Chris in West Virginia was the first of several readers that mentioned Glenn Beck’s recent explanation of inflation, interest rates, and the history of destroyed currencies [1]. It was a basic primer for the sheeple. I just wish he had taken a couple of minutes to explain the money multiplier effect [2] of fractional reserve banking. Ehh! Probably too complicated for many television viewers to grasp.
The latest from Dr. Housing Bubble: Option ARMs Enter the Eye of the Hurricane: The $189 Billion Recast Problem Targeted Directly at the California Housing Market. Of $189 Billion in Securitized Option ARMs $109 Billion in California [3].
Norfolk Southern Railroad’s profit slides as traffic remains slow [4]. Revenues fell across all of the railroad’s business segments. (Thanks to Damon for the link.)
GG noticed this piece by John Browne in The Asia Times: Inflation by Stealth [5]
Items from The Economatrix:
Nine Banks Seized this Week, Total Up to 115 [6]. The fourth largest failure was California National Bank in Los Angeles
Are Things Really Getting Better? [7]
New Home Sales Take Surprise Tumble [8]
$8,000 Home Credit Still in Play [8] Critic says government spent $43,000 for each sale that occurred because of the program
Investors Rush Back into Stocks as Economy Grows [9]
Economy Growing But Recovery Could Be at Risk
Consumers Returning to Big Brands
Crude Prices Near $80 Again, Retail Gas Up Again [10] JWR Adds: But wholesale inventories are very high, so expect prices to fall soon!
MetLife Posts 3Q Loss on Investment Losses [11]
First-Time Jobless Claims Drop Less than Expected
[12]
Banks Cut Emergency Borrowing from Federal Reserve
US Economy: Consumers, Government Propel Growth; Economy Up for First in a Year [13]
Mish: Houston is Bankrupt (As are California, Oregon, and Pension Plans in General) [14]
Dollar, Yen Tumble as Growth in US Economy Spurs Risk Demand
Sprint Loses Nearly $500 Million in Third Quarter [15]
Are US Treasuries About to Rally … Or Crash? [16]
World Markets Fall After Weak US Consumer Report [17]
Soros on the World Financial Crisis His message: China must be part of the New World Order