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Big report from Knowledge@Wharton - … include video interviews with faculty members, a timeline describing key points in the crisis, an interactive feature demonstrating the cascade of events that fell like a line of dominos toward disaster, a glossary, and an op-ed piece and two articles. … - thanks Ira Artman for finding this - Knowledge@Wharton 

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In weak economy, forgoing $4 lattes for home brews - By CANDICE CHOI - AP Business Writer -   Chicago Tribune

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In Bear Stearns Case, Question of an Asset’s Value - LOUISE STORY - NY Times

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Death of America’s Suburbs Is Greatly Exaggerated: Joe Mysak - Bloomberg

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Miami: Condo bust draws scams and squatters - MONICA HATCHER - Property managers at condos are coping with new schemes — some criminal, others plain irritating — arising from foreclosures. - Miami Herald

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Hedge Funds Hire From Wall Street as Jobs Disappear, Pay Falls -  Elizabeth Hester and Katherine Burton - Bloomberg
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has 4 reasons and chart - Price Corrections Are Not As Bad As Reported and Local Statistics, June 2008 - Local Building Market Intelligence™ - realestateconsulting.com 

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As Washington Mutual cuts more jobs, banking falls apart again - … According to Reuters, “In an e-mail, Washington Mutual said it was cutting jobs that support its home lending unit, centralizing some support functions, and focusing on ‘mission-critical activities.’” … - Blogging Stocks

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Cramer on BloggingStocks: JP Morgan made a huge mistake -  TheStreet.com’s Jim Cramer says the acquired Bear Stearns portfolio is worth even less than he thought.  - Blogging Stocks

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Loan Performance Risk Summit - I know many of the excellent speakers, plus John Snow will be speaking! You should go.  For information  click here.   Thanks Bob Visini
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“The coming oil windfall in the Gulf.”  - McKinsey Quarterly - … At an oil price of $70 a barrel, the six nations of the GCC would earn a cumulative $6.2 trillion by 2020, or more than triple the amount they earned from 1993 through 2006. Decisions by Gulf leaders on how to use this wealth will have global repercussions for decades. .. -  McKinsey 

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Chart:  Gasoline Inflation Adjusted - Chart of the Day 

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RECESSION IN AMERICA - When Builders Go Broke - Chicago-based Neumann Homes went bankrupt last November, leaving a trail of wreckage in its path. Its worst victims? Homeowners - BusinessWeek

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Credit Crunch is Driving Up Blade Server Use, Morgan Stanley Exec Says -   But Steve Russell, managing director and global head of enterprise computing at Morgan Stanley, made the link today at a symposium hosted by blade.org. “You can reasonably assume investment banks have an increased interest in modeling mortgage derivatives and other products,” he noted. “It’s caused a huge increase in demand for compute capacity. - Wall Street and Technology

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Ginnie’s Jumbo Advantage: Easier Credit, Better Pricing -  Despite an uptick in activity from Fannie Mae and Freddie Mac in securitizing so-called jumbo-conforming mortgages, it’s clear that Ginnie Mae and the Federal Housing Administration have taken the lead in the brave new market for jumbo loans. Linda Lowell delves into why the old-hand in the mortgage industry has been so successful… - Linda Lovell - housingwire

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Warren Makes a Bet - John Mauldin’s Weekly E-Letter 

posted by Bill Coppedge