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Saturday May 17 2008
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The 6am cut - Alphaville by email
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The US housing collapse, in technicolor
Just a simple chart here, from Sempra Metals‘ prolific John Kemp.
New home sales shrank again in January to a seasonally adjusted rate of just 604,000, running at less than half their July 2005 peak. Starts also continue to fall as builders respond to a slumping market.
The worst is not yet over. Housebuilding rates will continue to fall throughout much — perhaps all — of 2008. There will be no recovery before 2009 at the earliest.
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http://globaleconomicanalysis.blogspot.com/2008/01/bank-reserves-go-negative.html
anyone read this by Mish? He says it’s unprecedented. Would be interested to hear what FT journos think of this.
“Le trader a laissé entendre que la direction de la banque connaissait et récompensait ses positions prises de manière illicite, avec dépassements d’engagements, absence de couverture du risque et faux documents maquillant l’ensemble. Ils étaient créditeurs au 31 décembre 2007 de 1,4 milliards d’euros, a dit lundi le procureur.”
http://lemonde.fr
According to Le Monde, Jérôme Kerviel let investigators guess that his superiors were aware of his positions.