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  • Tue, Jun 16 2009
  • 5:33 PM » Why REITs may be right
    Published Tue, Jun 16 2009 5:33 PM by CNN
    The notion that real estate could be a safe haven may seem like investing lunacy right now. After all, the words "real estate" conjure nightmares of the nation's decimated housing industry and the downward spiral of commercial real estate. And yet, as often happens, the wreckage of the sector is creating opportunities: a group of dependable real estate investment trusts (REITs) whose prices have been pummeled so badly that their yields are nearing double digits.
  • 5:33 PM » Credit card defaults keep climbing
    Published Tue, Jun 16 2009 5:33 PM by CNN
    Banks continue to write off credit card debt as consumers hurt by record high unemployment default at an increasing rate.
  • 4:38 PM » Obama's Financial Consumer Protection Details Emerge
    Published Tue, Jun 16 2009 4:38 PM by
    The Obama Administration is expected on Wednesday to release its full plan for financial-industry regulatory reform, but some of the consumer-protection measures were obtained by FOX Business on Tuesday.
    Click Here to Read the Full Article

  • 1:56 PM » MarketWatch First Take: Housing not fit enough to climb out of its hole
    Published Tue, Jun 16 2009 1:56 PM by Market Watch
    Sometimes there is nowhere to go but up. But when the hole is so deep you better be in shape for a long, hard climb. And the housing market just isn't in shape.
  • 1:56 PM » Corporate Profits: Where are They Going?
    Published Tue, Jun 16 2009 1:56 PM by Seeking Alpha
    submits: This blog's position has always been that the US economy's performance post-2000 has been due to ever-increasing assumption of debt, particularly by households to finance real estate purchases and personal consumption. I don't think anyone can dispute this any more: just look at the chart below (click to enlarge). The Debt Boom Finally Begat The Bust Charts: FRB St. Louis
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:56 PM » Economists React: ‘Double-Edged Sword’ in Housing Starts
    Published Tue, Jun 16 2009 1:56 PM by WSJ
    Economists and others weigh in on . The volume of housing completions fell in May and is down 29% from a year ago. Also, the drop would be even larger were it not for a further rise in completions of multi-family projects which we believe is tied to some large projects in NYC. These projects were undertaken last year just before a significant tightening of building codes went into effect. Even though the May starts report was stronger than expected, an upturn in housing starts is a double-edged sword at this stage of the housing cycle. The inventory of unsold new homes has been steadily declining in recent months but remains quite elevated compared with long run norms. Any near term pick-up in new construction will delay the normalization of inventory — especially since the recent jump in mortgage rates is likely to temper demand somewhat. –David Greenlaw, Morgan Stanley The number of properties under construction , which is a key component of supply in the new housing market, declined by 4.5% for the month. These declines were split fairly evenly between single and multifamily properties and suggest that the construction pipeline is continuing to thin. A thinning pipeline is the single biggest factor that we believe will predict the end to the new housing oversupply problems plaguing homebuilders. In terms of housing completions, the number of units finished declined by about 3.3% to 811k, with all of the benefit hitting on the single family front. We’d like to see that number accelerate to the 500k range before we’re truly optimistic on the new home front. –Guy LeBas, Janney Montgomery Scott Housing activity reached a new low in April after the Commerce department revised the data downward. While it is too early to determine that April will be the low for the cycle, the rebound in the May data provides a strong hint that it will be. Starts built for sale in May were well below levels consistent with the natural replacement rate (the rate consistent with new household...
  • 11:52 AM » Secondary Sources: Interest Rates, Dollar, Razing Cities
    Published Tue, Jun 16 2009 11:52 AM by WSJ
    A roundup of economic news from around the Web. On his blog, Paul Krugman looks at the question of whether rising interest rates are a sign of recovery or concerns about inflation. “Engel and Frankel pointed out that events in other markets — specifically, the foreign exchange market — could resolve this dispute. If it was inflation fear, a bump in the money supply should go along with a weaker dollar; if it was fear of tightening, it should go along with a stronger dollar. And the evidence clearly pointed to the fear of tightening story. So what about now? Foreign exchange is not as useful, because we’re all sort of in the same boat. However, commodity prices could play the same role. If we’re seeing rising rates because government borrowing is crowding out private borrowing, commodity prices should go down: holding inventories becomes more expensive. If we’re seeing increased optimism, commodity prices should go up, anticipating a stronger future. In fact, commodity prices have gone up. It’s not a slam-dunk, because commodities have bubbles, too. But it’s one more piece of evidence against crowding out.” On Econbrowser, Menzie Chinn looks at where the dollar stands as a reserve currency. “A few observations: Known dollar reserves as a share of world reserves appear to be falling. Total dollar reserves have likely not declined as precipitously. Even with the decline in the dollar share, it is probably not as low as it was during the early 1990’s. The dollar share is (mechanically) linked to the dollar’s value. Known dollar reserves at end-2008 are less than predicted by a historical correlation. But this differential is infinitesimal compared to the “unallocated” share of total reserves. “ At Economix, Ed Glaeser looks at how to deal with America’s shrinking cities. “The hallmark of declining places is an abundance of infrastructure relative to people. It is therefore particularly foolish to try to save declining places by building new infrastructure or homes. Buffalo...
