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Wed, September 17, 2008 01:17:33 PMFrom:
Philly.com: Inquirer Business Update
Subject:
Inquirer Business Update: Northeast takes greater hit in residential permits
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Philadelphia Business Today
Top Story
The number of residential permits fell 8.9 percent to an 854,000 annual rate nationally in August from July, the Commerce Department reported today.
BUSINESS BLOGS
As bad as the events in the financial markets have been over the last few weeks, the risk that the credit markets will spiral downward has increased.
That’s what Nigel Gault, Global Insight’s chief U.S. economist, said on a conference call yesterday. You may wonder how things could get worse. Welcome to the “negative feedback loop”: As lenders worry about their prospects, they lend less. With fewer loans, the economy slows down. That results in more job losses and higher unemployment rates. Mortgage delinquencies and foreclosures rise, while housing prices fall. Lenders become less likely to lend and on it goes.
Why is the Federal Reserve bailing out an insurance company? So banks that do business with AIG don't blow up. That's wrong, and their ought to be a national insurance regulator, say a couple of Congress members.
Today's Inquirer
Commuter traffic rose Monday on the Tacony-Palmyra and Burlington-Bristol Bridges and dropped on the four Delaware River Port Authority bridges, apparently the result of drivers' looking for a bargain.
The $1.75 billion deal for banking and trading groups will rescue 9,000 workers.
British bank Barclays P.L.C. has agreed to acquire Lehman Bros. Holdings Inc.'s investment-banking and trading operations for $1.75 billion, potentially throwing a lifeline to more than 9,000 employees.
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