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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (53767)	7/23/2006 11:44:57 PM
From: mishedlo	Respond to of 116555

Independent Thought hussman.net John P. Hussman, Ph.D. It continues to astonish me how much power investors appear to ascribe to the Federal Reserve. The institution can do nothing but purchase debt (mainly U.S. Treasuries) and pay for it by creating bank reserves, or sell debt and receive payment by reducing bank reserves. When you realize that the total volume of bank lending has virtually no link at all to bank reserves (since the majority of monetary aggregates other than checking accounts have had zero reserve requirements since the early 1990's), and that foreign purchases of U.S. Treasuries have swamped Fed activity in Treasuries three-to-six times over in recent years, this whole focus on every word, syllable, and inflection from the Federal Reserve is just preposterous. As Bill Hester walks around the office saying, “the markets have lost the ability to think for themselves.” ... ....

To: regli who wrote (53767)	7/23/2006 11:54:56 PM
From: mishedlo	Respond to of 116555

Lennar walks away from 4,000-home Hills of Minneola proposal orlandosentinel.com

To: regli who wrote (53767)	7/24/2006 12:02:26 AM
From: mishedlo	Respond to of 116555

Fraud in Miami Dade The agency diverted another $5 million -- money earmarked by state law to build homes for the poor -- to pay for a new office building complete with a $287,000 bronze sculpture of stacked teacups called Space Station that was shipped from Italy. The Housing Agency paid more than $12 million to developers who promised dozens of houses but built only two, and years later, never returned the money. One of the agency's most high-profile projects -- replacing dilapidated public housing in Liberty City with 411 new homes -- is so marred by mismanagement that only three houses have been built in six years. More than $22 million has been spent while 800 poor families have been forced to relocate. miami.com