Wednesday November 7 Housing and Economic stories

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:

GM to Take $39 Billion Charge, Faces Challenges - (www.cnbc.com)
General Motors said it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets. GM will report third-quarter results on Wednesday.
GMAC Loses $1.6 Billion - (www.cnbc.com)

Oil Hits $98 on Weak US Dollar, Fears Winter Squeeze - (www.cnbc.com)
Wall Street Is Pressing Fed For More Rate Cuts - (www.cnbc.com)
Soros Forecasts 'Serious' US Economic Correction - (www.cnbc.com)
Microsoft Says It Fired Chief Information Officer - (www.cnbc.com)
US Lawmakers Slam Yahoo Chief Over China Dissident - (www.cnbc.com)
Hovnanian Says Housing Market Still Deteriorating - (www.cnbc.com)

Risk of securities fire sale mounts - (www.ft.com)
The threat of fire sales of mortgage-backed securities is mounting as rating agency downgrades have pushed complex debt vehicles into technical default
Threat of forced sales grows for CDOs - (www.ft.com)
Banks are braced for months of pressure - (www.ft.com)
Banks hit again as credit fears spread - (www.ft.com)
Jobs growth calms US recession fears - (www.ft.com)

GM to take $39bn earnings charge - (www.ft.com)
Difficult conditions in US and German operations
GM plans China ‘green’ research plant - (www.ft.com)
Failed buy-outs double to exceed $200bn - (www.ft.com)
More than double same period last year
Rockier route to buy-out success - (www.ft.com)
Oil and gold reach fresh highs - (www.ft.com)
Crude futures hit $98 in after hours trading
Global overview: Dollar slump boosts gold - (www.ft.com)

Ron Paul's Biggest Fundraising Day Every - Today, November 5! - (www.bullnotbull.com/bull)
US Government Claims No Privacy Rights for Email Under Constitution! - (www.bullnotbull.com/bull)
Pot Use in Britain Drops After Decriminalization - (www.bullnotbull.com/bull)
Stock Sell-off Crushes Financials, Home-builder ETFs - (www.bullnotbull.com/bull)
Citigroup CEO Quits, Bank May Face $11 Billion Writeoff - (www.bullnotbull.com/bull)
Bernanke Back on the Hot Seat - (www.bullnotbull.com/bull)
London Fears Another British Bank in Trouble - (www.bullnotbull.com/bull)
Copper Hits 8 Week Low - (www.bullnotbull.com/bull)
Sinking Currency, Sinking Country - (www.bullnotbull.com/bull)
Oil Shockwave! Wargame Scenario Simulation - (www.bullnotbull.com/bull)
Mish: Oil Hits $100 - Is This Deflation? - (www.bullnotbull.com/bull)

When Waterboarding Was a Crime - (www.bullnotbull.com/bull)
2007 Deadliest Year in US for Iraq - (www.bullnotbull.com/bull)
POLL: AMERICANS WANT CHANGE - (www.bullnotbull.com/bull)
Kucinich To Force House vote on Cheney Impeachment - TODAY - (www.bullnotbull.com/bull)
Markets Fear Banks Have $1 Trillion in Toxic Debt - (www.bullnotbull.com/bull)
'The Worst Crisis in 30 Years' - (www.bullnotbull.com/bull)
Beazer, Hovnarian Cancellations Up - Pink Slips Galore - (www.bullnotbull.com/bull)
Bill Gross: Fed Can't Afford to Let Housing Crack - (www.bullnotbull.com/bull)
Borrowers Face Dubious Charges in Foreclosures - (www.bullnotbull.com/bull)
Nordstrom Downgraded - Housing Related Pressues Seen - (www.bullnotbull.com/bull)
Fed's Miskin: 'Fed Must Be Ready to Take Back Cuts' - (www.bullnotbull.com/bull)
BW: The Persistent Credit Crunch - (www.bullnotbull.com/bull)
Citigroup on the Brink - (www.bullnotbull.com/bull)
Dollar Hits Another New Low - (www.bullnotbull.com/bull)
Bond Buyers Losing Confidence - (www.bullnotbull.com/bull)
It's a Bull Market! Crude Up 2% - Hits $96 - (www.bullnotbull.com/bull)
80% of US Adults Use the Internet - (www.bullnotbull.com/bull)