  • 11:20 AM » Have stock markets run away from reality?
    Published Tue, Jun 16 2009 11:20 AM by The Big Picture
    Have stock markets run away from reality? The predictions of the members of the Barron’s mid-year discussion over the weekend were in agreement that the March lows of the stock markets would not be broken. This reminded me of one of the famous “Investment Rules” of Bob Farrell, legendary former chief stock market analyst at Merrill Lynch. Rule # 9 stated: “When all the experts and forecasts agree, something else is going to happen.” Meanwhile, many stock markets yesterday registered their worst single-session percentage losses in a month. Commodities also faced heavy profit-taking, but government bonds rallied and the US dollar strengthened against a basket of currencies. “We could be seeing one of those occasional all-change signals in short-term trends,” said David Fuller (). Richard Russell, veteran writer of the daily , commented on Monday: “I’m of the opinion that this bear market rally is in the process of topping out. When a counter-trend rally tops out within an ongoing primary bear market, the odds are that the stock market will break to new lows during the period ahead. That means that the stock market will break below its March 9 lows in coming weeks. A violation of the March 9 lows would be a shocker to most investors, and it would be a forecast of an even worse economy coming up.” As mentioned on Sunday, the S&P 500 had recently been mapping out a trading range between 925 and 950, as shown in the chart below. Yesterday’s close of 924 took the Index below the bottom of the range. As stock markets have started to show exhaustion (also seen from the low volume characterizing the last few days’ increases), the odds are that this could be more than a “false alarm”. Source: An analysis of the moving averages of the major US indices shows all the indices still trading above their respective 50-day moving averages, but the Dow Jones Industrial Index has again fallen below the key 200-day line, rejoining the Dow Jones Transport Index. With the exception of the...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 9:47 AM » Means of deficit reduction: Medicare and Social Security
    Published Tue, Jun 16 2009 9:47 AM by Google News
    Edward Harrison is the main writer at . Yesterday, I argued that the United States faced a policy dilemma in avoiding debt deflationary forces while maintaining fiscal prudence. The reality is that President Obama faces political constraints in Washington right now in regards to budget deficits. He is not likely to get another stimulus package through the Congress unless he can credibly demonstrate a longer-term deficit reduction outlook. In my view, this necessarily means changes to Social Security and/or Medicare. Last June and July, I presented five charts from Ross Perot’s website which demonstrate the future budgetary problem: Fiscal Year 2007: before the bubble burst What becomes apparent if you look at these charts is that the United States faces a very large fiscal problem under present tax and spend scenarios given likely future growth outcomes. In plain English: there is a gigantic hole in the U.S. Government’s balance sheet under normal GAAP accounting. Let’s look at the balance sheet for 2007 because and this was a budget that was created before the housing bust was apparent. On December 17th, The U.S. Treasury released the annual Financial Statements of the United States Government for fiscal year 2007 (year-ended September 30th), prepared using generally accepted accounting principles (GAAP), audited by the General Accountability Office (GAO) and signed off on by Treasury Secretary Paulson. The statements still show that the federal government’s fiscal woes continue to careen wildly out of control. Based on my estimate of the 2007 GAAP-based deficit exceeding $4.0 trillion (see discussion below), the term "out of control" is not used loosely. If the government were to raise taxes so as to seize 100% of all wages, salaries and corporate profits, it still would be showing an annual deficit using GAAP accounting on a consistent basis. The number $4 trillion is the number you would see if the U.S. Government...
  • 9:47 AM » Regulation Week: Is Regulation a Good Thing for Investors?
