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Friday, April 24, 2009

Great Recession Roundup — April 24, 2009

Items of Interest:

Video: Frank in 2005 — Bubble? What bubble? -- Barney Frank argued this week that he had always warned about the excesses of pushing home ownership and had advocated for rentals instead. Our friends at Verum Serum couldn’t believe their ears, because Frank has long been one of the loudest voices supporting the CRA and Fannie/Freddie policies that encouraged irresponsible lending. Here’s Frank making that clear on the floor of Congress on June 27, 2005, in support of the recognition of National Home Ownership Month...

Frank: I think we have an excessive degree of concern right now about home ownership and its role in the economy. Obviously, speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to me to missing a very important point. Unlike previous examples we have had, where substantial excessive inflation of prices later caused some problems, we are talking here about an entity — home ownership, homes — where there is not the degree of leverage we have seen elsewhere. This is not the dot-com situation...

Barney Frank in bed with Fannie MaeNick Gillespie / Reason: Barney Frank's Meatloaf Impersonation When it Comes to Freedom two out of three aint bad... -- Here's Rep. Barney Frank (D-Mass.) talking with Conservative News Service (CNS) who, like the Canadian Mounties, always seem to get their man...

James Joyner / Outside The Beltway: Barney Frank: Housing Bubble Nostradamus
Francis Cianfrocca / The New Ledger:
What Will the Stress Tests Mean? -- Wouldn’t you like to know just how sick U.S. banks really are? So would Tim Geithner. That’s the point of the somewhat mysterious “stress test” exercise going on now. Unfortunately, it’s probably going to stay mysterious to us ordinary people...

ABC News:
Bank Stress Test Details Revealed- Would U.S. banks survive if the economy took an even deeper downturn? The Federal Reserve shed new light on how it's trying to answer that question in a report issued today on the government's bank "stress tests." ....
Connie Madon / BloggingStocks:
Stress test banks will need to raise $1 trillion — Filed under: Market matters , Housing , Federal Reserve US banks will receive preliminary results of their "stress tests" today. From some of the data coming in all is not well in the garden patch. On an overall basis, while banks are showing surface profits to the public, their books are deteriorating in the back room. At the biggest lenders, ...

Noah Rosenblatt / Manhattan Real Estate
Stress Test --> 10.3% Unemployment in Adverse Scenario — A: Just wanted to throw out that the fed released the Bank Stress Test White Paper moments ago. The ADVERSE Scenario, which 'was designed to characterize a recession that is longer and more severe than the consensus expectation', anticipates a peak U3 unemployment rate of 10.3% or so by 4th quarter of 2010; we are at 8.5% currently. The BASELINE ...
Four banks shuttered as credit crunch shakes out -- Four banks in Georgia, Michigan, California and Idaho are shut by regulators, costing the Federal Deposit Insurance Corp.'s deposit insurance fund nearly $700 million as the effects of the credit crisis continued rippling throughout the U.S. economy.