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Monday, May 4, 2009

Great Recession Roundup — May 4, 2009

Items of Interest:

Nayla Kazzi / Center for American Progress:
More Americans Losing Health Insurance Every Day — Analysis of Health Coverage Losses During the Recession — Workers at a Planned Parenthood clinic in Iowa report a sharp rise in the number of women who need help paying for care in recent months...

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Alan Meltzer Op-Ed / NY Times:
Inflation Nation -- IN the 1970s, with inflation rising, I often described the Federal Reserve as knowing only two speeds: too fast and too slow. At the time, the Fed’s idea was to combat recession by promoting expansion, printing money and making it easier for businesses and households to borrow — and worry only later about the inflation that resulted. That strategy produced a sorry decade of slow productivity growth, rising unemployment and, yes, rising inflation. If President Obama and the Fed continue down their current path, we could see a repeat of those dreadful inflationary years...
discusssion:
Paul Krugman / NY Times:
A history lesson for Alan Meltzer
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CNN Money:
Pending home sales jump 3.2% -- Buyers defy expectations with an increase in sales contracts signed during March.

Is the housing meltdown ending?

Pending home sales rose in March for the second consecutive month and are up year over year...
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New York Times:
As Foreclosures Surge ... — The Obama administration sat by last week as 12 Senate Democrats joined 39 Senate Republicans to block a vote on an amendment that would have allowed bankruptcy judges to modify troubled mortgages...
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Wall Street Journal:
More Banks Will Need Capital — Stress Tests Identify About Ten; Wells, BofA, Citigroup Face Order to Refill Coffers — WASHINGTON — The U.S. is expected to direct about 10 of the 19 banks undergoing government stress tests to boost their capital, according to several people familiar with the matter …
discussion:
Joe Weisenthal / Clusterstock: 10 Of 19 Banks Fail The Stress Test
Roy Smith & Ingo Walter / Forbes: Two Cheers for The Stress Tests
Thomas Hoenig / Financial Times: Troubled Banks Must Be Allowed to Fail
J. Hempton / Bronte Capital: Who Is Leaking the Bank Stress Test Results?

related:
James Surowiecki / The New Yorker: How the Big Banks Got Too Big
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John Wasik / Bloomberg:
U.S. Home Prices May Be Lost For a Generation -- We might be looking at a lost generation for U.S. home values.

Far too many analysts are calling a bottom to the housing market after home prices in 20 metropolitan areas declined at a slower pace in February, according to the Standard & Poor’s/Case-Shiller Index.

Don’t be blinded by the glint of optimism in headlines about rising consumer confidence and slowing price declines. Demographic and market realities tell a more sobering story.

You won’t see a widespread housing rebound in an economy in which 600,000 jobs a month are lost and foreclosures ravage the most overleveraged areas...
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Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

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Washington's Blog

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Paper Economy

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