Monday October 29 Housing and Economic stories

Flashback(s) of the Week:
Bernanke: There's No Housing Bubble to Go Bust – Washington Post (Thursday, October 27, 2005; Page D01) – Thanks to Mish
USATODAY.com - Greenspan says ARMs might be better deal – USA Today (Posted 2/23/2004 11:39 AM )
http://www.youtube.com/watch?v=f5zAvh-iFfU - Cramer’s comments from November 15 2006. And people think this insider is smart. He makes money when times are good, then wants bailouts when he loses money.
http://www.youtube.com/watch?v=SWksEJQEYVU – You have all heard this already, but Cramer ranting about the Fed needing to bailout his hedge fund and investment bank buddies in the Hamptons after they have been pocketing millions the past 5 years.


Best sources of housing and financial news stories (with no spin):
· http://patrick.net/housing/crash.html (Patrick.net US Housing Crash Continues)
· http://www.bullnotbull.com/bull/
· http://www.prudentbear.com/
· http://www.safehaven.com/
· http://www.jasmts.com/readingRoom.php (Jim Shepherd Investment Strategist)
· http://globaleconomicanalysis.blogspot.com/ (Mish’s Global Economic Trend Analysis)


Housing and Economic News:

The Con That Turned the World Against America (thetrumpet.com)
Mosquitoes move in on foreclosures – Contra Costa Times (10/26/2007 03:03:39 AM PDT)
As the Subprime Turns PF - John Mauldin
You Want to Know Why You Feel Like You are Struggling Financially? PF - Robert McHugh
UN: Final Wake Up Call; Humanity's Survival at Risk* Oil: $92! * - (www.bullnotbull/bull)Japan Now Paying for Iran's Oil in Yen - (www.bullnotbull/bull)
A mere 15 percent of Iran’s oil income is now being paid in the dollar. The biggest part of Iran’s income (65 percent) from crude exports is in euros. The yen payments account for 15 percent of Iran’s oil income.
AIG May Take $9.8B Subprime Hit - (www.bullnotbull/bull)
BOA to Cut 3,000 - (www.bullnotbull/bull)
Homebuilders: The Worst is Still to Come - (www.bullnotbull/bull)
Bill Gross: Fed Likely to Cut to 3.75% - (www.bullnotbull/bull)
NYT: Mixed Economic Picture Before Fed Meeting - (www.bullnotbull/bull)
Gold Rises to 27-Year High on Crude Oil Rally, Dollar Weakness - Bloomberg (10/28/2007 08:40 PM)
Crude Oil Rises to Record on Turkey-Iraq Tensions, Nigeria - Bloomberg (10/28/2007 08:41 PM)

Fed concern at expectation of rate cut - FT (10/28/2007 08:18 PM)
Wall Street Awaits Fed's Rate Decision - AP (10/28/2007 05:22 PM)
A Half, a Quarter or None? - NY Times (10/28/2007 05:27 PM)
Economists Fear Weak Demand For Homeownership Will Fester - USA Today (10/28/2007 09:29 PM)

CDO Ratings Are Whacked By Moody's - WSJ ($) (10/28/2007 09:30 PM)
Stressed US borrowers use plastic to delay default - Reuters (10/28/2007 05:27 PM)
Third-quarter venture capital $73.3 - Minn ST (10/28/2007 09:21 PM)
Banks rethink relationships with mortgage brokers - Orange County (10/28/2007 09:23 PM)
Bond Raters Get Subpoenas - USA Today (10/28/2007 09:34 PM)
Signs Point to Pressure on Stocks As Fed Weighs Another Rate Cut - WSJ ($) (10/28/2007 09:25 PM)

Merrill CEO Stan O'Neal Decides to Leave, WSJ Reports - Bloomberg (10/28/2007 05:22 PM)
Chances recede of Ford sale by family - FT (10/28/2007 08:58 PM)
FedEx increasing air shipping rates by average of 4.9 percent - San Diego UT (10/28/2007 09:17 PM)

House price gloom as the wealthy turn away - UK Times (10/28/2007 08:42 PM)
Official pay figures may underplay rise - FT (10/28/2007 08:51 PM)

Foreclosures in Bay Area, statewide hit record highs in 3rd quarter (sfgate.com)
SF Bay Area at risk of wildfires (sfgate.com)
Median sales prices down 41.6% in town near Merced, CA (modbee.com)
California foreclosures soar to new heights (centralvalleybusinesstimes.com)
No end in sight for housing slump (csmonitor.com)
For sale: 2 million empty houses (money.cnn.com)
A new low in new house sales (norris.blogs.nytimes.com)
Financial markets Spooking investors (economist.com)
House of Pain: Why Failure Is Important (tcsdaily.com)
Mortgage Bond Guesstimates Won't Cut It Anymore (nytimes.com)
That Hissing Sound (nytimes.com)
Some housing pictures (krugman.blogs.nytimes.com)
Credit chaos to force fresh US rate cut (observer.guardian.co.uk)
Fed likely can't help housing (lansner.freedomblogging.com)
ountrywide's Mortgages: They Can't Really Change A Thing (cnbc.com)
Why you can't afford a house (articles.moneycentral.msn.com)
Motivated folks only (latimes.com)
Bush Backs Investment Banker Bonus Bailout (avantnews.com)