News

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Bad Monetary Policy Is Redundant

Mises Institute Daily Articles - 18 hours 38 min ago

The Austrian theory of the trade cycle explains why the Fed's below-market interest rates invariably lead to a correction known as the bust. The theory is not new. Why has it been so out of favor with most economists?
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The Milgram Experiment

Mises Institute Daily Articles - 19 hours 56 min ago

If the learner made an error, the teacher would administer an electric shock to the learner by remote control, pressing a button on a control console. Each electric shock administered would be stronger than the one before.
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If a Pure Market Economy Is So Good, Why Doesn't It Exist?

Mises Institute Daily Articles - 19 hours 56 min ago

By eliminating the analytical straightjacket imposed by neoclassical economics, economists could have a lot more to offer about how to improve the world. They would start thinking about changing preferences, not just incentives.
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US stocks move higher following jobs, housing reports

Rational Review News Digest - 21 hours 54 min ago

“Stocks are closing with modest gains after reports on housing, manufacturing and jobs indicated the economy continues to grow, although slowly. Trading was slightly muted Thursday head of a closely watched monthly report on employment that’s due out Friday. First-time claims for unemployment benefits fell slightly last week. According to preliminary calculations, the Dow Jones industrial average rose 50 points, or 0.5 percent, to 10,320.” (09/02/10)

Mexico: Soldiers kill 25 in gun battle near border

Rational Review News Digest - 21 hours 55 min ago

“A shootout between soldiers and suspected drug cartel members in northeastern Mexico left 25 purported gunmen dead Thursday, the military said. A reconnaissance flight over Ciudad Mier in Tamaulipas state spotted several gunmen in front of a property, according to a statement from Mexico’s Defense Department.” (09/02/10)

Iraq: 12 killed, nine wounded

Rational Review News Digest - 21 hours 56 min ago

“Last night in Baiji, an attack on an Awakening Council checkpoint left two dead and five wounded. An official in Mashadah survived an assassination attempt that killed his brother and another person; he was wounded as well. In Mosul, gunmen killed a taxi driver. … A civilian was shot dead. Two hostages were liberated. In Baghdad, a senior education ministry official was assassinated. One soldier was killed and another was wounded as they tried to defuse a bomb in Hilla. A U.S. military vehicle struck a civilian car in Numaniya, killing three and wounding a fourth person. An Awakening Council member was shot dead at a checkpoint in Tuz Khormato.” (09/02/10)

Afghanistan: Two US troops killed

Rational Review News Digest - 21 hours 57 min ago

“Two American soldiers were killed in Afghanistan on Thursday hours before Defense Secretary Roberts Gates arrived in Kabul for talks with President Hamid Karzai and the top NATO commander in Afghanistan, U.S. General David Petraeus. The marines, serving as part of the NATO-led International Security Assistance Force (ISAF), were killed in separate militant attacks in the east and the south of the country.” (09/02/10)

Colombia: Fourteen cops killed in ambush, rebels blamed

Rational Review News Digest - 21 hours 59 min ago

“Suspected leftist rebels killed 14 police officers and wounded seven in an ambush of a five-truck convoy in southern Colombia, a police commander said Thursday. Elsewhere in the country, two separate mine blasts on Wednesday and Thursday killed four soldiers and wounded six more, authorities reported.” (09/02/10)

Venezuela: Election official says Chavez breaking campaign rules

Rational Review News Digest - 22 hours 8 min ago

“An electoral official accused President Hugo Chavez and his allies of breaking campaign laws by using state-run media to berate rivals and praise friends ahead of this month’s legislative elections. Vicente Diaz, one of the National Election Council’s five directors, said Chavez is violating legislation prohibiting elected officials from using their posts to promote candidacies.” (09/02/10)

Mozambique: At least one dead in second day of riots

Rational Review News Digest - 22 hours 12 min ago

“At least one person was killed Thursday as riots in the southern African nation of Mozambique continued into a second day, Deputy Justice Minister Alberto Nkutumula said in a televised news conference. Another 37 people were admitted to a hospital with bullet wounds, said Evete Soares, the hospital director, on STV. Police used live rounds and threw tear gas into crowds, according to a local journalist who saw the violence in Maputo, the nation’s capital.” (09/02/10)

Homebuyer tax credit off the radar

"There's no serious talk of reinstating the homebuyer tax credit, the White House and real estate industry trade groups say, quashing speculation that followed statements Housing Secretary Shaun Donovan made on a Sunday morning news show."
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FHFA Sets New Affordable Housing Goals for GSEs

"The GSE regulator Thursday issued new affordable goals that Fannie Mae and Freddie Mac are expected to meet this calendar year. A final rule issued by the Federal Housing Finance Agency creates home purchase and refinancing goals based on the two's total mortgage acquisitions.
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BLS: Mortgage Jobs Increased in July

"Mortgage companies added 2,300 full-time employees to their payrolls in July as refinancing applications swelled, compensating for a weak purchase money business."
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FHA won't insure low credit score borrowers under new guidelines

"Borrowers with credit scores less than 500 are not eligible for Federal Housing Administration-insured mortgage financing, according to the new credit score and loan-to-value (LTV) requirements released today by the U.S. Department of Housing and Urban Development."
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The HUD hammer hits hard: FHA withdrawals FHA approval status from 905 lenders

The Federal Housing Administration's Mortgagee Review Board (MRB) has been busy this year. They published a notice in the Federal Register that announced dozens of administrative actions against FHA-approved lenders who did not meet FHA policy requirements. In 2010 alone, up to the time of the writing of the notice, the MRB has issued around 1,500 sanctions against lenders, including “reprimands, probations, suspensions, withdrawals of approval and civil money penalties.”
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Federal Housing Stimulus: How Much More?

Congress returns the week of September 13th, and as Democrats face an uncertain election this November, you know they're going to be looking to make average Americans feel more secure about their finances. But how much has housing stimulus really helped?
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when to refinance a mortgage?

Mortgage Q&A: “When to refinance a mortgage?” With mortgage rates at record lows, you may be wondering if now is a good time to refinance. The popular 30-year fixed-rate mortgage slipped to 4.32 percent this week, well below the 5.08 percent seen a year ago, and much better than the six-percent range seen years earlier. So should you refinance now?
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Why is Google Getting Involved in Real Estate?

"Why would a search engine (that also happens to be the one of the world’s most powerful technology companies) start sloshing around in the murky waters of real estate investing? And what impact will it have on the real estate market at large?"
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New FHA Premiums Released (Effective Oct. 4)

On borrowers whose loan-to-values are no more than 95 percent, HUD can charge an annual FHA premium of 1.5 percent of the remaining principal balance. The limit was increased from 0.50 percent. On loans in excess of 95 percent LTV, HUD was authorized to boost the annual FHA premium to 1.55 percent, up from the prior limit of 0.55 percent... HUD is lowering up-front premiums to 100 basis points on purchase and refinance transactions. But the annual premiums are being raised to 85 BPS on loans with LTVs up to 95 percent and 90 BPS for LTVs above 95 percent.
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August Total Non Farm Payrolls Come At -54K On Consensus Of -105K, Unchanged From July, Unemployment Rate 9.6%, Birth Death Adds 115K

``Private payrolls come in at +67K as Birth Death adds 115K, compared to just 6K previously, as U-6 rises from 16.5 to 16.7%, highest since April. Total Part time workers (all industries) increased by 401k from 18,157 to 18,558; part time workers for economic reasons increased by 331K.''
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