PRUDENT BEAR Number of Americans Collecting Jobless Benefits at 26-Year High ECB Delivers Biggest Rate Cut Ever as Economy Slumps Merck Expects 2009 Profit to Miss Analysts’ Estimates Bank of England Cuts Key Interest Rate to 2%, Lowest Since 1951 D.E. Shaw, Farallon Restrict Withdrawals as Fund Freeze Deepens Calls for $1 Trillion Stimulus Package Grow as Economy Tumbles GM, Chrysler May Accept Bankruptcy to Receive Bailout New Zealand Cuts Key Interest Rate by Record to 5% Stocks fall on weak energy sector and outlooks Dollar Falls Before Report Forecast to Show U.S. Lost Jobs Oil tumbles below $44 a barrel, gas hits new low Quotable “'The bottom line is that all those McMansions that were bought during this housing boom are going to go the way of the 1973 Lincoln Continental,’ Merrill Lynch’s David Rosenberg writes. The housing bubble was the most over-owned, overleveraged and oversupplied real-estate market ever, he says, and its unwinding will take years. The revival of consumers saving their money for retirement - rather than expecting their homes to provide the cushion - added with ‘move down’ buyers will depress real-estate prices, he says.” Dow Jones, December 20, 2007Market Movers
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