America betting against the house
The month of August is a time for reflection in financial markets. Volumes decline, as investors in the US and Europe take summer vacations. Those left behind have the leisure to reflect on longer term trends and risks in the world economy. This year, the collective focus of the international investment community has been on housing - specifically the US housing market - and what that sector may mean for the global economy.
US housing has exerted several positive influences on the US economy: employment; direct consumption; refinancing; wealth effects. Housing allowed consumer spending to remain strong, even in periods when household income growth has moderated. This in turn has made sure that the US economy has not had a consumer led recession since 1991 (an unusually long period).
The problem is that house prices and housing activity, have moderated significantly this summer. In fact, UBS Investment Bank would go as far as to say that the housing sector of the US economy is in a recession. Existing home prices were rising over 10% a year for most of 2005 - now they are barely moving.
More : bangkokpost.com
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Jewelers of America Urges Congress to Strip Pombo's Land Grab from Budget Reconciliation Bill
Contact: Steve D'Esposito of EARTHWORKS, 202-887-1872 ext. 203 or 202-255-2717 (cell); Ian Gary of Oxfam America, 202-375-3628 or Mary Mitchell of the Rock Creek Alliance, 208-610-4896
WASHINGTON, Nov. 15 /U.S. Newswire/ -- Jewelers of America, the nation's largest retail jewelry trade association, sent a letter to Speaker of the House Dennis Hastert on Monday night urging him to strip controversial 'mining' provisions from the House budget reconciliation bill. The letter, signed by Jewelers of America President and CEO Matthew A. Runci, expressed grave concern that the mining provisions
Credit card receipts and other documents reveal lobbyists paid for House Majority Leader Tom DeLay's expenses during a trip to Scotland in 2000 that totaled over $120,000, The Washington Post reports. The payments are a clear violation of House ethics rules. Hear Post reporter R. Jeffrey Smith.
More: npr.org
House leaders defended their members from accusations about taking overseas trips paid by lobbyists just hours before the House ethics committee officially organized itself on Wednesday evening.
Staffing issues were still to be resolved as the panel voted 10-0 on how to administer rules put back into place last week by the full House. Democrats had refused to attend committee hearings as long as rules passed by the House in January remained in place.
The re-activation of the committee occurred after it was discovered this week that House Majority Leader Tom DeLay (search) isn't the only representative on Capitol Hill who
New shows coming to BBC America
BBC America has made a deal with international distributor FremantleMedia to air a package of British shows never before seen in the United States.
A couple of the never before aired shows are a documentary special called Beatles Biggest Secrets and psychological thriller, A Good Murder, Daily Variety reported Monday.
Also included in the deal are comedy series Hardware, made for TV movie The Return, Benny Hill: Worlds Favorite Clown and series How Clean is Your House?
More : smallscreen.monstersandcritics.com
Bush: America Safer, But Not Yet Safe
During a day of briefings and strategy sessions at the National Counterterrorism Center, President Bush on Tuesday again lamented that the enemy has an advantage, reports CBS News White House correspondent Mark Knoller.
Theyve got to be right one time and weve got to be right 100 percent of the time to protect the American people, Mr. Bush said.
The president hailed the disruption last week of the plot to blow up U.S.-bound airliners with liquid explosives. He said because of the counterterrorism efforts of the United States and its allies, America is safer