From http://www.prudentbear.com
A small step toward transparency - N.Y. Post , Crudele, (11/06/2007 08:16 AM)
Credit crunch claims more victims - TheStreet.com (11/06/2007 08:17 AM)
Cash-out refinancings lowest since Q1 '05-Freddie - Reuters (11/06/2007 04:40 PM)
Greenspan, King see more pain for banks, U.S. - Reuters (11/06/2007 05:26 AM)
Unclaimed money state's third-largest source of revenue - Stateline.org (11/06/2007 08:30 AM)
Foreclosure wave sweeps America - BBC (11/06/2007 10:01 AM)
Foreclosure boom costs cities, too - Minn ST (11/06/2007 05:12 AM)
Houston mayor gives polluters 6 months to clean - Houston Chronicle (11/06/2007 08:11 AM)
Why Street Bankers Get Away With Repeating Old Mistakes - WSJ ($) (11/06/2007 05:18 AM)
Risk of securities fire sale mounts - FT (11/06/2007 02:17 PM)
Unusual correlation points to investors flocking to beat risk: Davies - FT (11/06/2007 09:59 AM)
Traders hedge against oil topping $100 - FT (11/06/2007 02:04 PM)
Borrowers Face Dubious Charges in Foreclosures: Morgenson - NY Times (11/06/2007 05:28 AM)
Bond Buyers Are Losing Confidence - NY Times (11/06/2007 05:30 AM)
Are bond prices at risk? - TheStreet.com , Kass, (11/06/2007 08:23 AM)
Fed official warns on subprime strategy - FT (11/06/2007 10:08 PM)
Diesel hits a record $3.303 a gallon at the pump - LA Times (11/06/2007 04:53 AM)

Citigroup Writedowns May Be as Much as $13.7 Billion - Bloomberg (11/06/2007 04:35 PM)
Capital One Warns on Loan Chargeoffs - AP (11/06/2007 04:38 PM)
Citigroup Faces an Uncertain Future - Washington Post (11/06/2007 05:31 AM)
Hovnanian 4Q Deliveries Sink 19 Percent - AP (11/06/2007 05:45 AM)
Beazer Suspends Dividend - TheStreet.com (11/06/2007 08:21 AM)
Newspaper circulation dips 2.6% - Dallas Morning News (11/06/2007 04:58 AM)
ECB, After Hard Birth, Comes of Age in Crisis - WSJ ($) (11/06/2007 05:15 AM)
Australia Raises Interest Rate to 6.75% on Inflation - Bloomberg (11/06/2007 06:48 PM)
Alibaba nearly triples in Chinese IPO - CNN/Money (11/06/2007 08:34 AM)
King Says May Be Months Before Banks Reveal Losses - Bloomberg (11/06/2007 05:15 AM)
Japan's Leading Economic Index Drops to Decade-Low 0% - Bloomberg (11/06/2007 05:45 AM)
Markets fear banks have $1 trillion in toxic debt - Independent (11/06/2007 05:56 AM)

The Persistent Credit Crunch - Business Week (11/06/2007 05:59 AM)
Automated poker without dealers - NY Times (11/06/2007 08:25 AM)


From http://patrick.net/housing/crash.html
Less cheap credit will help housing market (themortgageprovideronline.com)
Keep Housing in the National Debates (doctorhousingbubble.com)
Schwarzenegger orders plan for 10% budget cuts (latimes.com)
Housing crisis tests GOP loyalties (latimes.com)
Realtor's Follies (paper-money.blogspot.com)
IndyMac Posts Loss, Morgan Stanley Writedown May Loom (bloomberg.com)
Soros sees "serious" correction (investing.reuters.co.uk)
US mortgage crisis: Readers' stories (news.bbc.co.uk)
Market squeeze not over yet (thetimes.co.za)
Banks Tightening Mortgage Standards (efinancedirectory.com)
The Credit Noose Continues to Tighten (seekingalpha.com)
Markets fear banks have $1 trillion in toxic debt (news.independent.co.uk)
Credit Bear Proven Right (money.cnn.com)
Lending Sentiment Drops Markedly (Mish)
Denver house prices, sales continue slide (denverpost.com)
House resales fall by 56% on Kauai (honoluluadvertiser.com)
Why the Fed Continues To Cut Rates (seekingalpha.com)
The Federal Reserve Is Scared Silly (thetrumpet.com)
Supermodel Bundchen Joins Hedge Funds Dumping Dollars (bloomberg.com)