    Published Tue, Jun 16 2009 9:47 AM by Seeking Alpha
    submits: So this week we see the new financial regulation dropping, so I’ll be dedicating the next couple of blog posts to that very subject. We are going to do some heavy lifting together, so let’s start out with a warm-up exercise. Some regulatory stretching for our minds. Let’s say you are the primary shareholder of Rortybomb Blog, Inc., a company dedicated to selling the latest in Avril Lavigne ringtone technology in the sidebars of this blog. I’m Mike, your CEO. You’ve read recently on the conservative blogs that pseudonymous bloggers are “cowards” and “irresponsible”, and since you get most of your opinions from conservative blogs you suddenly find me very untrustworthy. In fact, your big concern is whether I want to hold onto your cash from Rortybomb earnings in order to buy myself expensive champagne and fast cars.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:04 AM » Geithner and Summers: A New Financial Foundation
    Published Tue, Jun 16 2009 9:04 AM by Washington Post
    Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.
    Click Here to Read the Full Article

    Source: Washington Post
  • Mon, Jun 15 2009
  • 5:34 PM » Quick Take: Mortgage Rates and Expanding Home Buyer Tax Incentives
    Published Mon, Jun 15 2009 5:34 PM by Google News
    It is vital for the Fed to not to lose sight of the importance of housing recovery.
  • 5:32 PM » Tight Spot for Fed, Blind Spot for Investors
    Published Mon, Jun 15 2009 5:32 PM by
    Market chatter over green shoots and rising prices has fueled a bear market rally that won't last, despite policymaker 'noise.'
    Click Here to Read the Full Article

  • 5:22 PM » Credit-Card Defaults Jumped To a Record High During May
    Published Mon, Jun 15 2009 5:22 PM by CNBC
    U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America's lending portfolio, in another sign that consumers remain under severe stress.
  • 5:21 PM » Big banks still not lending
    Published Mon, Jun 15 2009 5:21 PM by CNN
    Lending at the nation's top banks slowed in April, according to a government report published Monday, driven in part by continued deterioration in the U.S. economy.
  • 5:20 PM » Economists' Commentary: Is the Stimulus Bill Too Small?
    Published Mon, Jun 15 2009 5:20 PM by Google News
    The application of Okun’s law suggests that the current spending bill is having less of an impact than is desirable.
  • 5:19 PM » Did You Know: Different Residential Assessment Standard
    Published Mon, Jun 15 2009 5:19 PM by Google News
    Did you know that property taxes are an important component of state and local government funding?
  • 5:19 PM » Quick Take: Housing Market Index
    Published Mon, Jun 15 2009 5:19 PM by Google News
    Mortgage rates have risen sharply the past few weeks, going from around 4.8 percent to almost 5.6 percent.
  • 5:19 PM » Economists' Commentary: FHA Mortgages vs. Subprime Mortgages
    Published Mon, Jun 15 2009 5:19 PM by Google News
    Both FHA and subprime mortgages have rising incidences delinquencies, but there is a significant difference in the foreclosures rates between the two.
  • 3:06 PM » MBA Supports Proposal for $15,000 Tax Credit for All Homebuyers
    Published Mon, Jun 15 2009 3:06 PM by
    “Stimulating the housing market is one of the best ways Congress can help accelerate the recovery of our national economy. Offering $15,000 to potential homebuyers is a powerful incentive that I believe will jumpstart the housing market."
  • 12:53 PM » Treasury International Capital (TIC) Data for April
    Published Mon, Jun 15 2009 12:53 PM by US Treasury
    To view or print the PDF content on this page, download the free . June 15, 2009 tg-172 Treasury International Capital (TIC) Data for April – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for April 2009. The next release, which will report on data for May 2009, is scheduled for July 16, 2009. Net foreign purchases of long-term securities were $11.2 billion. Net foreign purchases of long-term U.S. securities were $34.3 billion. Of this, net purchases by private foreign investors were $18.3 billion, and net purchases by foreign official institutions were $16.0 billion. U.S. residents purchased a net $23.0 billion of long-term foreign securities. Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been negative $8.8 billion. Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $39.4 billion. Foreign holdings of Treasury bills decreased $44.5 billion. Banks' own net dollar-denominated liabilities to foreign residents decreased $5.0 billion. Monthly net TIC flows were negative $53.2 billion. Of this, net foreign private flows were negative $58.4 billion, and net foreign official flows were $5.2 billion. Complete data are available on the Treasury website at . ### REPORTS
  • 9:16 AM » IMF Asked to Aid G-8 With Exit Strategies For Crisis Policies
    Published Mon, Jun 15 2009 9:16 AM by IMF
    Amid signs that the global economic crisis is stabilizing, the G-8 advanced economies have asked the IMF to do the necessary analytical work to help governments prepare “exit strategies” to unwind the huge stimulus packages that have been deployed to combat the crisis.
