This day in history – August 20

Posted on August 20, 2013 by ScottC

1998 – The Canadian Supremes rule that Quebec cannot unilaterally secede from the Federation. And Canada isn’t even a Union!

1968 – As Czechoslovakian protests against the Soviet Union mount during the course of what will come to be known as Prague Spring, 200,000 Soviet troops cross the border into Czechoslovakia and head to the capitolto crush the protests and reassert Soviet control. Within two days the entire nation is occupied, and further protests are violently put down. The Soviet intervention puts a new chill into US-Soviet relations as President Johnson cancels his planned trip to the USSR.

1940 – Leon Trotsky is attacked in his Mexico City home-in-exile by ice axe weilding Ramon Mercader, a Spanish communist. He will die the next day from his wounds. A founding member of the Russian Revolution, Trotsky had lost the power struggle to succeed Lenin as the head of the Soviet Union upon Lenin’s death. He became the object of Stalin’s persecution, including being expelled from the Soviet Union, which culminated several assassination attempts, the last of which finally proved successful.

1858 – Charles Darwin published the theory of evolution through natural selection in The Journal of the Proceedings of the Linnean Society of London. This became one of the two cornerstones of modern biology and denying it remains a popular pastime.

1000 – This is National Day in Hungary. Supposedly King Stephen founded the state in 1000. I (MIA) have visited St. Stephen’s Cathedral in Vienna but I did not know this was the same Stephen. Stephen was declared a saint in 1087 on this day, as well.

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Morning Report – Trying to kickstart Dodd Frank 8/20/13

Posted on August 20, 2013 by Brent Nyitray

Vital Statistics:

 

 

 

Last

Change

Percent

S&P Futures 

1652.4

7.7

0.32%

Eurostoxx Index

2837.6

1.8

0.06%

Oil (WTI)

108.8

-0.2

-0.21%

LIBOR

0.264

0.001

0.34%

US Dollar Index (DXY)

81.26

0.076

0.09%

10 Year Govt Bond Yield

2.82%

0.03%

  

Current Coupon Ginnie Mae TBA

103.03

-0.6

  

Current Coupon Fannie Mae TBA

102.9

-0.3

  

RPX Composite Real Estate Index

200.7

-0.2

  

BankRate 30 Year Fixed Rate Mortgage

4.59

 

Markets are higher this morning after some good retail earnings and the Chicago Fed National Activity Index rose slightly to -.15. Bonds and MBS are rallying.
 
President Obama met with various regulators regarding Dodd-Frank yesterday, and stressed the need to prevent another crisis from happening, and also to make sure the housing finance system “that better serves middle class families” (whatever that means). Sounds like more of the same “Slug the lenders harder – maybe they’ll finally take some risk.” thought process going on.
 
Another good data point on the housing recovery – good earnings from the Despot. Comps up 11.4%, which is pretty impressive.
 
Cool real estate price “heat map” courtesy of the NY Fed.  The West is the Best. 
 
Unemployment is rising in more than half the states and fewer states are adding jobs. The labor market may be losing some steam

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