Bloomberg - "Stern Says Fed Shouldn't Wait for End of Crisis to Raise Rates" (7-19-08)

"The Federal Reserve shouldn't wait for housing and financial markets to stabilize before it begins raising interest rates, central bank policy maker Gary Stern said."

Orange County Register - "How to fix this mess"(7-19-08)

"Although the foreclosure news in Orange County was a little better in June than May, it was still bad news and may get worse. According to RealtyTrac, more than 2,430 notices of default were filed in June – the first step towards foreclosure – down slightly from May, when one thousand county homes went into actual foreclosure, a record high. Chapman University just reported that California’s economy, including Orange County, may be in recession and certainly a factor is the collapse of the housing industry fueled by the subprime crisis and resulting home foreclosures."

The San Diego Union Tribune - "16% office vacancy rates seen in county" (7-19-08)

"San Diego County's office market continued to soften in the second quarter, with vacancy rates reaching 16.1 percent, thanks to tepid demand and new construction adding to supply."

Reuters - "House prices could fall for two years: Citigroup" (7-19-08)

"Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years."

McClatchy - "Housing prices haven't hit bottom yet" (7-20-08)

"The Bush administration's pledge to rescue ailing housing finance giants Fannie Mae and Freddie Mac raises anew questions about just when the nation's dismal housing market will hit bottom. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have suggested over the past year that an end is in sight. But with each prediction, things have grown worse. For many homeowners, the deep housing slump feels like a drop off a skyscraper. Every time another 15 floors have passed, there seems to be more room to fall."

The New York Times - "Uncomfortable Answers to Questions on the Economy" (7-20-08)

"The economy is not in recession until a panel at a private institution called the National Bureau of Economic Research says so. Unofficially, many economists think a recession started six or seven months ago, even as the economy has continued to expand — albeit at a tepid pace."