April 3, 2013

AM foothold: Things that make you go hmm, housing myths, JP Morgan investigations and Iraq

1. Three myths of the housing rebound
Home prices have been zooming up over the past year in many of the housing markets that saw the biggest declines. Recently, some pundits have grown wary of the rally, arguing that it’s unsupported by fundamentals and marks the beginning of another housing bubble.

2. James Hansen to quit NASA to pursue climate destroyers with vigour
“If we burn even a substantial fraction of the fossil fuels, we guarantee there’s going to be unstoppable changes” in the climate of the earth, he said. “We’re going to leave a situation for young people and future generations that they may have no way to deal with.”

3. JP Morgan getting dragged through the mud by federal investigators
 At least two board members are worried about the mounting problems, and some top executives fear that the bank’s relationships in Washington have frayed as JPMorgan becomes a focus of federal investigations.

4. The US's other dark legacy in Iraq
When the United States, the United Kingdom, and the "coalition of the willing" attacked Iraq in March 2003, millions protested around the world. But the war of "shock and awe" was just the beginning. The subsequent occupation of Iraq by the US-led Coalition Provisional Authority (CPA) bankrupted the country and left its infrastructure in shambles.

5. Things that make you go hmmm: Delay of game
These capital controls will be impossible to lift at any point in time, I suspect, so the week that
turned into a month will likely turn into a much longer period. Just ask Icelanders who still
have capital controls in place from 2008.