Wednesday, August 26, 2009

Wednesday premarket

AlphaNinja - Stocks are about to open slightly lower. Durable goods orders were strong, but excluding the government-manufactured auto sales increase, they were in line with expectations.

Recession is hitting people everywhere, especially those who took on big debt for law school.
This fall, law students are competing for half as many openings at big firms as they were last year in what is shaping up to be the most wrenching job search season in over 50 years.

Live free or move. Americans in London are leaving the UK as tax rates on high earners rise above 50%.

Raining on the parade, the NYTimes points out that the improved home sales data was "goosed" by the $8k first time home buyers credit, as well as the lower-end part of the market falling too fast to quickly.

Homebuilders see some light at the end of the tunnel?
“We decided to build it out ourselves,” said John Bayless, president of the Sacramento division of Signature Properties, a closely held developer in Pleasanton, California. “Our feeling is, ‘The tide’s turning. Let’s build ‘em.’” Homebuilders that spent the past three years selling off land and writing down the value of property holdings are scouring markets in Sacramento, Phoenix, Denver and Orlando -- cities synonymous with the real estate bubble -- looking for deals on ready-to-build lots as they prepare for a rebound.

More insane spending by California's public schools, and they turn around and blame the greedy banks.
Some districts spent millions of dollars from refinancing not to upgrade classrooms but to purchase administration buildings and build sports stadiums.
Those decisions overrode requests from school board members and parents to support more urgent needs -- such as fixing leaky roofs, replacing faulty electrical systems, modernizing science labs and increasing security at schools where student violence had flared.
The Moreno Valley Unified School District, a 39-school system in Southern California, used 90 percent of its $6.5 million in cash to build a 3,000-seat outdoor stadium equipped with a wireless videotaping system for football games.

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