  • 8:29 AM » How to sell your home to a first-time buyer
    Published Mon, Jun 15 2009 8:29 AM by Market Watch
    A federal tax credit of up to $8,000 is nudging many Americans into buying a home for the first time, good news for those trying to sell one.
  • 8:29 AM » Lender's Role for Fed Makes Some Uneasy
    Published Mon, Jun 15 2009 8:29 AM by
    For most of its history, the Federal Reserve has been a high temple of monetary matters, guiding the economy by setting interest rates but remaining aloof from the messy details of But the financial crisis has drastically changed the role of the Fed, forcing officials to get their fingernails a bit dirty, The New York [...]
    Click Here to Read the Full Article

  • Sun, Jun 14 2009
  • 7:10 PM » Bank Write-Downs Projected to Continue into 2010
    Published Sun, Jun 14 2009 7:10 PM by Seeking Alpha
    submits: Most markets in the developed world have rallied sharply since hitting the lows of March this year. For example, the . Fed officials and many others have been talking up the economy and there has been talk of “green shoots” appearing in the economy. Some economists are projecting a recovery in the second half of this year. Despite rallies in the stock markets and talk of recovery, the recent Global Financial Stability Report by the IMF states that economies of the developed world will experience a deeper protracted recession due to further deterioration in residential and commercial real estate markets, tight lending conditions and rising defaults in corporate and consumer loans.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:09 PM » The (Unhappy) Results of Low Interest Rates
    Published Sun, Jun 14 2009 7:09 PM by Seeking Alpha
    submits: The chain of events whereby easy money leads to malinvestment that impoverishes a society is now fully manifest in the United States. You remember Victorville, CA where new homes were being demolished because it cost more to maintain them than to demolish them? () Well, that same phenomenon is going to be at work all across the USA because we have just witnessed one of the greatest episodes of malinvestment in the history of the world. An article over at the Telegraph discussing this possibility has really grabbed people’s attention (137 diggs, 66 delicious bookmarks, 474 comments at last count) and seems to be everywhere. Here is a snippet.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:08 PM » Statement of G8 Finance Ministers
    Published Sun, Jun 14 2009 7:08 PM by US Treasury
    June 13, 2009 TG-171 Statement of G8 Finance Ministers Lecce, Italy, 13 June, 2009 We, the G8 Finance Ministers, remain focused on addressing the ongoing global economic and financial crisis. We have taken forceful and coordinated action to stabilize the financial sector and provide stimulus to restore economic growth. There are signs of stabilization in our economies, including a recovery of stock markets, a decline in interest rate spreads, improved business and consumer confidence, but the situation remains uncertain and significant risks remain to economic and financial stability. Even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximise the potential for growth in jobs in the period of economic recovery, including by promoting targeted active labor market policies, enhancing skills development, ensuring effective social protection systems and enabling labour markets to respond to broader structural changes. We must remain vigilant to ensure that consumer and investor confidence is fully restored and that growth is underpinned by stable financial markets and strong fundamentals. We will continue working with others in taking the necessary steps to put the global economy on a strong, stable and sustainable growth path, including by continuing to provide macroeconomic stimulus consistent with price stability and medium-term fiscal sustainability and restore lending. We reaffirm our commitment to address liquidity and capital needs of banks, as necessary, and to take all necessary actions to ensure the soundness of systemically important institutions. We discussed the need to prepare appropriate strategies for unwinding the extraordinary policy measures taken to respond to the crisis once the recovery is assured. These "exit strategies", which may vary from country to country, are essential to promote a sustainable recovery...
