Friday, November 20, 2009

This Is Not What a Recovery in Month 9 Looks Like

Japan says economy back in deflation

By Robin Harding in Tokyo
Published: November 20 2009 06:31 | Last updated: November 20 2009 10:18
The Bank of Japan moved towards a neutral stance on the risk of inflation on Friday even as the government formally declared that the world’s second-largest economy has entered deflation for the first time since 2006.
The government’s declaration sets the scene for heightened tension with the bank, which has been resisting public calls by politicians for greater aggression in the fight against deflation.

State, local budget cuts a "time bomb" for jobs

NEW YORK (Reuters) - Budget shortfalls pose a direct threat to millions of U.S. jobs, many in the private sector, as state and local governments lay off workers and cut spending on contracts and other business services, a think tank said on Thursday.
State and local governments will have to raise taxes and cut spending in the current and next two fiscal years to cover shortfalls totaling $469 billion, according to an Economic Policy Institute report.

Obama mortgage rescue: Only a few get lasting help
Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.

U.S. Mortgage Delinquencies Reach a Record High - 1 in 7 is delinquent, 1 in 10 at least 1 payment behind
Nearly one in 10 homeowners with mortgages was at least one payment behind in the third quarter, the Mortgage Bankers Association said in its survey. That translates into about five million households.

Upcoming Week

There’s a lot jammed into a holiday shortened week ahead. Readings on October homes sales (existing and new), September home prices from Case-Shiller, another look at 3Q GDP, November consumer confidence, October durable goods and personal income & spending are among the highlights packed into the first three days of next week.

Next week could be a nasty surprise for the complacent self preserving idiots we call mutual fund managers.

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