Submitted by CARPE DIEM
Question from a CD reader:
I am hoping you might be able to answer questions for me that have been bothering me since the sub prime lending crisis began last year. Why hasn’t private mortgage insurance (PMI) kicked in to protect lenders whose loans have defaulted or are in foreclosure?
Answer: Subprime lenders […]

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Submitted by CARPE DIEM

WASHINGTON — The Federal Reserve is considering contingency plans for expanding its lending power in the event its recent steps to unfreeze credit markets fail. WASHINGTON — Mortgage applications in the U.S. rose last week as purchases and refinancing increased. The Mortgage Bankers Association’s index of applications to buy a home or […]

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Submitted by CARPE DIEM
Paul Krugman in the NY Times, “Grains Gone Wild”

Where the effects of bad policy are clearest, however, is in the rise of demon ethanol and other biofuels. The subsidized conversion of crops into fuel was supposed to promote energy independence and help limit global warming. But this promise was, as Time magazine […]

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Submitted by Econbrowser
Via Mortgage News Clips, an interesting interactive map of Denver foreclosures in USA Today.
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Submitted by Econbrowser
Another interesting paper presented at the Society for Nonlinear Dynamics and Econometrics Symposium that I attended last week was by Anton Nakov of the Bank of Spain and Andrea Pescatori of the Federal Reserve Bank of Cleveland on the role that changes in energy markets may have played in the reduction in GDP […]

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Submitted by CARPE DIEM
According to Money Magazine, the 10 white-collar jobs above (click to enlarge) have the best combination of high pay and high security, and are among the best careers to have in a recession.
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Submitted by CARPE DIEM

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Submitted by Businomics Blog
The rate at which employees are voluntarily quitting their jobs is down from its peak, but still much higher than in the aftermath of the 2001 recession.

We only have data since December 2000, but this appears to be a lagging indicator, meaning that it hits bottom well after the overall economy hits […]

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Submitted by Businomics Blog
The Wall Street Journal published a list of starting salaries for college graduates by major (subscription required).
At the top of the list is engineering ($49,707), followed by computer programming ($46,775), mathematics ($46,405) and economics ($43,419).
What’s critical here is that we’re talking first job, not lifetime earnings.  Now it’s probably true that over […]

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Submitted by CARPE DIEM
DETROIT–The Washington, D.C.-based America’s Promise Alliance looked at the country’s top 50 urban centers and found an average graduation rate of 51.8%. The Mesa, Ariz., school district had the best graduation rate, with 71.8%. Detroit Public Schools brought up the rear with a 24.9% graduation rate.
Detroit Public Schools spokesman Steve Wasko […]

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