  • 7:07 PM » Statement by Secretary Geithner at the G8 Finance Ministers Meeting
    Published Sun, Jun 14 2009 7:07 PM by US Treasury
    June 13, 2009 TG-170 Statement by Secretary Geithner at the G8 Finance Ministers Meeting I want to thank Minister Tremonti for bringing us here to this beautiful city of Lecce. We meet at a time of transition in the global economy. The force of the economic storm is receding. There are encouraging signs of stabilization across many economies. The rate of decline in GDP growth in the major economies has slowed, and growth is accelerating in some emerging economies like China. Global trade is starting to show signs of life. Financial markets reflect greater confidence in the stability of banking systems, with particularly pronounced improvements in the United States. And greater confidence has been reflected in lower borrowings costs, increased credit flows, and reduced risk premia in general. Where we have seen improvements, they are the result of the unprecedented scope and intensity of policy actions to support demand and financial repair. The coordinated recovery programs set in motion in the context of the G-20 meetings helped stem the sharp erosion in business and consumer confidence and have begun to turn the global economy around. The improvement in conditions is a tribute to the power of cooperation. Central banks moved together, helping to dampen liquidity pressures. Fiscal programs were more effective because they were done on a broad scale across the major economies. The stabilization of conditions in the major financial centers has helped underpin improvements in the flow of capital to emerging economies. The agility and creativity shown by the IMF and the World Bank have released financial resources to those countries where the pressures were most acute, helping mitigate the loss of capital and external demand. Markets for trade and investment have generally remained open because of the commitments made by the G-20 leaders to each other. This has been a remarkable period of global economic cooperation – with a common strategy, more effectively applied – than...
  • 7:07 PM » Treasury Announces $25 Billion in Direct Allocations of Recovery Zone Bonds
    Published Sun, Jun 14 2009 7:07 PM by US Treasury
    To view or print the PDF content on this page, download the free . June 12, 2009 TG-168 Treasury Announces $25 Billion in Direct Allocations of Recovery Zone Bonds New Program to Help State, Local Governments Finance Economic Development WASHINGTON-- As part of the Obama Administration's efforts to stimulate economic growth and jumpstart the availability of financing critical for economic recovery, the U.S. Treasury Department announced $25 billion in bonds authority available under the Recovery Zone Bonds program. Created by the American Recovery and Reinvestment Act (Recovery Act), Recovery Zone Bonds are targeted to areas particularly affected by job loss and will help local governments obtain financing for much needed economic development projects, such as public infrastructure development. "Creating the conditions for economic recovery requires addressing the challenges facing state and local governments," said Treasury Secretary Tim Geithner. "State budgets have been scaled back and local services cut at a time when they are most needed. Turning things around requires innovative strategies, which is what the Recovery Act has provided in the form of the Recovery Zone Bonds. The new financing tools provided by Recovery Zone Bonds will help state and local governments obtain the funds needed to revitalize our communities." The Recovery Act included $25 billion for two new types of Recovery Zone Bonds – $10 billion for Recovery Zone Economic Development Bonds and $15 billion for Recovery Zone Facility Bonds. Recovery Zone Economic Development Bonds are one type of taxable Build America Bond that allow state and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects, such as job training and educational programs. Recovery Zone Facility Bonds are a type of traditional tax-exempt private activity bond that...
  • 7:07 PM » The week ahead
    Published Sun, Jun 14 2009 7:07 PM by
    The leaders of Brazil, Russia, India and China meet to discuss the economy, and other news • LEADERS of Brazil, Russia, India and China, known collectively as the BRIC countries, will gather for their first official summit in Yekaterinburg, Russia, on Tuesday June 16th. China and India have continued to grow reasonably quickly despite the global downturn, and although Brazil is in recession many expect it to recover soon. Of the four economies Russia, which is heavily dependent on oil exports, has been the worst affected. The leaders may discuss long-term plans to find an alternative to the dollar as a global currency. Another possible topic for consideration is trade in commodities: China and India are heavy importers of many commodities such as oil; Russia and Brazil are big exporters of raw materials. For background, see article ...
    Click Here to Read the Full Article

  • Fri, Jun 12 2009
  • 3:23 PM » Real Estate Weekly: Mortgage-fraud cases nearly double in 2 years
    Published Fri, Jun 12 2009 3:23 PM by Market Watch
    The number of mortgage-fraud cases the FBI is investigating is on the rise as scammers prey on unsuspecting homeowners behind on their mortgage payments and nearing foreclosure.
