January 25, 2010

December Drop in Home Sales

Crying Wolf About April 30? Sales of existing homes in December fell 16.7 percent from November to a seasonally adjusted annual rate of 5.45 million units, the National Association of Realtors said Monday. –“Existing Home Sales Drop More Than Forecast“; The New York Times (1/25/2010) My take is that a big chunk of the drop...
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How to Break Up Goldman Sachs

How to Break Up Goldman Sachs? Let Them Figure it Out As we drill down into the details of ideas for breaking the economic and political power of over sized banks, we need this litmus test against which serious suggestions should be judged: Does a proposal, at the end of the day, imply that Goldman...
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"The Vikings are Dead, Long Live the (2010) Twins!"

The Agony of Defeat (Again)I tell non-Minnesotans that the *saddest days I recall growing up in Minnesota, in order, are: 1. The Vikings’ first Super Bowl loss to the Chiefs in 1969.2. Hubert Humphrey’s funeral in the mid-70’s.3. The Vikings’ Super Bowl loss to the Oakland Raiders (not a dynastic team — see next).4. (Tie)...
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Stuyvesant Town Collapse

Strategic Default . . . Minus the Consequences Imagine you bought a house 4 years ago for $540,000, putting in a (very) modest 2% down payment, or $11,000, and borrowed the other $529,000. Today, your home was worth $180,000 (no, not a typo), yet you were still faced with making payments on the original $529,000...
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