![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
economics and politics
Jan. 28th, 2008 11:01 am60 Minutes did a spot on the housing situation; as a story, it's actually not too bad. Steve Kroft is appalled at the idea that people would walk away from "underwater" houses that are losing value, but as Kevin Depew over at Minyanville points out, this is how businesses have operated for a long, long time, so getting judgmental on this is pretty asinine.
Also, Nouriel Roubini, who was talking about the housing implosion a couple of years in advance, talks about "Stag-deflation," which is to say a deflationary recession, which is to say, tho' almost nobody - including him - is using this word, a depression. If you're not willing to register, here's an article about Dr. Roubini's outlook over on Bloomberg.
Meanwhile, Marketwatch is reporting that the trading floor is bidding up stocks on anticipation of another Fed rate cut. That is to say, another one this week, after last Tuesday's emergency cut. Apparently traders want the Fed completely out of ammunition as quickly as possible. ZIRP, here we come!
Finally, Glenn Greenwald is updating regularly on today's FISA amendments debate. If you've forgotten what this is (as people keep doing), it's additions to FISA that allow warrantless wiretapping and provide retroactive immunity for lawbreaking by the telecom industry. You can hit refresh on that link to get updates, but you have to scroll down to the bottom. And here's today's action item for contacting senators.
Also, Nouriel Roubini, who was talking about the housing implosion a couple of years in advance, talks about "Stag-deflation," which is to say a deflationary recession, which is to say, tho' almost nobody - including him - is using this word, a depression. If you're not willing to register, here's an article about Dr. Roubini's outlook over on Bloomberg.
Meanwhile, Marketwatch is reporting that the trading floor is bidding up stocks on anticipation of another Fed rate cut. That is to say, another one this week, after last Tuesday's emergency cut. Apparently traders want the Fed completely out of ammunition as quickly as possible. ZIRP, here we come!
Finally, Glenn Greenwald is updating regularly on today's FISA amendments debate. If you've forgotten what this is (as people keep doing), it's additions to FISA that allow warrantless wiretapping and provide retroactive immunity for lawbreaking by the telecom industry. You can hit refresh on that link to get updates, but you have to scroll down to the bottom. And here's today's action item for contacting senators.