  • 3:23 PM » Federal Reserve responds to new accounting standards
    Published Fri, Jun 12 2009 3:23 PM by Federal Reserve
    Federal Reserve responds to new accounting standards
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 3:13 PM » The Fed's Mortgage Muddle
    Published Fri, Jun 12 2009 3:13 PM by Business Week
    Here's a feedback loop that nobody expected: It looks like investors' expectations for an economic recovery could end up delaying that very scenario.
    Click Here to Read the Full Article

    Source: Business Week
  • 10:59 AM » Secondary Sources: U.S.-China, Inflation, Consumerism
    Published Fri, Jun 12 2009 10:59 AM by WSJ
    A roundup of economic news from around the Web. Writing for the Project Syndicate, Kenneth Rogoff looks at the rebalancing of the U.S.-China relationship. “As the world seems to emerge from its horrific financial crisis, it is human nature for complacency to set it, and the domestic politics of the U.S.-China trade and financial relationship is deeply rooted. One shudders to think what lessons the U.S. financial sector will draw if, after the multi-trillion dollar bailout, there are only superficial, toothless reforms. And will China’s coastal export interests again prevail in exchange rate policy decisions, at the expense of poor inland consumers? Another reason to worry is that the global recovery is still fragile. U.S. and Chinese leaders have fought the crisis with not only massive fiscal stimulus, but also deep intervention into credit markets. Such extraordinary fiscal largesse, all at taxpayers’ expense, cannot continue indefinitely.” On the Atlanta Fed’s macroblog, David Altig responds to Arthur Laffer ’s about the risks of inflation and higher rates. “The Laffer argument is in large part about what the future will bring. But we know that the payment of interest on bank reserves—which we have discussed in this forum many times—means a higher demand for reserves in the future than in the past. This change, of course, means that levels of the monetary base that would have seemed scary in the past will become the new normal. How big can the “new normal” be? That’s a good question, and one I will continue to contemplate. But the assertion in the Laffer article that “a major contraction in monetary base” is required cannot be supported by either current evidence or simple economic theory.” Writing for the New Republic, Amitai Etzioni says that regulation can’t be the lynchpin of reform; the American consumer has to make a psychological shift. “What needs to be eradicated, or at least greatly tempered, is consumerism: the obsession with acquisition that has become...
  • 10:59 AM » A thrilling election in Iran
    Published Fri, Jun 12 2009 10:59 AM by
    A high turnout for the presidential election in Iran SOME are comparing it to the excitement of the 1997 election that brought Muhammad Khatami to power in a landslide. Others are likening it to the heady days of 1979 when revolution swept the land. An electric atmosphere rippled throughout Iran in the last days before the presidential election on Friday June 12th. On the day itself huge numbers turned out to vote and polling stations were kept open late to accommodate them. Until the last week of the campaign, it had been a rather lacklustre affair. Mahmoud Ahmadinejad, Iran's controversial, confrontational president, has long been considered the favourite. But victory now looks less certain after the contest unexpectedly evolved into a fierce fight to the finish. ...
    Click Here to Read the Full Article

  • 10:41 AM » How About a $15,000 Tax Credit For All Buyers, Even Millionaires
    Published Fri, Jun 12 2009 10:41 AM by
    The bill nearly doubles the first-time buyer tax credit to $15,000 (which is the amount the National Association of Realtors , Mortgage Bankers Association , National Association of Home Builders and other housing industry stalwarts wanted in the first place);
    Click Here to Read the Full Article

  • 8:29 AM » PIMCO Wants To Buy Toxic Loans: Report
    Published Fri, Jun 12 2009 8:29 AM by CNBC
  • 8:28 AM » Commodities Corner: Hope is not lost for cheaper gas this summer
    Published Fri, Jun 12 2009 8:28 AM by Market Watch
    The per-gallon price of gasoline at the pump has climbed 17% in the past month but with that gain so closely linked to a similar rise in the cost of crude oil, hope remains for the return of cheaper fuel later this summer.
  • 8:27 AM » In Recovery Race, US Looks to Outstrip Europe
    Published Fri, Jun 12 2009 8:27 AM by CNBC
  • 8:26 AM » Banks cut borrowing from Fed program to $36.9B
    Published Fri, Jun 12 2009 8:26 AM by
    By JEANNINE AVERSA Banks cut borrowing from the Federal Reserve's emergency lending program, while investment firms took a pass for the fourth straight week, a sign some credit problems are easing.The Fed on Thursday said commercial banks averaged $36.9 billion in daily borrowing over the week that ended Wednesday.
    Click Here to Read the Full Article

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