Items of Interest:
Paulson Plan = Wild Pitch
Democrats dismiss White House financial reforms as 'wild pitch' -- Top Democrats Monday dismissed the Bush administration's plan to overhaul the nation's financial regulatory system as inadequate, with one leading senator calling the proposals a "wild pitch."
Treasury Secretary Henry Paulson Monday proposes a set of sweeping changes to the nation's financial system.
Sen. Chris Dodd, the chairman of the Senate Banking Committee, said he "welcomed the idea" of updating the way bodies such as the Federal Reserve Board oversee the U.S. economy.
But the Connecticut Democrat and former presidential candidate said the plan laid out by Treasury Secretary Henry Paulson "doesn't relate to the issues they are trying to confront." [...]
Twilight of the vacation-home buyers - The National Association of Realtors announced last week that vacation-home sales dropped 31% in 2007 from 2006. Sales of homes for investment fell 18%. That compared to a drop of 10% in sales of primary residences.
“The typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100, and purchased a property that was a median of 287 miles from their primary residence.”
“Investment-home buyers last year had a median age of 42, earned an income of $92,900, and bought a home that was relatively close to their primary residence – a median distance of 27 miles.” ...
Internet Hoax Gooses Stock Market -- Traders woke up to a pleasant surprise on Tuesday morning, with equity Futures strongly higher. CNBC anchors were exuberant as previous earnings and credit fears melted away.
The cause? An internet April Fool's hoax that backfired...
- Adam Smith Does What Paulson Can't - Editorial, Wall Street Journal
- Paulson's Plan Is Wall Street's Gift - Susan Antilla, Bloomberg
- Treasury Sec'y Responds to Wrong Crisis - Clay Risen, New Republic
- Good Proposals, But We Have Concerns - Editorial, Investor's Bus. Daily
- Why Fed Reform Won't Work - Nomi Pins, Slate
- Why the Reforms Won't Pass in 2008 - Paul Farrell, MarketWatch
- The Decline in Median House Prices Sets New Record - Seeking Alpha
- Too Many Dogs And Not Enough Bones - Housing Bubble blog
- New York City Real Estate Market Slows as Wall Street Cuts Jobs -Bloomberg