What If I Am Wrong About Europe?

I have long stated the eurozone will breakup. Historically speaking, no currency union has ever survived in the absence of a political union.Moreover, in It's Just Impossible I notedThe Bundesbank said there should be no banking union until there is a fiscal union. Angela Merkel said that there should be no fiscal union until there is political union. François Hollande said that there should be no...

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Another Big Push for Southwest Revamp

The federal government has issued a Notice of Intent that could potentially remake part of Washington D.C.'s Southwest quadrant, asking the private sector for input to make better use of the agency-heavy neighborhood.  The area, now dominated by superblocks, highways, feeder roads, checkpoints and nondescript, outdated federal buildings that make it feel more like a secure compound than...

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At Some Point the Hat Runs out of Rabbits; First Catalonia, Now Basque Separatists Call for Independent Country; El Pais Survey Shows 43% Catalans For Independence, 41% Opposed

Calls for the splintering of Spain have picked up steam. Euskal Herria Bildu (EHB, a left-wing, Basque nationalist party) has called for "A Great National Act" in Favor of Independence according to El Pais.EH Bildu has called "a great national political act" in favor of the independence of the Basque Country for the next October 13 in the BEC Barakaldo (Bizkaia), announced its candidate for lehendakari, Laura Mintegi in an appearance before the media at EA headquarters in Bilbao.Mintegi explained...

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Austerity Programs Hit France; Marchers Demand Vote on Treaty; Hollande Reneges on Campaign Promise

Following protests in Portugal, Spain, and Greece, a wave of Leftists march in Paris against austerity. Thousands of leftists marched through Paris on Sunday demanding a referendum on the EU’s new fiscal discipline treaty in the latest of a series of anti-austerity protests in countries hit by the eurozone crisis.The demonstration, the biggest political rally in France since May elections brought Socialist president François Hollande to power, followed protests on the streets of Madrid and Lisbon...

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JPMorgan, Bank of America Forgive Debts that No Longer Exist; Wonderful News! But For Whom?

In February, five of the nation's largest banks agreed on a $25 billion settlement over widespread, systemic mortgage fraud and related issues.The $25 Billion Deal, announced with huge fanfare, was supposed to help up to a million struggling homeowners, primarily via debt forgiveness.Let's flash forward a few months to see how debt forgiveness is working out in practice.Today, the New York Times notes Banks Forgive Debt That Isn't There.GREETINGS, unhappy homeowners! Here’s some wonderful news:...

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China New Export New Orders Decline At Fastest Pace in 42 Months; China's Precarious Rebalancing Act

HSBC China Manufacturing PMI™ shows Output falls at fastest pace since March.Key pointsNew export orders fall at fastest rate in 42 monthsOutput and input prices continue to fallPurchasing activity declines amid weak demand and lower production requirementsData in September signalled a stronger decline in Chinese manufacturing output, as the volume of new orders fell for the eleventh consecutive month....

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Your Next Place

This massive former embassy is on the market for the first time in over fifty years; most likely all the U.S. government listening devices have been deactivated, though of course I can't be sure.  (Just to be safe, turn loud music on before discussing anything against the law, such as selling heroin, terror plots, or same-sex marriage.) But this incredibly property is bursting with unlimited...

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Japan PMI: Output and New Orders Contract Further

The global economy continues to weaken most everywhere you look. The focus of this post is Japan where the Markit/JMMA Japan Manufacturing PMI™ shows Modest deterioration in operating conditions recorded in September.Key points:Output and new orders both down again, albeit at slower ratesWeaker underlying demand and strong yen impact on export ordersCharges cut at sharpest rate for over two yearsSummary:Operating...

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Kevin James Throws It Down in Delray Beach

BUYER: Kevin JamesLOCATION: Delray Beach, FLPRICE: $18,500,000SIZE: 26,509, 8 bedrooms, 9 full and 3 half bathroomsYOUR MAMAS NOTES: Thanks to a brief note from The Bizzy Boys at Celebrity Address Aerial—and a previously overlooked report by the intrepid peeps at the Palm Beach Post way back in mid-August (2012)—Your Mama has learned that Emmy- and Razzie-nominated stand-up comedian, sitcom success...

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France Piles €20 Billion in Tax Hikes on Businesses and Wealthy

It's now official. The top tax rate in France is now 75% for those who make over a million euros. Moreover, there is a new band of 45% for those who make over 150,000 euros. Don't forget the existing VAT on all purchases. Europe is imploding and instead of fixing onerous work rules, France Hits Rich and Business to Slash Deficit.Socialist President Francois Hollande unveiled higher levies on business and a 75-percent tax for the super-rich on Friday in a 2013 budget aimed at showing France has the...

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Real Estate Market Pulse | Who’s Market is it?

As we continue to see the ever changing real estate market take a positive turn upward, some people are asking themselves what to do in these times. Based on recent home sale statistics, homes are being sold at a much faster rate than we have seen in years. A healthy real estate market usually has about 6 months of supply at any given time. Today we have seen that number cut in half, and the shelf...

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Pending Home Sales Index Continues To Show Strength

Nationwide, homes continue to sell briskly. According to the National Association of REALTORS®, the Pending Home Sales Index read 99.2 for August -- the fourth straight month in which the index hovered near its benchmark value of 100. A "pending home" is a home that is under contract to sell, but has not yet closed. The index measures with fair accuracy the future strength of the U.S. housing market....

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Morning Real Estate Fix

Reports show housing market continues to improve (Examiner)  A snapshot of the Maryland market by county......But a new ULI report says things are looking less promising in the commercial sector (Commercial Property Executive) In its most recent semi-annual survey of the next 3 years, economists and analysts are downgrading their expectations for the commercial real estate market to predict a smaller bounce than previously hoped for.Homebuying: fall is the new spring (NASDAQ) While practical...

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Can the Fed Fight Droids and Win? Apple's SIRI, Driverless Trucks, What's Next? Riveting Video: Are Droids Taking Our Jobs?

Today, a single farmer can produce as much goods as 100 farmers a half-century or less ago. That freed up labor for manufacturing and the service economy.However, droids are now replacing humans in both manufacturing and services.When does it stop? Every time I go into a grocery store, I see more self-service checkout lanes and fewer manned ones. When RFID checkout comes into vogue, and it will quickly,...

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California Hit Parade Rolls On: Atwater Scrambles to Avoid bankruptcy

The California hit parade keeps on rolling as yet Another California city scrambles to avoid bankruptcy. Atwater, a city of roughly 28,000 in California's Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said. Under California law, a local government must either declare a "fiscal emergency" or go through a 60-to-90 day confidential negotiation process with its creditors...

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Real Per Capita "Core" Durable Goods Orders

Courtesy of Doug Short, here is an excellent pair of charts on Real Per Capita "Core" Durable Goods OrdersCore Durable Goodsclick on either chart for sharper imageCore Durable Goods Percent Decline From PeakDoug Short does excellent work. Click on the top link to see additional charts.I have little to add other than this is how recessions start, an opinion expressed earlier in Durable Goods Orders...

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Update: Diddy's Digs

Last week all us celebrity property gossips jawed endlessly over the high-floor, one-bedroom party pad in Midtown Manhattan that rapper-mogul Sean Combs—a.k.a. Puffy Piddle or Diddle Daddy or P. Daddle or whatever—kerplopped on market with a heavy-duty $8,500,000 price tag.At that time there weren't images included with online listings but we happened to notice today the addition of a treasure trove...

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