Items of Interest:
---
---America will need a $1,000bn bail-out
Discussion:Real Time Economics: Secondary Sources: Mishkin, Liquidation Trap, Trillion Dollar BailoutDon Pedro / Economists for Obama: What the Crisis Will Mean for President ObamaArnold Kling / EconLog: Afternoon Commentary — Bloomberg interviews William Poole.Yves Smith / naked capitalism: The Great Unwind Has BegunMark Thoma / Economist's View: Rogoff: America will Need a $1,000bn Bail-Out
----
Walden Siew / Reuters:S&P says pressure building on U.S. “AAA” rating
Discussion:Attaturk / Firedoglake: The Warm Embrace of a Job Well DoneJohn Cole / Balloon Juice: CNBC has been informative tonight. Right now Larry Kudlow …
----
Wall Street Journal: Worst Crisis Since '30s, With No End Yet in Sight
Discussion:Hugh Hewitt / Townhall.com: “The Only Thing We Have Is Fear Itself”
----
Atrios / Eschaton:The Absurdity Of CNBC — The entire financial system …
Discussion:David Kurtz / Talking Points Memo: LEVEL THE PLAYING FIELDBob Fertik / Democrats.com: Conservatives Want Socialism for the RichJohn Amato / Crooks and Liars: Socialized Capitalism while CNBC laments regulations
----
Diana Olick / Realty Check:Housing Stats: Completions Down (Good) But Vacancies Up (Bad) -- We all know what empty homes do to a neighborhood, but we’re now looking at brand new developments, filled with empty homes. That means the retail doesn’t move in and the other services don’t move in, and that just turns back around to potential buyers who don’t want to move in...
----
Seeking Alpha:Manhattan Office Vacancy Rate Could Rise To 12% -- Real estate brokers Jones Lang LaSalle: Lehman Brothers’ bankruptcy could push Manhattan’s commercial real estate vacancy rate up to nearly 10% by Q1’09… In Class A midtown buildings, the vacancy rate could skyrocket to 12% if Lehman disposes all of its space… based on its estimate of Lehman holding 2.7 million-sf of space. Currently, vacancy rates for midtown Class A properties… are running at 8%... Those estimates don’t include the fallout from Bank of America’s sudden acquisition of Merrill Lynch or American International Group… Merrill leases 4.2 million-sf at the World Financial Center [and] an additional 850,000-sf in various locations in Manhattan… AIG occupies about 3M-sf of space downtown… The vacancy rate [already] climbed to 7.1% in Q2...
----
- Why Bailouts Scare Stocks - Alan Reynolds, New York Post
- Barney Frank on Charlie Rose - video, Infectious Greed
- Yet Again, Government Returns to Bailouts - Editorial, Washington Post
- Whose Bailout Is It? - Editorial, Investor's Business Daily
- Why The Federal Government Saved AIG - Editorial, Los Angeles Times
- Bad Accounting Rules Helped Sink AIG - Zachary Karabell, Wall St. Journal
- The Bright Side of a Total Financial Collapse - Michael Lewis, Bloomberg
- Fortunes Will Be Made Amid Uncertainty - David Wighton, Times of London
- We Need Accountability, Not Perfection - Reuven Brenner, Forbes
- Global Credit Suffers Cardiac Arrest - Ambrose Evans-Pritchard, Telegraph
- For Wall Street, Greed Wasn’t Good Enough - Paul Wilmott, NY Times
- The Fleeting Nature of Investment Banks - John Tamny, RealClearMarkets
- Five Myths About the Wall Street Crisis - Daniel Ben-Ami, Spiked
- A Few Immediate Solutions to the Credit Crisis - Vinny Catalano
- Falling Asset Prices and the Liquidation Trap - Thomas Palley
- Why Goldman & Morgan Don’t Have to Sell Themselves - Deal Journal
- America's Ad Hoc Fiscal & Monetary Policy - Felix Salmon, Market Movers
- This Greed Was Beyond Irresponsible - John Gapper, Financial Times
- The Fed's Price: AIG Must Shrink - Roddy Boyd, Fortune
- Perhaps, It’s Time to Play Offense - David Leonhardt, New York Times
- Fed Recreates The 1970s; Wait, It's The 1930s - Caroline Baum, Bloomberg
- Resurrect The Resolution Trust Corp. - Brady, Ludwig & Volcker, WSJ
