Saturday, November 15, 2008

Econ News, 11/10-15

These links appeared in our sidebar this past week.

LOCAL NEWS:

Charlottesville loses 500 Jobs in one year.
And then there's Luck Stone, Lexis/Nexis, and Circuit City which are shedding jobs. And let's not forget the REALTORS who aren't going to make any money in the coming months, either. (That is said with 0% snark, fwiw.) Retail sales, and thus sales tax revenues, are down in the City and the County.


Cville's new Landmark Hotel in $ trouble? Depends on who you ask. A subsidiary of Silverton Bank, located in Georgia, did the major financing for this project. The bank is, apparently, now experiencing issues. (Is it naive to wonder why a local or regional bank wasn't used for this project?)

NATIONAL NEWS:

The stock market closed, down, for the second week in a row.

October saw a record decline in retail sales.

Philiadelphia, Phoenix, and Atlanta all want money from Treasury, now that Comrade Hank isn't buying "troubled assets." So does San Jose. (Ridiculous!)

Continued unemployment claims are at their highest since 1983.

Fannie Mae has now taken over so many houses due to foreclosure that if they were collected into one city, it would be just about the size of Richmond, Va.

House Speaker Pelosi calls for Auto Bailout. (Not surprising....)

The luxury house builder Toll Brothers wants to subsidize new buyers because their business is tanking so badly:

“We urge Congress to stimulate demand by reducing mortgage rates and fees and by providing incentives such as a buyer tax credit for the purchase of all types of homes. We believe these initiatives would offer the greatest benefit for the taxpayer’s dollar," said Robert Toll, CEO. (Hmm. Is this in addition to lowering prices?)

American Express, the last major credit card issuer, is going to become a Bank Holding Company so they can get some of your money via the $750 Billion Bailout. (We've filed our own application to become a Bank Holding Company. Haven't you?)

Last week, Circuit City announced the closing of 150+ stores, including C'ville's. This week, the company filed for bankruptcy. (We're shocked, shocked.)

Insurance giant AIG gets $150 Billion of your money, instead of $85B. (Will they take another spa day to celebrate?)

5th Distric Phenom Tom Perriello lauded in online Slate Magazine, in an article entitled "Goode Riddance." (Goode pun, huh?)

"We don't have a moment to lose...." - Podesta on the Obama Transition, which is striving for the strictest ethics rules ever. (Is this really going to be so hard to achieve, given the departing admin?)

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