News
WSJ | Hong Kong Chief Sees 'High Likelihood' of Global Recession
"I'm afraid all the ingredients for another slowdown in the global economy are coming," Mr. Tsang said in an interview. "The lack of investor confidence and the slowdown of consumption both in Europe and America are not good signs."
Market Watch | Home-builder confidence gauge climbs in October
Home-builder confidence in October rose by the largest amount since the home-buyer tax credit program ended, though the gauge remains mired at historically weak levels, according to an index released Tuesday.
WSJ | Steel Makers Struggle
In yet another sign of the weakness in the world economy, steelmakers have begun to slow production amid expectations of lower prices and a poor fourth quarter.
Politico | Retail sales help steer economy in right direction
The September retail numbers have alleviated concerns of a worst-case meltdown, but the forecast is still dreary when you dig deeper into the numbers.
Bloomberg | Housing Starts in U.S. Rise 15%, Beat Forecast
Builders began work on more U.S. homes than forecast in September on rising demand for apartments and condominiums as more Americans become renters.
WSJ | Traders Warn of Market Cracks
Amid the wild swings of the past few weeks, cracks are appearing deep in the workings of the stock market that some professional investors say are making the market treacherous to trade.
CNN: Money | Social Security payments to see first increase since 2009
Social Security recipients should get a cost of living adjustment of about 3.5% to 3.7% starting in January. The exact amount should be released Wednesday, when the government unveils the inflation index upon which the COLA is based.
WSJ | New Mortgage Plan Floated
Underwater Borrowers Current on Payments Would Get Help.
Econ Comments
Washington Times | LEBLANC: Obama’s obligation to free up Gulf oil
More oil-drilling permits would bolster economy and decrease deficit.
Forbes | The Fundamental Fallacies Of Macroeconomics
Do you sometimes wonder why economists are accorded such respect and influence given the fact that they claim knowledge over the unknowable, promote theories that are untestable, and make forecasts for which they are never held accountable?
Politico | Energy regulations hurt job creation
More than 43 major regulations were proposed last year, and an additional 219 are in the pipeline — each estimated to cost more than $100 million.
WSJ | Your Cash for Their Clunkers
Another White House energy favorite hits financial trouble.
Bloomberg | Global Recession Likely If Euro Crisis Stays, Nobel Winner Mortensen Says
“If the Europeans can’t solve the problem within a year, we are likely to have another worldwide recession,” Mortensen said at a press briefing in Taipei today. “So it’s very important for all of us to resolve that problem in the short term.”
WSJ | Too Big to Fail' Is Simply Too Big
There is no evidence huge banks add sufficient value to offset the systemic risk they pose.
RCM | Busting the 1% vs. 99% Inequality Myth
President Obama's class-envy strategy is built on a false premise - that the rich get richer at the expense of the poor.
Blogs
Café Hayek | More on ideology
When political events occur, our first impulse is to try to fit it in a box. We hear that something has happened, and we efficiently make up our mind about what it means and whether or not we agree.
Econlog | For the Myth of the Macroeconomy File
The standard view in economics is that wants are unlimited, so that in the long run as old jobs are destroyed new jobs are created. But will reality conform to this theory?
Heritage Foundation | Tales of the Red Tape #22: A Real Waste of Regulatory Energy
If you’re concerned that the Solyndra scandal is hampering other energy initiatives, worry not. The U.S. Department of Energy (DOE) is moving right along with its review of urinal efficiency.
Marginal Revolution | Will China soon have a trade deficit?
“China’s export-reliant enterprises are facing their toughest time in years. The possibility of a full-year trade deficit cannot be ruled out next year,” Wei, secretary-general of the China Center for International Economic Exchanges, a government think tank, told China Daily.
Calculated Risk | Calculated Risk MBA: Mortgage Purchase Application Index at Lowest Level Since 1996
The Refinance Index decreased 16.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 8.8 percent from one week earlier and is at the lowest level in the survey since December 1996.
