07 avril 2008
The Fed is blameless on the property bubble (sic)
Source: Financial Times
Auteur: (Pompier-pyromane en chef: Alan Greenspan)
As far as US monetary policy being (in Mr Wolf’s words) “dangerously asymmetrical”, I point out that over the past half-century the US economy has been in recession only one-seventh of the time. Yet the unemployment rate exhibits no trend. Hence the average rate of rise of unemployment has been far greater than its average pace of decline. Monetary policy in response has been more active during recessions than during periods of expansion, but scarcely “dangerous”.
Lenders retreat as housing market plummets
Source: The San Francisco Chronicle
As the nation's housing market swoons, lenders are tightening their grip on their money.
Why this housing crash could be worse than the 1990s
source: MoneyWeek
The credit crunch is set to get even worse.
As David Wighton points out in The Times, if residential housing follows commercial property, then times are set to get very hard indeed. Since June last year alone, the average commercial property price has fallen by 15%, according to the Investment Property Databank. The City reckons that by the end of this year, prices will have fallen 26% in 18 months.
If the
commercial property crash has so far been worse than the 1990s, then
it’s not much of a jump to imagine that the coming residential housing
crash could also be worse.
UK housing - “Sell everything!”
source: Financial Times Alphaville
One builder told us the best strategy is to “sell everything” to cash up. A high profile estate agent told us he believed there could be a five year downturn. Against this background, we believe private and quoted builders will be pressured by banks to sell assets. We’re hearing of one already.
Il y a comme une odeur de brulé au niveau de la bulle immobilière en UK....
NBER's Feldstein says U.S. sliding into recession
source: Yahoo
I think that December/January was the peak and that we
have been sliding into recession ever since then," Feldstein,
the president of the National Bureau of Economic Research, said
on CNBC television.
Les perspectives de croissance de la zone euro se détériorent, s'alarme Juncker
source: Nouvel Obs
"Nous devons aujourd'hui dire la vérité, à savoir que les perspectives économiques sont plus mauvaises" qu'au mois de novembre, a-t-il déclaré devant le Parlement européen.
La crise pourrait avoir des conséquences sur l'économie réelle (Weber)
source: Les Echos
"Il est à craindre que les défaillances actuelles se renforcent mutuellement et puissent influer sur l'économie réelle et le système financier, comme cela a déjà été le cas lors d'autres turbulences financières", indique M. Weber....
La présidente du directoire de KfW paye le prix de la crise d’IKB
source: La Tribune de Genève
Cadres : moral en baisse
source: Le Figaro
....une détérioration sensible liée, notamment, à l'effritement du pouvoir d'achat.
Vers une nouvelle levée de fonds pour Washington Mutual
source: La Tribune