which means Q1 2008 to Q1 2009, not quarter over quarter, or Q4 2008 to Q1 2009...easier to compare) in South Korea, the U.S., and the U.K. The figure speaks for itself: the economic contraction worsened in Q1 2009. Each economy is setting records, especially in Korea. Overall, hope that key economies are no longer in...
  • 5:35 PM » Judicial Power on Mortgages Is Rejected in a Senate Vote
    Published Thu, Apr 30 2009 5:35 PM by NY Times
    The Senate handed a victory to the banking industry by defeating a Democratic proposal that would have given homeowners in financial trouble greater flexibility to renegotiate the terms of their mortgages.
  • 4:22 PM » Cash Out Refis Hit Five Year Low
    Published Thu, Apr 30 2009 4:22 PM by www.thetruthaboutmortgage.com
    Only 42 percent of refinances carried out during the first quarter resulted in cash out, according to the latest “Cash-Out Refinance Report” from Freddie Mac. That’s the lowest amount since the first quarter of 2004, well below the 55 percent seen in the fourth quarter of 2008, and nowhere close to the near-90 percent levels seen [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 2:24 PM » MarketWatch First Take: Wages barely growing, raising risks of deflation
    Published Thu, Apr 30 2009 2:24 PM by Market Watch
    As private-sector wages in the U.S. economy increased just 0.2% during the first three months of the year -- the slowest growth on record -- Federal Reserve policy makers find themselves having something else to worry about: deflation.
  • 12:35 PM » Markets During Presidential First Terms
    Published Thu, Apr 30 2009 12:35 PM by The Big Picture
    Sy Harding (who you may know from his prescient 1999 book ) had an interesting piece in Barron’s over the weekend. Sy wrote: There’s a strong tendency for each new presidential administration to do whatever it takes to make sure the economy and market will be strong when reelection time rolls around four years later. As the table below shows, of the 19 bear markets since 1917 — I define a bear market as one in which stocks fall at least 20% — 15 ended in the first or second year of a presidential term, so that the economy and stock prices had recovered by the time the next election took place. . . . The sole president who didn’t see the bear depart until his fourth year in office was the unfortunate Herbert Hoover, who wasn’t re-elected. So, the odds seem good that the current bear market will conclude in the first or second year of the Obama presidency.” 15 of 19 seems like not bad odds, and if you look at the last 4 — 3 of them came during a president’s second term. Statistically speaking, 2010 looks like a pretty good bet for the end of the Bear market, according to Harding. One caveat: Just because the Bear ends doesn’t mean a new bull starts right away. My 1973 thesis is still playing out according to schedule, which puts us now somewhere in 1974. Even when the bear was dead, markets still needed another 7 years for a new bull to begin . . . > > Source: SY HARDING Barron’s April 25, 2009 http://online.barrons.com/article/SB124062166589055461.html
    Click Here to Read the Full Article

    Source: The Big Picture
  • 12:29 PM » Refinances in 1Q Reduce Mortgage Payments by $2.5 billion in Coming Year
    Published Thu, Apr 30 2009 12:29 PM by Freddie Mac
    In the first quarter of 2009, half of borrowers who refinanced their loan lowered their annual mortgage interest rate by at least 20 percent according to Freddie Mac's quarterly Refinance Report. T
  • 12:21 PM » Federal Reserve Purchases $3.025 billion in Treasury Coupons
    Published Thu, Apr 30 2009 12:21 PM by NY Fed
    The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system. Such transactions are arranged on a routine basis to offset other changes in the Federal Reserve’s balance sheet in conjunction with efforts to maintain conditions in the market for reserves consistent with the federal funds target rate set by the Federal Open Market Committee (FOMC).
  • 11:00 AM » A Road Map to a Chrysler Bankruptcy
    Published Thu, Apr 30 2009 11:00 AM by dealbook.blogs.nytimes.com
    If Chrysler files for bankruptcy protection, as seemed almost inevitable Thursday, there could be a very public brawl between the government, which is effectively propping Chrysler up with billions of dollars in loans, and a group of its recalcitrant lenders.
