Sales of new single-family homes fell 4.7 percent in December to the lowest rate in nearly 13 years while the median sales price dropped sharply, according to a government report Monday that delivered more grim news for the housing sector – NYT
The U.S. economy may already be in recession; other countries might not be far behind. Japan, Britain, Spain and Singapore, which together represent about 12 percent of the world economy, are vulnerable as fallout from the U.S. worsens their economic weakness. Even emerging markets, including China, are likely to suffer as exports to the U.S. wane – Bloomberg
SocGen ‘alerted in November’ to rogue trades – Times On Line
Scandal stings not just bank, but French pride, too – International Herald Tribune, Nelson D. Schwartz and Jad Mouawad
A bank-sponsored bailout of the troubled bond insurance sector seems more like wishful thinking than market savior – The Street, Mark DeCambre
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