Markets
Federal Reserve Board Chairman Ben Bernanke largely whitewashed Federal Reserve responsibility for the housing bubble and resultant economic recession in testimony before the congressional Financial Crisis Inquiry Commission September 2.
Housing sales dropped by more than 25 percent nationwide in July, according to the National Association of Realtors, after a federal tax credit for first time home buyers expired in June.
Fed Confirms Recovery Stalled
Written by Bob Adelmann
When the Federal Open Market Committee announced yesterday that “the pace of economic recovery is likely to be more modest in the near term than had been anticipated,” stocks in Europe lost three percent of their value, interest rates on the U.S. 10-year Treasury note dropped startlingly as investors ran to safety, and the dollar hit the lowest level against the Japanese Yen since 1995.
From China, With Love
Written by Bob Adelmann
Addison Wiggin asked his readers to imagine an older happily married couple, having their usual morning breakfast together:
They work well together, though maybe the lady of the house has been “the better half” lately … doing a larger burden of the work, paying more bills, keeping the house together and so on. But nevertheless, things are good, so it seems. Times are a little tough, but there’s no imminent reason to suspect the relationship won’t last.
Then one morning, [out of the blue!] she says, “Honey, I [just] want you to know that I’m not planning on divorcing you and taking [the] money with me.”
When ABC News announced that Fannie Mae and Freddie Mac would be de-listed by the New York Stock Exchange on July 8, writer Rich Blake said that “these once mighty enterprises will trade alongside stocks on the Over-The-Counter Bulletin Board, a place where many companies go to die.”