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 11:00 AM » Stocks rise on recovery hopes
    Published Thu, Apr 30 2009 11:00 AM by CNN
    Stocks rallied Thursday morning, extending the recent advance, as bets that the economy is closer to stabilizing trumped any worries about a looming Chrysler bankruptcy.
  • 10:53 AM » Bankruptcy Cramdown Bill Hits Senate Today
    Published Thu, Apr 30 2009 10:53 AM by CNBC
    Posted By: Sen. Richard Durbin (D-Ill.) has managed to get a vote scheduled for his controversial plan to help homeowners avoid foreclosure, but the bill's chances of approval are slim. Topics: | | | | | | | | | | | Companies: | MEDIA:
  • 9:15 AM » An imminent pandemic
    Published Thu, Apr 30 2009 9:15 AM by www.economist.com
    The World Health Organisation raises its warning of a global pandemic of swine flu BY THE morning of Thursday April 30th 2,500 Mexicans were known to have symptoms that looked like the result of a new strain of influenza, and more than 170 had died, though only eight of the dead were confirmed carriers of the new virus. That virus has now turned up in 12 other countries on four continents and the deaths have begun beyond Mexico’s borders, starting with a baby in Texas. This could be the beginning of an influenza pandemic. On Wednesday the World Health Organisation (WHO) promoted the new disease to level five of its six-level pandemic alert. Some countries have built up stocks of antiviral drugs. Luckily, they seem to work against the new strain. Vigilance at borders is being redoubled. China and Russia have started quarantining visitors with suspicious symptoms. Asian airports have dusted off heat-sensing equipment they had installed after earlier scares caused by cases of avian flu and severe acute respiratory syndrome (SARS), to detect sick incoming passengers. ...
    Click Here to Read the Full Article

    Source: www.economist.com
  • 9:14 AM » Personal Income and Outlays, March 2009
    Published Thu, Apr 30 2009 9:14 AM by www.bea.gov
    Personal income decreased $34.4 billion, or 0.3 percent, and disposable personal income (DPI) decreased $1.8 billion, or less than 0.1 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $24.2 billion, or 0.2 percent. In February, personal income decreased $24.3 billion, or 0.2 percent, DPI increased $0.2 billion, or less than 0.1 percent, and PCE increased $39.1 billion, or 0.4 percent, based on revised estimates.
  • 9:13 AM » Fresh gains add to markets rally
    Published Thu, Apr 30 2009 9:13 AM by www.ft.com
    A powerful rebound in the world's stock markets gained fresh impetus in spite of poor economic data, deteriorating company results and the threat of a swine flu pandemic
  • 9:12 AM » Real Estate: Rentals and Sales Prices Out of Sync
    Published Thu, Apr 30 2009 9:12 AM by Seeking Alpha
    submits: This simple graph from Nomura reveals how an index of rentals and sale prices for residential properties in the US moved completely out of sync during the first few years of this decade.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:11 AM » Treasurys dip on economic optimism
    Published Thu, Apr 30 2009 9:11 AM by CNN
    Treasury prices fell Thursday morning as stocks rallied overseas on a growing sense of optimism about the U.S. economy that undermined demand for safe-haven assets.
