Tuesday October 23 Housing and Economic stories

October 23 Housing and Financial Stories (2 must listen 2 quotes from Jim Cramer)
Everyone, please listen to the first two video stories, it will tell you all you need to know about Jim Cramer and his ability (or lack thereof) to really understand markets. He failed to predict the 78% Nasdaq fall in 2001-2003 and he has underperformed the market with his own newsletter recommendations. In these two videos, he shows how he failed to recognize a housing bubble and was criticizing others saying there was a housing "problem"

http://www.youtube.com/watch?v=SWksEJQEYVU – You have all heard this already, but idiot 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.
http://www.youtube.com/watch?v=f5zAvh-iFfU - Now here are 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.

Housing and Economic Stories:
Countrywide to redo $16B in loans (usatoday.com)
Criticism rains down on mortgage industry (usatoday.com)
Bill seeks to curb abusive mortgage lending (usatoday.com)
Pension plan wants Countrywide CEO out (usatoday.com)

69 Days of Water Remaining, and they Water UNC's Fake Turf! (bullnotbull.com/bull)
Steep Decline in Oil Production Brings Risk of War and Unrest (bullnotbull.com/bull)
Fed: Credit Markets Still Broken - Fed Ready to Act (bullnotbull.com/bull)
Russell, Schultz See Worse to Come (bullnotbull.com/bull)
Prechter: Why the Fed Will Not Stop Deflation (bullnotbull.com/bull)
Housing 2007 = Stocks 1929 (bullnotbull.com/bull)

Bill Allowing Mortgage Lawsuits Expected to Stir Fierce Opposition (nytimes.com)
S O S for Homeowners in Straits (nytimes.com)
RBS joins Cheyne SIV rescue (ft.com)
Remote landowners now have to pay to plug into grid - Arizona Republic (10/22/2007 08:38 AM)
To Keep Homes, More People Bet On Bankruptcy - WSJ ($) (10/22/2007 08:39 PM)
Buyers Pounce as Homes Go on the Block - NY Times (10/22/2007 05:17 AM)
Countrywide, IndyMac, Washington Mutual Downgraded by Lehman - Bloomberg (10/22/2007 05:46 AM)
California Homes Are Overvalued by as Much as 40%, Goldman Says - Bloomberg (10/22/2007 05:52 AM)
Subprime Bailout: Taxpayer toll - CNN/Money (10/22/2007 01:08 PM)
Road likely rocky for equity firms - Minn ST (10/22/2007 04:48 AM)
Housing's blow to the midsection - Orange County (10/22/2007 04:49 AM)
Real Estate Funds Hit by Housing Data - TheStreet.com (10/22/2007 08:36 AM)
Muni bonds' home-state edge at risk - LA Times (10/22/2007 04:40 AM)
Big banks accept blame for global credit turmoil - UK Times (10/22/2007 06:04 AM)
Rising inflation riles Russians ahead of elections - AFP (10/22/2007 05:19 AM)
Credit squeeze seen to hit public spending - FT (10/22/2007 08:52 PM)
Curing SIV - Economist (10/22/2007 05:31 AM)
Know how far feds will insure your accounts - AJC.com (10/22/2007 08:40 AM)
U.S. Housing Decline Threatens to Last Into 2009: John F. Wasik - Bloomberg (10/22/2007 05:14 AM)

From Patrick.net
California Houses Are Overvalued by as Much as 40% (bloomberg.com)
Housing Flameout: California falls into the sea (informationclearinghouse.info)
Demand for U.S. Debt May Be at Limit (bloomberg.com)
US loan default problems widen (ft.com)
Housing's blow to the midsection (ocregister.com)
Foreign property dreams crash (independent.ie)
A Troubled 'Ownership Society' (businessweek.com)
Gone Baby Gone (nytimes.com)
Palm Beach County FBI team enlarged (miamiherald.com)
A super-duper bad-loan bailout plan (articles.moneycentral.msn.com)
Destined To Fail (Mish)
Financial problems mount for Chicago housebuilder (chicagorealestatedaily.com)
FL Condo Market: Broken bubble (dailybusinessreview.com)
Looks like slide's still ahead on house prices (palmbeachpost.com)
The Arlington Artifice (paper-money.blogspot.com)
Sox bat .000 in home game (bostonherald.com)
Collapsing Housing Market Taking Emotional Toll (from 17 years ago) (query.nytimes.com)