Thursday March 27 Housing and Economic stories

Top Stories:

Congress May Help on Municipal Bonds - (biz.yahoo.com) – Municipal governments and hospitals whining to politicians and proposing new legislation. I predict another bailout in a few years of the Federal Home Loan Bank (FHLB) system.
Hoarding by banks stokes fear over crisis - (www.ft.com) – Glad to see all the free money and credit going to the banks from the Fed is making it back to the consumers (sarcasm intended).
Investors rode housing boom, now many going bust - (www.signonsandiego.com) – Good real life examples
FHLB seeks to enter monoline market - (www.ft.com) – Hmm, sounds like another government attempt to stabilize the bond market
Gambling no longer considered recession-proof - (www.chicagotribune.com) – Of course it isn’t. Vegas had bad years in the 70s and early 90s but everyone thinks things have changed.
Rise in debt among older people - (www.ft.com)
New-Home Sales in the U.S. Fell to 13-Year Low in February - (www.bloomberg.com)
Clear Channel shares sink on reports that buyout deal is on brink of collapse - (www.chron.com) – More private equity deals falling apart.
Hedge Funds, Others Hurt By Clear Channel Investments - (money.cnn.com)
Stocks in Longest Funk Since '70s - (online.wsj.com) – I don’t believe this story, as the markets were in a funk from 2000-2003, this one has only been for 6 months.
Icelandic saga - (www.ft.com)
South FL market still bleak as prices and sales keep dropping - (www.sun-sentinel.com)
McCain Warns Against Hasty Mortgage Bailout - (www.nytimes.com) – So far, the only politician not completely catering to the voters who got themselves into their own trouble.
Bond funds run into trouble - (www.sfgate.com)
Fed Creates New Rules For Itself - (www.bloomberg.com)


Other Stories:

House Price Drop Signals Tough Spring - (http://www.sfgate.com/)
Confidence Slides, House Prices Decline - (http://www.bloomberg.com/)
Durable-Goods Orders in U.S. Unexpectedly Drop as Machinery Demand Slumps - (www.bloomberg.com)
Consumer confidence crumpling - (www.chicagotribune.com)
Demand for durable goods falls 1.7% in Feb. - (www.marketwatch.com)
Be It Ever So Illogical: Homeowners Who Won’t Cut the Price - (www.nytimes.com)
Consumer Attitudes and Home Prices Sour - (www.bloomberg.com)
Ariz. hopes baby boomers remain in workforce longer - (www.azcentral.com)
Real estate investors: We're in a recession - (www.ajc.com)
Freddie sees more missed payments - (money.cnn.com)
Caterpillar CEO says U.S. likely in recession - (www.reuters.com)
Wall Street May Face $460 Bln in Losses - (www.bloomberg.com)
Our Financial House of Cards - (www.mises.org)
History shows wide-ranging reasons for recessions - (twincities.com)
US house prices slide 10.7 percent in major markets - (news.yahoo.com)
Case-Shiller 10 City Index Worst Drop Since 1987 - (http://www.mybudget360.com/)
Santa Clara County Prices Fall 14.8% In One Year - (http://www.housingtracker.net/)
Median price of existing CA house fell 26.2% - (www.signonsandiego.com)
FDIC to add workers to bank-failure division - (msnbc.msn.com)
Banks Balk at Paying for Clear Channel Deal - (www.nytimes.com)
Euro Money-Market Rates Advance to Highest This Year, EBF Says - (www.bloomberg.com)
Distressed ratios are at their highest level since 2003 - (www.cfo.com)
Two Senate Panels to Investigate Bear Stearns Deal - (www.nytimes.com)
S&P: Home prices drop 11.4% in January - (www.chicagotribune.com)
Funds overseeing $6.7 bln have shut so far in 2008 - (www.marketwatch.com)
Risky Strategy Lures Investors Seeking Yield - (online.wsj.com)

Deutsche Bank Says Worsening Markets May Affect Goal - (www.bloomberg.com)
Banks Hiding Desperation as US Housing Slump Continues - (marketoracle.co.uk)
NAR Existing Home Sales Report Bogus Headline - (seekingalpha.com)
February Existing Home Sales Fell 23.8% - (seekingalpha.com)
Tata buys into 40 years of trouble - (money.cnn.com)
Report Assails Auditor for Work at Failed Home Lender - (www.nytimes.com)
5 companies land on CalPERS' worst-run list - (www.latimes.com)
FDIC Plans for Rise In Bank Failures - (www.washingtonpost.com)
Clear Channel deal in trouble as banks fear loss - (www.latimes.com)
High Energy Costs Hit Cotton Producers - (www.ap.com)

ECB Pumps Extra Funds Into Europe Bank System - (online.wsj.com)
FSA admits failings over Northern Rock - (www.ft.com)
China's forex reserves climb sharply in first two months: report - (www.afp.com)
Bank eyes new ways to resolve credit crisis - (www.ft.com)
The rescue of Bear Stearns marks liberalisation’s limit - (www.ft.com)