Items of Interest:
Home Prices Drop - Banks starting to walk away from foreclosures
Record Drop in January Index of Home Prices --
The decline in housing prices maintained its record-breaking descent in January, according to data released Tuesday.related:
Standard & Poor’s Case-Shiller Home Price Index, a widely watched measure of 20 metropolitan areas, fell 19 percent in January from January 2008. That was slightly faster than it dropped in December.
The worst hit metropolitan areas have now fallen nearly in half. None of the cities showed month-to-month improvements. Thirteen showed record annual rates of decline.
“There’s no daylight that I can see in this report,” said David Blitzer, chairman of the index committee at S.&P...
The Big Picture: Case Shiller Index Falls 19%
Housing Wire: Home Prices Fall Record 19.4 Percent in January: Report
Banks Starting to Walk Away on Foreclosures --
City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate.
The so-called bank walkaways rarely mean relief for the property owners...
----Gov't Ramps Up Emotional Rescue
U.S. website offers emotional rescue from economy — WASHINGTON - Stressed out by the economy? The U.S. government is offering an online emotional rescue kit. — The “Getting Through Tough Economic Times” guide at www.samhsa.gov/economy/ is meant to help people identify …
discussion:William Teach / Pirate's Cove: Say, Wouldn't Hajibs And Turbans Be Great For Fireman?Steve M. / No More Mister Nice Blog: DRUDGE'S ASININE “GOTCHA”Fausta / Fausta's Blog: Would you like some cheese with that whiiiiiiiiiine?Robert Stein / Connecting.the.Dots: Drudge Suicide WatchMichelle Malkin: The soul-fixer-in-chief is here to dry your tears
----Wall Street Journal:
U.S. Threatens Bankruptcy for GM, Chrysler
Stephen Grocer / Deal Journal: Deals of the Day: Bankruptcy Looms Over GM and ChryslerKeith Koffler / Roll Call: Obama Tilts Power BalanceSharon Silke Carty / USA Today: GM's future at stake as Obama's team steps inBen Pershing / Washington Post: Who's Next on Obama's Chopping Block?Paul Sherman / CapitalBeat: WSJ: Government May Divide Automakers' “Good” …The Politico: Carrots for banks, sticks for autos
Paul Ingrassia / Wall Street Journal: Richard Wagoner Had to Go
Larry Kudlow / RCM: GM: A 'Truly Breathtaking' Departure
William Holstein / New York Times: One Roadblock Too Many for GM
Rick Newman / Flow Chart: Carmaker Bailout: What's In It for Car Buyers
Alex Taylor III / Fortune: Rick Wagoner: He Could Have Been a Contender
J. Hussman / Hussman Funds: Bondholders Must Be Given Massive Haircut
----David Brooks / New York Times:
Car Dealer in Chief — Some companies are in the steel business, some are in the cookie business, but General Motors is in the restructuring business. For 30 years, G.M. has been restructuring itself toward long-term viability. — For all these years, G.M.'s market share has endured a long, steady slide...
Eugene Robinson / Washington Post: Detroit Dissonance — Tough Love for Carmakers, Pillows for Wall St.Tom Maguire / JustOneMinute: Would You Buy A Used Car From This Man?Wall Street Journal: The Obama Autoworks — At GM and Chrysler, politics is now Job One.No Sheeples Here!: Dear Leader Now An Autocrat (No Pun Intended)David Knowles / Political Machine: Should Obama Let US Auto Makers Go Into Bankruptcy?John / Upturned Earth: Phase 3: Profit — David Brooks's column on GM's “restructuring” …Jennifer Rubin / Commentary: Flotsam and Jetsam — Dog bites man story: charter school …Megan McArdle: Whither GM?
- Jobs, and America's Backdoor Layoffs - Moira Herbst, Business Week
- Protectionism Hurts the Poor the Most - Rod Hunter, The Weekly Standard
- Let's Shake Off the Shackles of Free Trade - Noreena Hertz, Times of London
- The Dollar Isn't About to Yield to the Yuan - Celestine Bohlen, Bloomberg
- The Dollar and America's Lost Decade - Ashby Foote, Clarion-Ledger
- What Went Wrong at AIG - Noam Scheiber, The New Republic
- With Bailouts, the Deficit Is Exploding - Brian Wesbury & Bob Stein, Forbes
- Has Industry Sold Out for Bailouts? - Editorial, Investor's Business Daily
- A Fix for Geithner's Bank Plan - Lucian Bebchuk, Washington Post
- Six Reasons I'm Calling a Bottom - Paul Farrell, MarketWatch
- Obama the New FDR? Try The New Hoover - Ed Harrison, Naked Capitalism
- The Question Geithner Refuses To Answer - Henry Blodget, Clusterstock
- Lennar Offers 3.625% 30-Yr Mortgage. Are Rates Going Lower? - WSJ
- The SEC Shuts Down Innovative Lenders - Hans Eisenbeis, The Big Money
- Social Security’s Surplus Bites The Dust - Kevin Hassett, Bloomberg
- Obama & The G-20: Is It 1933 All Over Again? - Steve LeVine, BusinessWeek
- What Are Money Managers Thinking? - James Picerno, Capital Spectator
- Now's The Time To Move Beyond Buy-and-Hold - Doug Kass, TheStreet.com
- FDR Was No Milton Friedman - L. Gordon Crovitz, Wall Street Journal
- Reagan's Revolution Getting Chinese Makeover - William Pesek, Bloomberg
- We Should Welcome Chinese Prosperity - Christian Thwaites, Forbes