posted by Bill Coppedge 

Real Gas Prices: We’ve Had It Good for a Long Time – Mark Perry  – Carpe Diem 

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1.  Hedge fund industry hit by worst crisis in a decade – LONDON: The hedge fund industry is reeling from its worst crisis in a decade as banks demand more money pledged to support outstanding loans even when the investment is backed by the full faith and credit of the United States . – Bloomberg IHT 

2.  Hedge Funds Reel From Margin Calls Even on Treasuries -  Bloomberg 

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UBS: U.S. Bailout for Homeowners Will Arrive by October – …  George Magnus, UBS senior economic advisor… also estimated that the total likely losses from the credit crisis could reach as high as a trillion dollars … Gary Smith -  seeking alpha

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Mortgage Delinquencies; The Best Indicators of a Future Foreclosure -  Analytical Wealth

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Can We Bury the Middle Class Income Myths? – additional thoughts from WSJ article – … the average household size has shrunk from 3.14 to 2.57 persons — a drop of 18%. The meaning? Even a “stagnant” average household income implies  … – Mark Perry – seeking alpha 

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Here We Go: PIMCO’s Bill Gross Says Fed Should Buy Mortgages – Fund my Mutual Fund 

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UCLA Forecast: No Recesssion, Just the Cusp of One -  The well-known UCLA Anderson Forecast released its first quarterly report for 2008 on Tuesday, and said it remains confident that the national economy was not in… -  housingwire 

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Tax Increases Reduce GDP – Christina D. Romer and David H. Romer – “Tax changes have very large effects: an exogenous tax increase of 1 percent of GDP lowers real GDP by roughly 2 to 3 percent.” – NBER 

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Disconnect in Treasuries: the Bond Revolt Begins – Michael Shedlock – seeking alpha

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Fitch Comments on MBIA’s Request to Withdraw Ratings – thanks Ira Artman – riskcenter.com  free reg. 

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Do You Believe The Yield Curve? – mymoneymylife  

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Preventing the Next Mortgage Crisis – 7 suggestions – Markham Lee – Analytical Wealth 

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Foreclosure Versus Delinquency: Either Way, Financials Will Pay – Thomas Tan – seeking alpha

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MORE THOUGHTS ON TSLF:

1.  Bove: Fed Rescue for Bear Stearns – “The Federal Reserve’s actions Tuesday may have been strongly influenced by Bear Stearns’ problem.” – Dick Bove, Punk Ziegel & Co. -  The Big Picture 

2.  Fed action may have targeted Bear Stearns – MarketWatch

3.  more on TAF & TSLF – Redirection of Liquidity, Not Creation of Liquidity – David Merkel  – The Aleph Blog 

4.  Fed Steps Up to Provide Liquidity – The Razor’s Edge – Market Commentary – Ockham Research