DQNews - "California August 2008 Home Sales" (9-19-08)

"An estimated 37,988 new and resale houses and condos were sold statewide last month. That was down 3.8 percent from 39,507 in July and up 13.6 percent from 33,429 for August last year. California sales for the month of August have varied from 29,764 in 1992 to 73,285 in 2005, the average is 49,927. MDA DataQuick's statistics go back to 1988."

The Wall Street Journal - "The Finest Foreclosures" (9-19-08)

"One symptom of these times: a surge in the number of million-dollar foreclosures. According to RealtyTrac, the number of homes valued at more than $1 million that are in some stage of foreclosure has swelled to 7,968 between January and August. That compares with 4,214 during the same period last year."

Inman News - "S.F. Bay Area's weak spot: home prices" (9-19-08)

"The nine-county region saw a total of 7,232 new and resale houses and condos sold last month, down 4.7 percent from 7,586 in July but just 0.9 percent lower than the 7,299 sales a year ago. An 'average' August sees just over 10,000 sales."

Bloomberg - "Backlash Over Bailouts Grows in Congress, Wall Street" (9-19-08)

"As the U.S. government takes stronger measures to stabilize financial markets, some former Federal Reserve officials, lawmakers and Wall Street executives are saying too much has already been done. 'Every time they intervene, they do more harm than good,' said Peter Schiff, president of Euro Pacific Capital in Darien, Connecticut, a brokerage that manages $1 billion."

Bloomberg - "Pelosi, Kerry May Share Investor Pain as AIG Stakes Evaporate" (9-19-08)

"The market storm that brought down Lehman Brothers Holdings Inc., American International Group Inc. and other pillars of U.S. finance may have also blown holes in the portfolios of House Speaker Nancy Pelosi, Senator John Kerry and more than 50 other members of Congress.
Pelosi, in her most recent financial disclosure form, reported that her husband owned between $250,000 and $500,000 of stock in AIG, which ceded majority control to the U.S. government this week in exchange for $85 billion of loans."

Bloomberg - "Domino Effect of Takeovers Pushes Bernanke, Paulson to Congress" (9-19-08)

"The Federal Reserve and Treasury's efforts to solve the financial crisis may have only undercut the ability of banks and Wall Street firms to raise new equity capital, leaving them to fail or be taken over. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson are now working with Congress on what Paulson described as a more 'comprehensive approach,' after finding that case- by-case bailouts only produce runs on more firms. The new plan will help banks get rid of 'illiquid assets' on their books, he said after meeting legislators late yesterday."

Bloomberg - "Morgan, Goldman Lead Financials Surge on Bank Bailout" (9-19-08)

"Morgan Stanley and Goldman Sachs Group Inc., the two biggest independent securities firms in the U.S., led financial shares higher after the government said it would take troubled assets off finance companies' balance sheets."

Bloomberg - "John Bogle Says U.S. Government Seems `Punch Drunk'" (9-19-08)

"John Bogle, who created the $106 billion Vanguard 500 Index Fund in 1976, said the U.S. government appears 'punch drunk' given its proposals to rescue the financial system."

Yahoo - "Citigroup considering bid for WaMu: report" (9-19-08)

"Citigroup Inc is considering making a bid for Washington Mutual Inc, the Wall Street Journal said on Friday, citing people familiar with the situation."

Yahoo - "SEC bans short-selling for financials" (9-19-08)

"The U.S. Securities and Exchange Commission took what it called 'emergency action' on Friday and temporarily banned investors from short-selling 799 financial companies. The temporary ban, aimed at helping restore falling stock prices that have shattered confidence in the financial markets, takes effect immediately."