Year-over-year GDP: This is the good news?

Via Market Ticker:

gdp-yoy

Ron Paul: what’s the Fed afraid of?

News Roundup, 7/30/09

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How YOU Finance Goldman Sachs’ Profits – Goldman insider and former managing director Nomi Prins dishes on her old bosses, “Anxious to avoid a similar fate, hat in hand, they came to the Fed for access to desperately needed capital.”

Does the Fed Need An Exit Strategy? – Mises.org presents another damning takedown of Fed and mainstream economic policy.

Unemployment Report FAR Weaker Than Reported – Denninger: “But those numbers don’t include the people who rolled off the original 13 week unemployment rolls and onto the extended programs (which go out to 52 weeks in many cases), and as such the number is being dramatically underreported. That’s a problem – see, there are 2,656,879 people in that bin, an increase of 24,518 from the prior week, and worse, 352,482 people rolled off the 13 week program last week!

Bernanke Fights Bill to Audit Fed – CBS: “The argument for an audit has become stronger in the wake of the extraordinary and unprecedented steps the Federal Reserve has taken in response to the market turmoil that began two years ago.”

Can Bubbles Also Be Made in China? – Tim Swanson, of Mises.org, looks at current economic policy in China.

NY Fed Pres Dudley Wants More Power – WSJ: And he claims they can best prevent bubbles. Good one, Dudley.

Homes At Risk: Not Pretty

Wake-up chart for all those buying into the 2nd derivative housing argument:

foreclosure-risks

The rise in foreclosure starts and delinquencies is what people should be focusing on, not the paltry .5% MoM increase in existing home prices. The pace of loan modifications is also woefully inadequate to solve a problem on the scale of ours.Via Planet Money.

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