Items of Interest:
David Leohardt / New York Times:
For Housing Crisis, the End Probably Isn’t Near -- The closest thing to a real estate crystal ball in the last few years has been the house auctions that are regularly held around the country.
In 2006 and early 2007, the official housing statistics were still showing that house prices were holding up. But that was largely because so many sellers were refusing to sell. The auctions, made up mostly of foreclosed homes, showed the truth: house values were starting to plummet in many places.
So a few weeks ago, I decided to go to an auction at a hotel ballroom in Washington — and to study the results of several others elsewhere — with an eye to figuring out whether prices may now be close to bottoming out...
An bearin bui / House Price Crash News Blog: NY Times: For Housing Crisis, the End Probably Isn't Near
Joey / Curbed: Scary Graph Alert: David Leonhardt has been on Charlie..
Mark Perry / Carpe Diem: Did The Housing Market Bottom In Late 2008?
Barry Ritholtz /The Big Picture: Delinquencies Rising At Fannie & Freddie
CNBC Realty Check: California Foreclosures Are Back With A Vengeance
James Saft / Financial Times: An emerging opportunity in U.S. housing
An Effort to Save Flint, Mich., by Shrinking It -- Civic leaders advocate demolishing entire blocks to concentrate on healthier ones...
Minyanville: Razing the American City?
Matt Welch / Reason:
GM Is Becoming a Royal Debacle -- It's good to be the king -- until you start tripping over your own robe.
So King Barack the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM. He wants Chrysler's secured lenders to give up their right to nearly full recovery in a bankruptcy in return for 15 cents on the dollar. They'd be crazy to do so, of course, except that these banks also happen to be beholden to the administration for TARP money...
Kingly prerogative also conflicts with kingly prerogative in the case of GM's unsecured creditors, who are the sticking point in agreeing to a turnaround plan by the drop-dead date of June 1. His retainer, Steven Rattner, has delivered word that the king's pleasure is that these unsecured creditors give up 100% of their claims in return for GM stock...
Henry Blodget / The Huffington Post: King Obama Will See You Now...
GM Said to Idle 15 Assembly Plants in May-July Period -- General Motors Corp., contending with a 49 percent decline in U.S. sales this year, will idle 15 North American assembly plants for at least a week from mid-May through July, a person familiar with the plans said...
Executive at Freddie Mac Is Found Dead -- The acting chief financial officer of the troubled mortgage giant Freddie Mac was found dead Wednesday morning at his home in Northern Virginia, the police said.
The executive, David B. Kellermann, who had been with Freddie Mac for 16 years, apparently committed suicide by hanging himself, according to people with knowledge of the investigation...
related:Washington Post: Freddie Mac Official Dead in Apparent SuicideJack Ryan / The Post Chronicle: Photo: Freddie Mac CFO Devid Kellermann Suicide Note Found?Joe Weisenthal / Clusterstock: Freddie Mac CFO Commits SuicideMichelle Malkin: A few words about the Freddie Mac CFO suicideMichael van der Galien / PoliGazette: Acting Freddie Mac CFO commits suicide
Did Bonus Shaming Play Part In Freddie Mac CFO's Death?
Will The Tea Parties Matter? -- The elite media tried to ignore us. The government labeled us “extremists.”
But on April 15, more than one million Americans came together, spontaneously, to defend fairness and freedom....
Michelle Malkin: Tea Party protesters get results in Rhode IslandJames Wolcott / Vanity Fair: Freedom's Just Another Word for Nuthin' Left to NewtGlenn Reynolds / Pajamas Media: TEA PARTY RESULTS IN RHODE ISLAND: “In Woonsocket, RI …
Dave / Political Machine: Dick Cheney Hits Obama AgainSteve Benen / Washington Monthly: KEEP ON TALKING, DICK.... The Democratic National Committee …Todd Beeton / MyDD: Last Throes — Dick Cheney just won't go away.Joe Gandelman / The Moderate Voice: Dick Cheney Calls Obama Administration's Economic Policies “Devastating”Melissa McEwan / Shakesville: What part of STFU do you not understand, sir?
- Bill Ackman's Plan To Save the Financial World - Jesse Eisinger, Portfolio
- The World of High Finance After the Crisis - Martin Gross, Foreign Policy
- Grand Theft Treasury - Robert Scheer, The Nation
- Give John Mack A Hand, At Least He's Honest - M. Goldstein, Business Week
- America's Traditional Strengths Will Win Out - Jamie Dimon, Fortune
- BofA's Lewis Still Has A Shot at Stardom - David Reilly, Bloomberg
- Harvard Law Professor Wages Holy War On Banks - Thomas Cooley, Forbes
- How the US Will Save GM & Chrysler - Steven Pearlstein, Washington Post
- K Street Kills Card Check - Thomas Frank, Wall Street Journal
- We Fought A.I.G. & A.I.G. Won - Steven Davidoff, DealBook
- The Death of Democratic Capitalism? - Larry Kudlow, RealClearPolitics
- Ratting Out Steven Rattner - Michael Kinsley, Washington Post
- Public Pensions As Political Playthings - Steven Malanga, RealClearMarkets
- The Scary Rise of the "Empty Creditor" - Daniel Gross, Slate
- Tyranny Of Rising Credit Card Interest Rates - P. Chadwick, CNBC
- Banks Get Stress Tests, Investors Get Stressed - Caroline Baum, Bloomberg
- Bank Tests That Should Stress Us - Mohamed El-Erian, Financial Times
- Why the Bank Stress Tests Are Worthless - Michael Brush, MSN Money
- Another Big Fib From Beijing: 6.1 Percent Growth - Gordon Chang, Forbes
- Why Is VC Under Assault? - Scott Powell, Investor's Business Daily