Bloomberg Says Worst of Slowdown Hasn't Yet Hit New York City by Bloomberg 7/18 snip:New York Mayor Michael Bloomberg said the city hasn't yet felt the full effects of the economic slowdown, a day after the state reported a drop in projected tax revenue. "We're doing better than the rest of the country, but it is going to get to us, it is starting to get to us,'' Bloomberg said during his weekly ap...

FLASH: Paulson & Bernanke - YOU WERE WARNED by Market Ticker - snip:I told you so. The entire credit system is all about confidence.A year ago I started telling you, and everyone else via Market Ticker, they you had to cut the crap and stop allowing people to lie, or you risked confidence being destroyed. Today, you're finding out what happens when you don't stop the lies on the balance sheets,...

IndyMac Bank seized by federal regulators by LA Times snip:The federal government took control of Pasadena-based IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history. The Office of Thrift Supervision in Washington, the chief regulator of IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp. Branches will be close...

Foreclosures Rose 53% in June as U.S. Bank Repossessions More Than Doubled by Bloomberg snips:U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes. More than 252,000 properties, or one in every 501 U.S. households, were in some...

Manhattan Second-Quarter Apartment Sales Fall by 22% by Bloomberg - snips:Manhattan apartment sales dropped the most for a second quarter since 1998 and unsold inventory approached an eight-year record, two signs prices may be poised to drop in the nation's most expensive urban housing market. The number of sales fell 22 percent from a year earlier and inventory rose 31 percent to 6,869 units, New...