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Monday, March 17, 2008

Housing/Subprime Roundup — March 17, 2008

Items of interest:

The Economist:
Bear’s pits -- JPMorgan Chase takes over stricken Bear Stearns. Panic is in the air

THE credit crunch is a man-made disaster and, like its counterparts in nature, where and when devastation and chaos will strike is hard to predict. Few could have expected the speed and severity with which Bear Stearns collapsed. On Sunday March 16th, two days after the announcement of an emergency funding package made its predicament clear, the bank succumbed to its rescuer: JPMorgan Chase, again with backing from the Federal Reserve. The vast universal bank agreed to buy Bear Stearns for $236m, a fifth of the value of its shiny headquarters office block. The world’s markets plunged on Monday morning as the quake on Wall Street reverberated around the globe. [...]

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The Mess That Greenspan Made:
Bushvilles? Greenspanvilles? -- Reports of tent cities in Southern California due to foreclosures have been circulating for some time now, but this one from the BBC looks like the real deal. . .
related:
See Hoovervilles — just down the road from Johnsville
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zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia