Wednesday November 21 Housing and Economic stories

Here are some interesting stories about state and municipalities starting to have some issues. Also love the Greenspan story. I think he may be starting to believe his own crap.

I have a feeling we may have a short term bounce here for a week or two as the news was so bad today and Fannie/Freddie had huge down days. The market bounced late in the day and maybe due to resistance levels and overdone news???

California Ratings Outlook Cut on $48.2 Bln of Bonds - Bloomberg (11/20/2007 06:48 PM)
King County's bond rating may drop – Seattle PI
Florida Investment pool lost $2.2 billion in subprime crisis Local News ...
Greenspan: Dollar's Decline Has No "Real" Impact - (www.bullnotbull.com/bull)


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:

Broken Deals Aplenty – (http://globaleconomicanalysis.blogspot.com/)
Fannie & Freddie Clobbered Over Need to Raise Capital – (http://globaleconomicanalysis.blogspot.com/)
Freezing Mortgage Rates Will Fail – (http://globaleconomicanalysis.blogspot.com/)


Fed cool on long-term growth forecast - (www.ft.com)
The Federal Reserve revealed it no longer believed the US economy could grow much more than 2.5% a year in the long run without generating rising inflation, a lower rate than many global investors thought was sustainable - 02:16
Editorial comment: Squeeze continues - (www.ft.com)
Martin Wolf: Who will pick up the thread after America’s great unwinding?
Squaring the circle over Fed’s stance on cuts
Central banks weigh up dollar problemGetty
Ben Bernanke, chairman of the US Federal Reserve, which revealed it no longer believes the US economy can grow much more than 2.5 per cent in a year without generating rising inflation
Superfund lines up BlackRock - (www.ft.com)
Appointment seen as vote of confidence in plan - 00:33
Cheyne Finance deal in doubt - (www.ft.com)
Home lender shares slump on Freddie Mac loss - (www.ft.com)
Mortgage company posts $2bn loss - 23:36
Editorial comment: Squeeze continues - (www.ft.com)
KKR names Sorkin as first general counsel - (www.ft.com)
Move seen as step towards New York listing - 04:33
KKR hoping to defy turmoil with IPO - (www.ft.com)


Fed Sees Slower Growth But Wary of Cutting Rates - (www.cnbc.com)
The Federal Reserve is expecting slower growth and less inflation next year. But minutes from the Fed's October meeting show policymarkers were reluctant to cut interest rates further.
Fed, Markets Still at Odds
Oil Spikes to Record Above $99 on Dollar, US Chill - (www.cnbc.com)
Freddie Mac Stuns Investors With Bigger Loss - (www.cnbc.com)
Exclusive: Treasury May Discuss National Sales Tax - (www.cnbc.com)
Chrysler $4 Billion Loan Sale Postponed: WSJ - (www.cnbc.com)
Countrywide Says It Has Ample Liquidity, Capital - (www.cnbc.com)
Online Shoppers Won't Miss Deals, Just Crowds - (www.cnbc.com)
Fast Money: Brewing Stocks Add Hop To Portfolio - (www.cnbc.com)
Housing Outlook Still Gloomy Despite New Building - (www.cnbc.com)
Fill'er Up? For Some Big Cars, It Now Costs $100 - (www.cnbc.com)
Credit Rating Concerns - (www.cnbc.com)

Counterpoint: The Creeping Fascism of Global Warming Hysteria - (www.bullnotbull.com/bull)
No Evidence, No Charges, But a US Military Prosecution.First they came for the terrorists, but I did not speak up because I was not a terrorist. Then they came for the enemy combatants, but I did not speak up because I was not an enemy combatant. Then they came for the bloggers, but I did not speak up because I was not a blogger. Then they came for me, and there was no one left to speak up.
OPEC Pushes for Non-dollar Currency - (www.bullnotbull.com/bull)
Dollar Falls to Record Low - (www.bullnotbull.com/bull)
China Voices Alarm at Dollar Weakness - (www.bullnotbull.com/bull)
Shiller Warns of Imminent Global Crash - (www.b - (www.bullnotbull.com/bull)ullnotbull.com/bull)
Pat Buchanan: The Crash of 2008? - (www.bullnotbull.com/bull)
Investors Begin to Show a Darker Mood - (www.bullnotbull.com/bull)
Alarm at Rising US Car Loan Defaults - (www.bullnotbull.com/bull)
From $136,000 per Year to Foreclosure - (www.bullnotbull.com/bull)
Freddie Mac Posts Loss, May Cut Dividend - (www.bullnotbull.com/bull)
New Home Construction Rises - (www.bullnotbull.com/bull)


