Items of Interest:
Arthur Laffer & Stephen Moore / Wall Street Journal:
Soak the Rich, Lose the Rich — Americans know how to use the moving van to escape high taxes. With states facing nearly $100 billion in combined budget deficits this year, we're seeing more governors than ever proposing the Barack Obama solution to balancing the budget: Soak the rich.
Lawmakers in California, Connecticut, Delaware, Illinois, Minnesota, New Jersey, New York and Oregon want to raise income tax rates on the top 1% or 2% or 5% of their citizens. New Illinois Gov. Patrick Quinn wants a 50% increase in the income tax rate on the wealthy because this is the "fair" way to close his state's gaping deficit...
Buck Naked Politics: Wall Street Journal Ensures Ad Revenues by Defending “The Rich”DownWithTyranny!: Elizabeth Warren Explains Why The Economy Is Screwed And How To Fix ItHughS / Wizbang: The Ghost Of California Proposition 13Mike / Cold Fury: It's categorical — Arthur Laffer and Stephen Moore …Bryan McAffee / Right Pundits: The ‘Rich’ are Moving to States With Low Taxes (Duh)Johnny Roosh / Shot in the Dark: Florida Plates — Minnesotans, The Frozen Chosen …Daniel J. Mitchell / Cato @ Liberty: Revenge of the Laffer CurveTigerHawk: Fleeing high state taxesBruce McQuain / QandO: Tax The Rich? Watch The Inevitable HappenFausta / Fausta's Blog: Soak the Rich, Lose the RichJim Lindgren / The Volokh Conspiracy: High State Taxes Lead to Big Budget Deficits and Low Job Growth.
Mapping Foreclosures in the New York Region ---
Henry & Roberts / NY Times:
Long Island Foreclosures Rise, With No End in Sight -- “Over all, Long Island’s foreclosure rate is 3.7 percent, with at least 31,000 homes in some stage of foreclosure from 2005 through August 2008, according to the data, from The Long Island Real Estate Report. That is slightly higher than the 3.3 percent rate for the region, covering New York City, western Connecticut, Long Island and New Jersey.
What worries housing counselors and policymakers is that Long Island’s housing problems appear to be worsening. Recent bank data on mortgage delinquencies show that at least 6 percent of mortgages held by Long Island homeowners were 90 days or more past due, compared with 3.5 percent during the same period last year.” ...
related:Berger & Roberts / NY Times:
NY Times: A Federal Program Helps Flip Houses on Long Island
Foreclosure Crisis in Westchester Crosses Economic Boundaries
Haughney & Roberts / NY Times:
Connecticut Foreclosure Crisis Appears to Be Worsening
Fahim & Roberts / NY Times:
In New Jersey, Dreams of a Better Life Dashed by Foreclosure Crisis
Powell & Roberts / NY Times:
Minorities Affected Most as New York Foreclosures Rise
- Profile: It Was a Nice Home, While It Lasted
- Profile: Twice in Trouble, a Family Tries to Stay in Its Home
- The Housing Crisis: Getting a Ground-Level View
Why Commercial Real Estate Can't Be Saved -- In my opinion, the Fed has no interest rate bullets left, and quantitative easing hasn't moved longer term rates lower since the program was announced in March. In fact, they're higher. So far, the Fed has managed to drive the TED spread and LIBOR back to reasonable levels. Higher-quality commercial paper trades much better than it did a few months ago. Mortgages rates are also down. All because the Fed has been buying. The only thing that isn't down to reasonable levels is the corporate bond spread to Treasuries, both investment grade and junk.
It’s only a couple of data points, but here’s what scares me: The John Hancock Building in Boston, an absolute landmark, sold in foreclosure in April at 50% of its appraised price in 2006. It make it worse, the buyer took over a mortgage at a coupon of 5.6% for 97% of the purchase price. There's no 5.6% commercial mortgage money around any more, so the real purchase price was lower, closer to 40% if real financing could have been found...
