The Empire State manufacturing survey for February is out. The headlines blare a 9 point increase in business conditions for New York Manufacturing, but the details point to something different.
The Wall Street Journal overviews a series of studies on foreclosures, mortgage modifications and home prices.
Of 7.7 million mortgages behind in payments, they are estimating 5 million will end up in foreclosure, in spite of home mortgage modifications.
most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure
It's also fairly pocketed in certain areas. The top cities are listed below, along with their months of shadow inventory. Shadow inventory, because it's not on the actual market, can temporarily raise home prices due to less supply available. Yet that unsold inventory is waiting in the wings. It is actually being kept off the market through other means.
Even worse, the main stream press even covering these rate increases, which somehow are rubber stamped approved by state regulatory boards, are quoting low ball rate increases. Case in point is Oregon where it's quoted to be a 14.2% increase generally in the press.
This will most likely be the first of many to come.
(Reuters) - Harrisburg, Pennsylvania, moved a step closer to defaulting on a bond payment when its city council passed a 2010 budget that does not include $68 million in debt repayments on an incinerator.
Goldman Sachs is predicting China will raise by 5% it's currency. I think we've seen these reports before, but because China's currency manipulation is such a major factor in the U.S. trade deficit, this is worth a read.
Goldman Sachs Group Inc. Chief Economist Jim O’Neill said China may be poised to let its currency strengthen as much as 5 percent to slow the world’s fastest growing major economy.
“I have a strong opinion that they’re close to moving the exchange rate,” O’Neill said in a telephone interview from London after China’s central bank told lenders on Feb. 12 to set aside larger reserves. “Something’s brewing. It could happen anytime.”
The PBS Newshour investigates whether Goldman Sachs is making money with taxpayer money, their front loading, are they really a hedge fund and how they used taxpayer money to make profits in a two part video series, 20 minutes, embedded below.
Why does the USA spend the largest percentage of its GDP on healthcare than any other country?
Why not? Say the private equity LBO specialists!
Over the course of the preceding nine months, the media has speculated and propagandized on their various reasons for the rising costs of American healthcare.
The New York Times has a dynamite article, Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis. Not only did Goldman Sachs, JP Morgan Chase, work many deals to hide Greece's debt, another word dear to our heart, derivatives comes into play. Firstly, the hands in the cookie jar:
As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.
The overall theme and message here is the financial sector controls the world through debt and even nations now. I hate to sound conspiracy theory, but assisting in hiding sovereign debt as well as something bankers can trade, generate large fees from....well, if looks like a duck....
Sponsored by Greece - What can we say, this is all we can afford.
Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies!
Click on image to enlarge, Src: Imaksim.com
In the above classic, if you click here, and hover your mouse, each portrait has it's own dialog (warning, corporate conservative but funny!).
On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
Must Read Post #1
There is enormous analysis on Greece and Europe out there, but Simon Johnson asks if Greece Derails, is Europe far behind? The reason you should read it is more the IMF like control message over even the political rhetoric of Greece's leaders. Now read this Wall Street Journal piece by Simon Johnson:
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