From http://www.prudentbear.com

Fed Pares Growth Forecast, Calls October Cut `Close' - Bloomberg (11/20/2007 02:00 PM)
U.S. Economy: Building Permits Slump to 14-Year Low - Bloomberg (11/20/2007 10:16 AM)
Who will pick up the thread after the great unwinding? - FT , Wolf, (11/20/2007 08:04 PM)
Goldman paints bleak picture for housing, financials - Reuters (11/20/2007 05:15 AM)
Wall Street money machine breaks down - CNN/Money (11/19/2007 09:11 AM)
The coming consumer crunch - Business Week (11/20/2007 05:23 AM)
U.S. Housing Starts Unexpectedly Climb in October - Bloomberg (11/20/2007 08:09 AM)
The dollar's drop confronts winemakers - Houston Chronicle (11/20/2007 08:14 AM)

Citigroup, Bank Credit Swaps Rise on Subprime Concern - Bloomberg (11/20/2007 04:57 AM)
Analysts fear auto loans next problem - Chicago Tribune (11/20/2007 05:12 AM)
Fallout From Credit Crunch Creates Another One - Bloomberg (11/20/2007 05:20 AM)
Libor soars as credit crunch returns - UK Telegraph (11/20/2007 05:32 AM)
Alarm at rising US car loan defaults - FT (11/20/2007 05:52 AM)
Famous Goldman fund may have huge losses - N.Y. Post (11/20/2007 08:18 AM)
Volatility Lifts Hedging Costs and Dims Carry Trade - Bloomberg (11/20/2007 02:46 PM)
California Ratings Outlook Cut on $48.2 Bln of Bonds - Bloomberg (11/20/2007 06:48 PM)
A Chain Reaction in Shaky Debt? - Business Week (11/20/2007 06:57 PM)
One hedge fund in 10 to go bust, says Man - FT (11/20/2007 08:10 PM)
Economy Conspires to Dog Cerberus - WSJ ($) (11/20/2007 05:18 AM)
Selective reasoning - FT (11/20/2007 08:21 PM)

Freddie Has 3rd-Quarter Loss, Seeks to Raise Capital - Bloomberg (11/20/2007 08:21 AM)
Freddie, Fannie seek a few billion: Eavis - Fortune (11/20/2007 04:19 PM)
Builder index at record low - LA Times (11/20/2007 05:10 AM)
GMAC woes reportedly end Northern Rock pursuit - Market Watch from Dow Jones (11/20/2007 05:12 AM)
Fannie Mayhem - WSJ ($) (11/20/2007 05:18 AM)
Ambac Investors Sweat A Little More - Forbes (11/20/2007 05:51 AM)
Cerberus Sued Over Turning Tail On Deal - N.Y. Post (11/20/2007 08:16 AM)
Loss lies with Ferguson unit - FT (11/20/2007 08:44 AM)
Freddie Mac’s $4.8bn loss deals fresh blow to US housing market - UK Times (11/20/2007 06:44 PM)
Friday is portent of sales season -- or not - LA Times (11/20/2007 05:09 AM)
Price Cuts Put Builders in a Bind - WSJ ($) (11/20/2007 05:25 AM)
Hedge funds can't fix the airlines - TheStreet.com (11/20/2007 08:24 AM)

Northern Rock Declines on Doubts Over Bank's Value - Bloomberg (11/20/2007 04:59 AM)
Credit jitters send UK bank shares tumbling - UK Times (11/20/2007 05:49 AM)
Paragon Shares Plunge After Lender Plans Rights Offer - Bloomberg (11/20/2007 06:03 AM)
Central banks weigh up dollar problem - FT (11/20/2007 08:05 PM)
Debate grows in Gulf states over revaluation - FT (11/20/2007 08:27 PM)
China takes aim at volume, not price, of money - Reuters (11/20/2007 05:17 AM)
Denial Makes the World Go Round - NY Times (11/20/2007 05:51 AM)



From http://patrick.net/housing/crash.html
Housing Market's Stench Means Cut Price to Sell (bloomberg.com)
The Economy's $2 Trillion Worry (businessweek.com)
U.S. facing $2 trillion lending shock (msnbc.msn.com)
Who's to blame for the mortgage mess? (articles.moneycentral.msn.com)
San Mateo House Sellers in Trouble (baglady.dreamhosters.com)
O.C. distressed houses for sale up 8.7% in 2 weeks (mortgage.freedomblogging.com)
Freddie Mac's subprime losses may hit $5 billion (biz.yahoo.com)
Freddie Mac chart (charts3.barchart.com)
Wall Street Plans $38 Billion of Bonuses as Shareholders Lose (bloomberg.com)
Deutsche Bank's View on the Housing Crisis (greatdepression2006.blogspot.com)
Public School Funds Hit by SIV Debts (bloomberg.com)
Six more hard years tipped for subprime fallout (thestandard.com.hk)
Jim Rogers Urges People to Sell U.S. Dollar Holdings (bloomberg.com)
OPEC Interested in Non-Dollar Currency (money.aol.com)
Chicago lenders' business loans going bad (chicagobusiness.com)
Surviving the Housing Slump (newsweek.com)
How Suburbs De-gentrify into Ghettos (Charles Hugh Smith)
Fitzgerald Wrong: Rich Aren't Different (bloomberg.com)
House builder sentiment stuck at record low (usatoday.com)