1.  Speech: The Economic Outlook for 2009 and Community Banks - Janet L. Yellen -  Federal Reserve Bank of San Francisco  2.  House Prices and Bank Loan Performance - John Krainer - Bank exposure to real estate The link between real estate prices and bank performance Measuring the impact of falling house prices on bank performance ... more ... FRBSF Economic Letter 2009-06  ------------ has list - Five reasons not to buy a home this year- Homes are more affordable, but don't rush -- prices won't skyrocket soon - By Amy Hoak -  MarketWatch ------------ SPEND, SPEND, SPEND. BUT WHO PAYS? - Paul Krugman in his New York Times column yesterday chastises the Obama administration for not pushing for a sufficiently large enough stimulus package to juice the economy. ... But no one ever said that spending vast sums of money--the current stimulus plan circulating in Congress now tops $1 trillion--insures a quick fix for the economy, or any fix. - The Capital Spectator ------------ Ten Questions For Secretary Geithner - ... Tim Geithner will have an opportunity to explain his plans for the financial system (Cash Room of the Treasury, Monday, 12:30pm), and defend these plans in front of the Senate Banking Committee (Tuesday, starting at 10am) and Senate Budget Committee (Wednesday, also from 10am). Here are the questions (in bold) we would ask him.  And, just in case any of you are involved in preparing the Secretary’s briefing book, we also suggest some answers. - The Baseline Scenario  ------------          lots of interesting charts - Just How Big Was The NYC Housing Bubble? -  Posted by Jeff Bernstein - UrbanDigs.com ------------ Why isn't Congress probing the Fannie, Freddie fiasco? - By Chris Mondics - Philadelphia Inquirer ------------ Fannie Mae Increases Investor Loan Cap! - By Michael C. Zari - ...  In the later part of 2008, Fannie Mae reduced the total number of mortgages that an investor can have from 10 down to 4!   ... Now with the issuance of Announcement 09-02 by Fannie Mae, the cap has been temporarily lifted back up to 10 properties.  While still sorting to the details, for properties #5 to 10, it looks like 75% LTV with a minimum of 720 credit score and above. ... has link - GoZoneOnline.com  ------------ Thinking About The Economic Crisis; Recalling Hegel; Realizing The Irony Of Marx - Doug Poretz - ... While in college (it was the 60s, after all), I thought history changed through dramatic events such as revolutions.  Now, I tend to think that change really comes in subtle events and microscopic steps that only become visible after they have become entrenched.  I’m afraid of that right now. ... - The Death of Time  ------------ CA Shortage ahead? - California new home starts at record lows - Tim  Plaehn - ... Analysis: I expect new home starts for 2009 to be even lower that 2008. 2010 will not be much better and with a 2 year lead time for the permitting process in California by the end of 2010 there will be a housing shortage in the state. The states population will increase by 1.5 million (think of all of Philadelphia looking for a place to live) and the economy will be recovering. ... - Investing Thoughts  ------------ 1.  Obama's Stimulus - Joshua Zumbrun -  The recession, deficit and bailout were inherited--the stimulus is all his. - Forbes 2.  Forget Stimulus, It's The Bank Bill That Matters - Brian S. Wesbury and Robert Stein -  Government spending does not create jobs - Forbes