The housing sector has been the poster child for the part of the economy that has lagged during the economic recovery. The housing bubble that existed prior to 2007 was characterized by buyers with no or a low down payment and teaser interest rate mortgages who bet on price appreciation as well as speculative investors hoping to “flip” their purchases amid rapidly rising prices. Low interest rates, falling lending standards, and creative financial engineering of collateralized mortgage instruments helped finance housing purchases. Further, government policy aided and abetted the housing mania. The result was a period in which additions to the housing stock exceeded what population demographics would dictate.
The world economic picture is darkening. Recent reports for major regions indicate that the probability of a global recession has risen significantly in recent weeks. The Eurozone financial and political quagmire continues unabated, while economic data from that troubled region indicate a deepen
Item: A former SEAL using “Mark Owen” as his nom de plume (or is it de guerre?) has written a book called No Easy Day about the raid that killed Osama bin Laden. Publication is strategically scheduled for next week – September 11 actually – but plenty of people have rea
The U.S. trade deficit in manufactures continued to rise during the first half of 2012, but at a slower pace than in 2011, while the Chinese surplus continued to soar, as noted in a new Manufacturers Alliance for Productivity and Innovation (MAPI) report.
It was almost a disaster. For a few harrowing minutes, the descent of Apollo 11 onto the lunar surface rode the narrow path between triumph and tragedy. As noted in an article on the Scientific American website
Finance, Tax, U.S. Tax, Federal Tax Rules & Regulations, U.S. Tax Policy, Global Economy, Competitiveness, Government Policy, Money & Finance, Government Finance
The fiscal cliff is an unusually large number of contentious tax and spending laws set to expire December 31, 2012. These rules impact business as well as nearly every segment of the population. Collectively, the seven major initiatives amount to more than $600 billion, or about 4% of gross domestic product in calendar year 2013.