Archive for June, 2010

Congress Feels The Need For More Houses

The chart above is from Calculated Risk and shows, obviously, the enormous supply of single family housing currently held for sale by various financial entities. Knowledgeable readers will recognize that this is not the whole story given the large number of anticipated foreclosures, condominium units that don’t make it into a lot of the official [...]

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More Doubts About 30-Year Fixed Rate Mortgages

Here is some further heretical thinking on 30-year fixed rate mortgages from, believe it or not, an economist who works for the federal government’s housing cabal. His name is Patrick Lawler and he works for the Federal Housing Finance Agency. James R. Hagerty wrote of Mr. Lawler’s comments in the WSJ Developments blog. Here is [...]

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Avoiding Fiscal Reality In New York

You just can’t make this stuff up. From the NYT: Gov.┬áDavid A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund. And, in classic budgetary sleight-of-hand, they will borrow the money to make [...]

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The Lazy Way Out. A Few Good Links For Your Review

I’m beat this evening so no original blogging. I do, however, want to point you to a couple of good posts that are worth your time. Greg Mankiw cites Keith Hennessey on the still unsolved problem with healthcare spending. Tyler Cowen weighs in on the austerity/stimulus debate — sort of. As always, read the comments [...]

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Austerity Or Stimulus? The G20 Sparks A Discussion

The tone of the G20 communique on stimulus and sustainability of public finances has sparked a lively debate in the blogosphere. First, here’s the offending language — at least offending to some: The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in [...]

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Beware Of Models

One of the healthier outcomes from the financial crisis was that the scales fell from our eyes when it came to models. Think back to the really good articles and blog posts that exposed the data faults and logical faults of the mathematical models that underpinned the failed strategies of the financial system. We had [...]

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Not Everyone Has Quit Hiring

From a very good opinion piece in the WSJ on Saturday, here are some thoughts to consider: The increasing size of the federal work force is an early indication of what lies ahead. The Bureau of Labor Statistics reports that in the last year the federal government added 86,000 permanent (non-Census) jobs to the rolls. [...]

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