FOMC Statement: No change, as expected.
Hovering Above Poverty, Grasping for Middle Class: "The vast majority of those polled said religion or their faith in God plays an important role in helping them through financial straits."
Argh. It hurts: "I, Baruch, have just had the worst 2 days of my investment career."
Just some comments on the email I am getting: "If a major earthquake were to flatten the Inland Empire not only would it be a human tragedy – but I doubt anyone would want to rebuild a large number of the houses. What is a bad situation there for Fannie could turn suddenly diabolical. Warren Buffett once said that he thought Fannie Mae had more super-catastrophe risk than Berkshire."
The Consigliere Creed: "To me Sam Walton was one of the great value investors–his only investment was "build more Wal-Mart stores" but the returns on those investments have put most hedge fund managers to shame."
NYT Hit Job on Freddie Mac: Whenever there’s a real-estate-related story on the front page of the NYT, your first stop should be Tanta to see what she thinks.
Great Moments in Business: A Five-Act Play: A brief history of Carl Icahn and WCI.
FT European house price guide: A nice interactive map.