Brazil and China eye plan to axe dollar
Don Surber: Daily scoreboard — 1. Brazil and China are thinking of dumping …Rand Paul 2010 for Kentucky: Brazil And China Discussing A Move Away From The US Dollar
Diane Francis / National Post: China Holds Sway Over the U.S. Dollar
At Geithner's Treasury, Key Decisions on Hold -- Many Advisers' Roles Are Undefined And Others Still Awaiting Confirmation...
Peterr / Firedoglake: Team Obama Caught Bringing a Football to a Basketball GameYves Smith / naked capitalism: Washington Post Raises Doubts About Geithner Management Style, Status of PPIPKarl / Hot Air: Shocker: Timmy Geithner still a mess at TreasuryBrad DeLong / Grasping Reality with Both Hands: David Cho Is Unfair to Tim Geithner: The Senate Is the ProblemMegan McArdle: Empty Desks at TreasuryChris / AMERICAblog News: Is Geithner serious about his job or the economy?Jordan Weissmann / The BLT: The Morning Wrap — Barry and Bibi: President Barack Obama …
Timothy Carney / Am. Spectator:
Mr. Loophole: The Tim Geithner Story
Obama's Dangerous Debt -- Just how much government debt does a president have to endorse before he's labeled "irresponsible"? Well, apparently much more than the massive amounts envisioned by President Obama. The final version of his 2010 budget, released last week, is a case study in political expediency and economic gambling...
Eric / Viking Pundit: Mortgaging away our money and freedomIlya Somin / The Volokh Conspiracy: The Coming Explosion of Federal Spending:CK MacLeod / Hot Air: Understanding Obamanomics: We're gonna need a bigger graphConn Carroll / The Foundry: Obama's Debt Gamble
- The Sky Isn’t Falling - Fareed Zakaria, Newsweek
- U.S. Blues: The Treasuries Bubble Has Burst - Andrew Bary, Barron's
- Leave the Guns (Bonds); Take the Cannolis (Stocks) - Doug Kass, The Street
- Why Is P.F. Chang's Thriving While Others Are Dying? - Dan Gross, Slate
- Stay Tuned For China's Next Banking Crisis - Gordon Chang, Forbes
- China Forecast Is Too Rosy For Investors - John Wasik, Bloomberg
- Notes From Another Credit Card Crisis - Suki Kim, New York Times
- Derivatives & the Wisdom of Crowds - L. Gordon Crovitz, Wall Street Journal
- The Cure for Layoffs? Fire the Boss - Avi Lewis & Naomi Klein, The Nation
- "Buy American" Provisions Still Threaten Free Trade - Editorial, IBD
- Immigration: Only 'Geniuses' Need Apply? - Moira Herbst, Business Week
- The Yin Yang of Value Creation and Value Capture - Bill Frezza, RCM
- Wrong, the U.S. Still Has All the Power - A. Evans-Pritchard, Telegraph
- EU's Protectionist Attack On Hedge Funds - Paul Marshall, Financial Times
- Is This Bear Market Really Over? - Paul Lim, New York Times
- Despite the Rally, Stock Bargains Abound - John Dorfman, Bloomberg
- Don't Bet Against Warren Buffett - Michael Lewis, The New Republic
- Charlie Munger's Words of Wisdom - Kathy Kristof, Los Angeles Times
- The Myth About Shareholder Value - Justin Fox, Fortune
- The Long, Hard Road to 'Excessive' Pay - John Tamny, Forbes
- More Free Lunch Keynesian Nonsense - Mish's Global Econ Trend Analysis
- Ch-ch-ch-Changes At SAC Capital - Bess Levin, DealBreaker
- Normalizing Earnings During Profit Freefalls - Barry Ritholtz, Big Picture
- Diverse Stocks Hitting New 52-Week Highs - 24/7 Wall Street
- Communists Are Out, India's Market Soars - Mark Perry, Carpe Diem