Wednesday, October 3, 2012

Today's links

1--'Why the US Demonizes Venezuala's Democracy', economists view
http://economistsview.typepad.com/economistsview/2012/10/why-the-us-demonizes-venezualas-democracy.html

On 30 May, Dan Rather, one of America's best-known journalists,announced that Venezuelan president Hugo Chávez would die "in a couple of months at most." Four months later Chávez is not only alive and campaigning but widely expected to win re-election on Sunday.
Such is the state of misrepresentation of Venezuela,... a journalist can say almost anything about Chávez or his government and it is unlikely to be challenged, so long as it is negative. Even worse, Rather referred to Chávez as "the dictator" – a term that few, if any, political scientists familiar with the country would countenance.
Here is whatJimmy Carter said about Venezuela's "dictatorship" a few weeks ago: "As a matter of fact, of the 92 elections that we've monitored, I would say that the election process in Venezuela is the best in the world." ... But because Washington has sought for more than a decade to delegitimize Venezuela's government, his ... comments went unreported in almost all of the US media
 
2--Growing resistance from the bottom, Jerry White for Prez, WSWS

3--World economy slides deeper into slump, WSWS

4--David Rosenberg: "RIP Wealth Effect", zero hedge

5--Wary Americans saving more, even as government encourages risk, WA Post

6--Real Estate Recovery Cycle, The Big Picture

7--Future home prices? Opinions vary widely, OC Housing News

8--Apartment Demand Ebbs as ‘Avalanche’ of New Units Open, realty check

9--Freddie's Foreclosure Plan Hits Roadblock, WSJ

Banks want to keep Freddie out of the financing market, and have told the FHFA that they can provide ample loans to investors. Bankers say an FHFA decision to sideline Freddie could drive investors toward their loans and other services, generating fees

If [Freddie] came along and offered funding, and it was on better terms, in all likelihood, the funding business would end up in their hands," says Steve Abrahams, a mortgage analyst at Deutsche BankDBK.XE +2.33% . "The odds of it crowding out private participation are pretty high."
Tensions over the initiative underline the conflicts within a housing market still recovering from its worst crisis in decades, with Freddie and its larger sibling, Fannie Mae, banks and investors pulling in different directions. In addition, policy makers say they want to shrink the mortgage giants' role, but some economists have argued that any short-term steps the firms take to stimulate housing demand could make it easier to accomplish that long-term goal.
Freddie's financing proposal is targeted to more established players with property management experience, not to investors looking to buy several foreclosed homes....

Financing from Freddie would be the greatest economic stimulus," says Aaron Edelheit, chief executive of American Home Real Estate Co., which owns more than 1,500 houses and is actively buying more. "You'd have the greatest land grab you've ever seen." 

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