Thursday September 11 Housing and Economic stories

TOP STORIES:

London Mayor's Stunning Proposal: "Terrorist Until Proven Innocent" - (www.zerohedge.com) With all of England on edge because the ISIS executioner of James Foley, known as "Jihadi John" sported a British accent, and who may or may not have been identified as Abdel-Majed Bary, although UK government sources have not yet officially revealed his identity, one person has decided it is time to not waste yet another crisis. The person: London mayor Boris Johnson who as the Guardian reports, has called for the presumption of innocence to be reversed in cases where Britons travel to Iraq or Syria and said he wants the jihadist who beheaded an American journalist to be killed in a bomb attack. If Johnson's proposal for a "swift and minor" law change passes, any Brit traveling to Iraq or Syria will automatically be branded a terrorist and suffer the appropriate consequences.

Companies fear radical turn in Argentina - (www.ft.com) When President Cristina Fernández confidently praised Argentina’s financial system as “one of the most solid in the world” during a speech at the Buenos Aires stock exchange on Wednesday, some of the high-ranking executives present struggled to hide their incredulity. Just the day before, at one point on the verge of tears, Argentina’s mercurial leader had nervously announced a plan to dodge a US court order to pay so-called “holdout” creditors in New York, after the ruling pushed the country into default last month for the second time in 13 years. Economists say Ms Fernández had good reason to be nervous. They warn that the plan to use an Argentine state bank to make debt payments and to invite creditors to swap their foreign law bonds for new ones subject to Argentine law will only prolong Argentina’s isolation from international markets since its last default in 2001, and plunge the economy deeper into recession.

Too Much Corn With Nowhere to Go as U.S. Sees Record Crop - (www.bloomberg.com) The ripening corn and soybean fields stretch for miles in every direction from Dennis Wentworth’s farm in Downs,Illinois. As he marveled at his best-yielding crops ever, he wondered aloud where the heck he’ll put it all. “Logistics are going to be a huge problem for everyone,” the 62-year-old grower said, adding that he has invested in boosting output rather than grain bins. When harvesting starts in a few weeks, Wentworth expects his 150-year-old family farm to produce 10 percent more than last year’s record. “There are going to be some big piles of grain on the ground this fall.” Prospects of bumper harvests sent Chicago futures tumbling into bear markets last month, two years after a drought eroded output and sparked the highest prices ever. Cheaper grain is bolstering profit for buyers including Tyson Foods Inc. and Archer-Daniels-Midland Co. (ADM), encouraging some cattle producers in the Great Plains to expand herds, and eroding income for farmers who say increased output will make up for some of the slump.

California State Senator Arrested For Drunk Driving Hours After Voting To Toughen Regulations On Uber  - (www.businessinsider.com) Ben Hueso, a California State Senator who voted for more regulation on ride-sharing apps like Uber and Lyft, was arrested early Friday morning for allegedly driving under the influence of alcohol, according to the Sacramento Bee. Earlier on Friday Hueso, a Democrat who represents the San Diego area, had voted in favor of legislation that would create a number of regulations and limit services like Uber and Lyft from operating in California.  Democratic Assemblyman Adrin Nazarian's Assembly Bill 612 was voted upon on Thursday night. Nazarian's bill would crack down on the drivers Uber and Lyft let behind the wheel. AB612 would require intense background checks for drivers, drug testing of drivers, and a ban on drivers who have committed crimes in the past. On Aug. 21, Huesovoted in favor of AB612, which passed 21 to 11. Uber has been campaigning against bills similar to Nazarian's, urging its users to tell their elected representatives to vote against it.

Dallas Fed Plunges, Biggest Miss In 16 Months As New Orders Collapse - (www.zerohedge.com) With Philly Fed surging to record highs (along with stocks) but Services PMI dropping "as the recovery fades," it was left to Dallas Fed to split the buy good news or buy bad news dilemma this morning. It was bad news -from 2012 highs, Dallas Fed plunged to 7.1 (against 12.7 expectations) for the biggest miss in 16 months. Production fell, capital expenditure and employment subindices all fell and New Orders collapsed at the fastest rate since April 2013 (to 2014 lows). Even hope faded as the outlook index dropped.

OTHER STORIES:

Sales of New U.S. Homes Unexpectedly Fall to Four-Month Low - (www.bloomberg.com)
U.S. 2-30 Year Spread Shrinks to Least in 15 Months on Fed View - (www.bloomberg.com)
Ukraine Rating Cut by Fitch as East Conflict Hurts Growth - (www.bloomberg.com)

Burger King in Talks to Buy Canadian Chain Tim Hortons - (www.bloomberg.com)

Islamic State Militants Seize Air Base in Syria, Group Says  - (www.bloomberg.com)

Shop Class Not for Slackers as Mechanic Out-Earns Peers - (www.bloomberg.com)

Napa Quake Seen Costing Up to $4 Billion as Wineries Shut - (www.bloomberg.com)

Ukraine Says Tanks Enter From Russia Amid Plan for Convoy - (www.bloomberg.com)