Wednesday January 23 Housing and Economic stories

Top Stories:

Stocks plunge worldwide - (www.latimes.com)
In panic move (Dow down 487 in pre-market), Fed cuts rates 75 basis points - (www.marketwatch.com)
Fed Screws savers again - Boon for borrowers, blow to savers - If you're in debt, the Fed rate cut could give immediate relief. If you save, it'll grow slower. - (www.latimes.com)
Record 31,676 in Calif. lose homes (in 4th quarter alone) - (www.latimes.com)
Bullish Action in the Bellwethers (argument for strong market bounce) by Frank Barbera - (www.financialsense.com)
Chicago housing crashes through floor - (www.chicagobusiness.com)
Hillary's modest proposal - (to wreck the housing market) - (money.cnn.com)
Mortgage broker actually fined for unethical conduct! - (news.mainetoday.com)
Stock Markets Plunge Worldwide - (sg.us.biz.yahoo.com)
Housing Bubble Song - (www.youtube.com)
Virtual bank's Second Life (ponzi) scheme raises real concerns - (www.latimes.com)
Feeling Misled on Home Price, Buyers Are Suing Their Agent - (www.nytimes.com)
Highly skilled and out of work - (www.washingtonpost.com)


Other Stories:

Subprime Crisis or Stated Income Crisis? - (www.ml-implode.com)
Bring back Glass-Steagall? - (optionarmageddon.blogspot.com)
Can Bond Insurers Be Trusted? - (www.bbc.co.uk)
Bond insurers: All fall down? - (www.economist.com)
Don't Cry for Me, America - (www.nytimes.com)
California Defaults Soar in 4Q - (www.ap.com)
Recession or not, pain widespread - (www.ap.com)
You're Not Saving Enough. Here's Why - (www.thestreet.com)
Ariz.: State's Spendable Cash Dwindling - (www.forbes.com)

Asset-backed insecurity - (www.economist.com)
Wall Street in Deep Trouble - (www.thestreet.com)
Credit default swaps and junk bonds still a problem - (articles.moneycentral.msn.com)
New alarm: Option-ARM 'liar's loans' - (www.chicagotribune.com)
If Everyone’s Finger-Pointing, Who’s to Blame? - (www.nytimes.com)
Credit markets remain choppy - (www.ft.com)
Venture capital funding slumps - (www.latimes.com)
Pay 2.75% to rent per year, or 6.5% to own? Same house either way. - (patrick.net)
Bay Area Sales, Prices Plummet - (mercurynews.com)
NoCal House Prices Hit 2005 Again - (www.ibabuzz.com)

Fannie, Freddie May Face $16 Billion Losses, Credit Suisse Says - (www.bloomberg.com)
Bank of America net sinks 95 percent - (www.reuters.com)
Ambac Reports Loss, Talks With `Potential Parties' - (www.bloomberg.com)
East SF Bay Housing Statistics - (eastbayhousingbubble.blogspot.com)
It's Never Been This Bad Before - (greatdepression2006.blogspot.com)
The Truth about House Prices and Mortgage Bailouts - (efinancedirectory.com)
House price gloom 'recalls 1990s' - (news.bbc.co.uk)
Mood among chief executives darkens - (www.ft.com)
Wachovia 4Q Earnings Plummet 98 Percent - (www.ap.com)
Wachovia Earnings Vaporize - (www.thestreet.com)
Ambac Looks at ‘Alternatives’ After $3.26 Billion Loss - (www.nytimes.com)
Bank Removes Water Meter From Foreclosure - (patrick.net)
Lehman to cut 1,300 mortgage jobs - (news.bbc.co.uk)
If Recession Comes, It Likely Will Hit Hard - (online.wsj.com)
MGIC sees higher losses in 2008 as claims mount - (www.marketwatch.com)
Americans lose faith in Citi and Merrill - (www.ft.com)
Bank of America Joins Parade of Mortgage-Related Losses - (www.nytimes.com)

Awaiting Wall Street’s Open, Asia Markets Plunge - (www.nytimes.com)
China's Banks Sink On Subprime Woe - (www.nypost.com)
Why markets tumbled - (www.economist.com)
EU blames US debt for economic turmoil - (www.businessweek.com)
British property fund halts withdrawals - (www.guardian.co.uk)

Worst finance crisis since WW2 - Soros - (news.theage.com.au)
Capitalism's Enemies Within - (www.washingtonpost.com)
Did Greenspan sell out investors? - (www.reportonbusiness.com)