  • 9:11 AM » Chrysler Bankruptcy Looms as Deal on Debt Falters
    Published Thu, Apr 30 2009 9:11 AM by dealbook.blogs.nytimes.com
    Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, setting up a near-certain bankruptcy filing by the American automaker, The New York Times's Zachary Kouwe and Micheline Maynard reported, citing people briefed on the talks. Barring an agreement, which looked increasingly difficult, Chrysler was expected to seek Chapter 11 protection [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 9:11 AM » Housing: False Bottom Exposed
    Published Thu, Apr 30 2009 9:11 AM by Seeking Alpha
    submits: DataQuick reported that 135,431 default notices were filed in California during the 1st quarter 2009. This is an all time high since 1992 when DataQuick began tracking default notices. Here are the numbers for comparison: 1Q08: 113,809 2Q08: 121,673 3Q08: 94,240 4Q08: 75,230 1Q09: 135,431 Laws passed in California along with some foreclosure moratoriums slowed default filings last year, creating a false bottom. The current high number of defaults reflects a little bit of catching up by banks but also represents the coming wave of foreclosure activity from the bad loans written in and around 2006. Many of the bad loans from 2006, which had those nice introductory rates, reset to their normal rate in 2008. My bet has been that loans of this kind will take about a year from the time they reset before they become an REO. The current default data seems to be proving up my assumptions. I should have placed that bet! Disclosure: No positions
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Wed, Apr 29 2009
  • 8:38 PM » BofA vote ends in ignominous defeat for Lewis
    Published Wed, Apr 29 2009 8:38 PM by www.ft.com
    For Ken Lewis, the Bank of America chief executive who rose to the pinnacle of US finance through his extraordinary organisational abilities, Wednesday's shareholder meeting went dangerously off-script before it ultimately ended in defeat
  • 3:10 PM » Banks urge Senate to reject mortgage relief bill
    Published Wed, Apr 29 2009 3:10 PM by Washington Post
    WASHINGTON -- A dozen financial groups, including the U.S. Chamber of Commerce and American Bankers Association, on Wednesday urged every member of the U.S. Senate to reject a key piece of President Barack Obama's plan to keep tens of thousands of Americans from losing their homes.
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:09 PM » Geithner pushes for credit card reform
    Published Wed, Apr 29 2009 3:09 PM by Washington Post
    WASHINGTON -- The Obama administration is pressing for passage of legislation to rein in credit card practices and eliminate sudden rate increases and late fees that have entangled millions of American consumers.
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:09 PM » Report: Loan Servicer Safe Harbor Will Foster Shoddy Loan Mods
    Published Wed, Apr 29 2009 3:09 PM by www.thetruthaboutmortgage.com
    Legislation aimed at providing a so-called “safe harbor” for loan servicers will actually lead to more abuse and shoddy loan modifications, according to a report from Amherst Securities Group. The bill is intended to give loan servicers, including big banks like Bank of America and Citi, breathing room to modify loans more easily without having to [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 3:09 PM » FHA Commissioner Nomination Held Up by Lawsuit
    Published Wed, Apr 29 2009 3:09 PM by www.thetruthaboutmortgage.com
    More shenanigans at the FHA. The nomination of FHA commissioner David H. Stevens was held up yesterday thanks to a lawsuit involving his current employer Long & Foster. The Washington D.C.-based real estate brokerage where Stevens has been president for seven months was accused of violating federal anti-kickback laws through its affiliated lending arm Prosperity Mortgage. Though Stevens [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 11:38 AM » Stress Test: Tangible Common Equity, 3/31/09
    Published Wed, Apr 29 2009 11:38 AM by Google News
    Ahead of official announcements regarding , OA thought we’d publish our latest update for banks’ tangible common equity, a metric that is likely to figure prominently. A recent Reuters said “U.S. regulators want the top 19 banks being stress-tested to have at least 3% [TCE].” In other words, regulators want leverage ratios below 33x.* Surreal, no? That the banking system has grown so bloated that 32x leverage can be considered “healthy?” (For a tutorial on TCE, go to and follow the links at the top.) Anyway, using the 3% Test, the results for the nation’s nine largest banks are mixed…..four pass, five fail. And by the way, this is before “stressing” the balance sheet per future “adverse” scenarios. As you can see, most banks fail the test before they even sit for it… (Click to enlarge) To be clear, this is not a prediction of the government’s verdict. As Jack Ciesielski of points out: “there is no iconic definition of TCE. Treasury may come up with one of their own that takes into account questionable items” so that all the banks pass. That would be totally consistent with … The banks themselves have varied definitions of TCE. The measure is supposed to be the true acid test of bank capital, which means it should be calculated conservatively. ALL intangible assets have to be backed out.* Banks’ own methodology for calculating TCE varies. My calculation is in the “Tangible Common Equity Column;” banks reported figures are in the “reported TCE” column. The “% overstated” column is meant to show which ones have taken the most liberties with their internal calculation. (Interested parties can contact OA via to purchase our data set containing more detailed info about each bank’s calculation methodology, as well as quarterly TCE data and Level 1/2/3 assets dating back to Q1 ‘08.) A huge caveat with this data is that each of these companies has off-balance sheet commitments. Some of them huge. And many have big chunks of “other assets” on balance sheet, some of which may be...
