{"id":188224,"date":"2010-11-08T20:32:00","date_gmt":"2010-11-09T01:32:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/11\/08\/economics-update-19\/"},"modified":"2010-11-08T20:32:00","modified_gmt":"2010-11-09T01:32:00","slug":"economics-update-19","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/11\/08\/economics-update-19\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>We have two different data points, first <a href=\"http:\/\/www.cnbc.com\/id\/40070220\">mortgage delinquencies were up in the 3<sup>rd<\/sup> quarter<\/a>, but we also saw that <a href=\"http:\/\/www.bloomberg.com\/news\/2010-11-08\/household-debt-in-u-s-declined-0-9-in-third-quarter-new-york-fed-says.html\">U.S. household debt shrunk by 0.9%<\/a> over the same period.<\/p>\n<p>So, are people paying down their debts, or are they having their debts written down by banks that realize that they will never get the money?<\/p>\n<p>Coupled with this, <a href=\"http:\/\/www.channelnewsasia.com\/stories\/afp_world_business\/view\/1092225\/1\/.html\">crude oil is getting close to $90\/bbl again<\/a>, which may put<span style=\"font-weight: bold;\"> another<\/span> crimp in the economy.<\/p>\n<p>Finally, the other shoe has dropped for monoliner bond insurer Ambac, and it has <a href=\"http:\/\/dealbook.nytimes.com\/2010\/11\/08\/ambac-files-for-bankruptcy\/?src=busln\">filed for bankruptcy<\/a>, chapter 11 reorg, not chapter 7 liquidation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have two different data points, first mortgage delinquencies were up in the 3rd quarter, but we also saw that U.S. household debt shrunk by 0.9% over the same period. So, are people paying down their debts, or are they having their debts written down by banks that realize that they will never get the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004,1045,1088,1089],"tags":[],"class_list":["post-188224","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance","category-insurance","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188224"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188224"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188224\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}