Emily Friedlander raises many interesting points.

In an image that echoes scenes of the Great Depression, a Texas bank has just finished up demolishing 16 new and partially built houses it acquired in Southern California through foreclosure. The bank determined that wrecking the homes was more cost-effective than finishing and selling them.

Read the whole article


* US should heed IMF’s toxic warning (Hugo Dixon, The Daily Telegraph)

* Obama’s big, bold experiment (Thomas L. Friedman, Akron Beacon Journal)

* Predatory lenders become a federal priority (Oklahoman Graphics, Daily Oklahoman)

* Treasury seeks more partners for bad asset program (Christopher S. Rugaber, The Pantagraph)

* Luxury Homes Are Lingering on the Market (Prashant Gopal, BusinessWeek)

* Books financial advice points path out of debt (Carla Hinton, KWTV)

* Vast options available (Tim Preston, Independent)

* Real estate deals coming to the Roaring Fork Valley (Barbara Kurpaska, Glenwood Springs Post-Independent)

* George Will: Immigration policy has been hijacked (Gatehouse Media, State Journal-Register)

PHOENIX Police Chief Jack Harris, a solid block of a man with a shock of thick gray hair, is stolid and patient but there are limits.

* As bankruptcy filings mount, attention turns again to reform (USA Today)

Cash-strapped families are seeking bankruptcy protection at nearly the same rate and in the same manner as they did before the much-debated 2005 bankruptcy law reform, a trend critics say proves the reform was a failure.

* Bart Cannon: The difference between recession and depression (Cleburne Times-Review)

Every day we hear a fresh batch of bad news regarding the economic crisis. Our confidence in the financial markets plummets with new revelations about layoffs, sell-offs, and made-offsas in the guy who made off with billions of innocent peoples retirement money.

* Yao case set pace for fiscal scandals (News Journal)

Years before anyone uttered the phase “mortgage meltdown” or heard of rogue financier Bernard Madoff, there was Andrew N. Yao.

* Economic freefall more frightening with each passing day (Greater Media Papers)

We are living in the worst financial times since the Great Depression; the big picture is becoming more frightening with each passing day, as the downward financial spiral continues. Even more frightening is the fact that no one knows what to do in order to stop the freefall, and nobody knows when it will end. If the downward financial spiral continues any further, we may fall through the safet…

Read the rest of this entry »

Here is today’s article from Baltimore Sun.

The greatest dangers of recession and depression are not unemployment and foreclosure. The greatest dangers of recession are strife, killing and war. World War II was a direct result of the Great Depression. People with jobs and a future are less likely to want to kill other people. Compelling evidence comes from Northern Ireland, whose booming economy of the last decade has supported, finally,…

Read the whole article