  • 11:37 AM » Manufacturing profits plunge with no rebound in sight
    Published Wed, Apr 29 2009 11:37 AM by Reuters
    BOSTON (Reuters) - Diversified U.S. manufacturers Textron Inc and Rockwell Automation Inc slashed their 2009 profit targets, saying they saw no sign of the global recession ending any time soon.
  • 11:36 AM » A hundred days of hyperactivity
    Published Wed, Apr 29 2009 11:36 AM by www.economist.com
    Buoyant polls and a defecting senator keep Barack Obama in a strong position AFTER 100 days in office, Barack Obama is still enjoying a hectic honeymoon. Despite occasional foul-ups, fully 70% of Americans like him as a person. He scores less well as a president, but not much. A poll by YouGov/Polimetrix for The Economist found that 59% approve of the way he is handling the job. He is much more popular than Congress and slightly more popular than the policies he espouses. So long as this lasts, he is in a strong position to cajole lawmakers into approving his agenda. On Tuesday April 28th his position grew even stronger. Arlen Specter, a moderate Republican senator from Pennsylvania, defected to the Democrats. If the Democrats also win a disputed seat in Minnesota, as seems likely, Mr Specter’s defection would give them a 60-vote supermajority in the Senate. This would make it much easier for Mr Obama to pass his two big domestic proposals: heath-care reform and a cap-and-trade system for curbing carbon emissions. ...
    Click Here to Read the Full Article

    Source: www.economist.com
  • 11:36 AM » Congress Set to Pass Budget Endorsing Obama's Agenda
    Published Wed, Apr 29 2009 11:36 AM by CNBC
    Congress is set to give President Obama a gift for his 100th day in office: passage of a budget plan that endorses much of his ambitious agenda.
  • 11:36 AM » Retail Stocks: Rebound in consumer spending cheers retail stocks
    Published Wed, Apr 29 2009 11:36 AM by Market Watch
    Retail stocks headed higher Wednesday as Commerce Department data showed a rebound in consumer spending while the U.S. economy contracted again in the first quarter. Jones Apparel Group Inc. shares jumped after the company’s profit excluding items exceeded analysts’ estimates.
  • 10:02 AM » TBAC Meeting Minutes
    Published Wed, Apr 29 2009 10:02 AM by US Treasury
    April 29, 2009 TG-112 Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association April 28, 2009 The Committee convened in closed session at the Hay-Adams Hotel at 10:30 a.m. All Committee members were present. Acting Assistant Secretary for Financial Markets Karthik Ramanathan welcomed the Committee and gave them the charge. The first item on the charge related to Treasury's short, intermediate, and long term financing needs given recent guidance provided by the Office of Management and Budget and estimates provided by other agencies. Treasury requested the Committee's perspective on debt issuance in consideration of each of these horizons in terms of adjustments to size, frequency, or debt instruments. Assistant Secretary Ramanathan delivered a presentation to the Committee which highlighted current fiscal conditions and potential factors to consider in addressing these issues. Assistant Secretary Ramanathan stated that recent adjustments in the bill and coupon cycles created enough capacity to address market estimates of over $8 trillion in gross Treasury issuance and $2 trillion in net issuance in fiscal year 2009. For comparison, in fiscal year 2008, there was $5.5 trillion in gross issuance and $700 billion in net issuance. Assistant Secretary Ramanathan clearly outlined the path which Treasury has taken over the past 18 months to manage the change in the fiscal situation. Specifically, Assistant Secretary Ramanathan stated that Treasury increased bill financing to address sudden outflows related to economic stability measures and Federal Reserve liquidity initiatives, while at the same layering in predictable increases in nominal coupon issuance to address budgetary trends. Securities were adjusted in terms of frequency on or added to the auction calendar after consultation with market participants regarding supply and demand dynamics and sensitizing financial market to these potential...
  • 9:15 AM » Treasurys rise after GDP report
    Published Wed, Apr 29 2009 9:15 AM by CNN
    Treasurys rose Wednesday morning after the government said the nation's economy suffered a bigger-than-expected drop in the first quarter.
  • 8:59 AM » Before the Bell: GDP data, Time Warner, Qwest in focus
    Published Wed, Apr 29 2009 8:59 AM by Market Watch
    U.S. stock futures pointed higher Wednesday, though they pared gains after the latest figures showed a sharper-than-expected contraction in the U.S. economy in the first quarter.
  • 8:59 AM » 3 Former Officials at Mortgage Firm Charged With Fraud
    Published Wed, Apr 29 2009 8:59 AM by Washington Post
    The Securities and Exchange Commission yesterday charged former top executives at one of the big beneficiaries of the housing boom, American Home Mortgage Investment Corp., with accounting fraud and making false disclosures at the start of the mortgage crisis in early 2007.
    Click Here to Read the Full Article

    Source: Washington Post
  • 7:45 AM » WSJ/NBC Poll: Obama Not Tough Enough on Banks
    Published Wed, Apr 29 2009 7:45 AM by WSJ
    President Barack Obama ’s biggest flaw so far is not cracking down hard enough on Wall Street, the latest shows. While Mr. Obama got overall positive ratings for his job performance from almost seven in 10 of those surveyed, 36% said their most negative feelings stemmed from Obama not being tough enough on banks, companies and Wall Street firms. Coming in at a close second, 31% said he was spending too much and increasing the budget deficit. While Americans’ pessimism about the state of the economy still shone through, there were glimmers of increased optimism scattered throughout. The share who said they were somewhat or very dissatisfied by the economy dropped 10 percentage points to 82%, compared to two months ago. And while just 18% said they were somewhat or very satisfied by the economy, that’s 11 percentage points higher than in February. There was a bit more optimism on personal finances this month too, with 58% saying they were somewhat or very satisfied with their personal financial situation, up from the 50% who said the same two months ago. Meanwhile, 41% said they were somewhat or very dissatisfied with their financial situation. Despite a rising unemployment rate, people’s feelings about their job security didn’t change much since they were last asked about in January. A majority, 68%, said they were somewhat or very satisfied with their security whereas 30% said they were somewhat or very dissatisfied. People said the recession is still hitting them hardest in their savings. About a quarter of those surveyed, the same as when this was asked in December, said drops in the stock market, retirement funds and savings have the biggest economic impact on their families. Second to that, at 22%, they listed job security and wages. As for a potential recovery, Americans were evenly split on predictions for their personal finances. Thirty-eight percent said the worst was over while 39% said it was still to come. More people, 38%, said the economy as a whole would...
  • Tue, Apr 28 2009
  • 2:55 PM » Advance Gross Domestic Product by Industry, 2008
    Published Tue, Apr 28 2009 2:55 PM by www.bea.gov
    Downturns in manufacturing, retail trade, and finance and insurance industries were the leading contributors to the slowdown in U.S. economic growth in 2008, according to preliminary statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. The economic slowdown was widespread: nearly two-thirds of private industries contributed to the deceleration in real GDP growth.
  • 2:55 PM » Quick Take: Monetary Exit Strategy
    Published Tue, Apr 28 2009 2:55 PM by Google News
    Inflation is nowhere in sight, but could easily pop up in a year or two.
  • 2:23 PM » Senate approves $490 mln to fight mortgage scams
    Published Tue, Apr 28 2009 2:23 PM by Market Watch
    The Senate voted Tuesday to give federal investigators more tools and $490 million to combat mortgage fraud and other scams.
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