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BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? STUART — A consumer watchdog group founded by Ralph Nader has come to the defense of a Stuart real estate broker who is being sued by Lennar Corp. The suit stems from the use of the home builder's name in a Web site that criticizes the quality of several of Lennar's houses. Public Citizen, based in Washington, is filing a friend of the court brief asking Judge Larry Shack to throw out Lennar's trademark infringement claims against Mike Morgan because his 'gripe site' is protected by the Constitutional right to free speech. 'The notion that you can't identify the subject of your criticism by using the name of the company you're criticizing is absurd,' said Paul Levy, a lawyer with Public Citizen. 'We think it's a matter of simple free speech.' The brief was sent overnight Tuesday for delivery to the Circuit Court ...

The proposal by Bernanke and Congress to up the lending limit on Fannie Mae and Freddie Mac will not solve a thing if both are capital impaired and cannot make new loans. That seems to be the situation as Freddie Mac Loses $2 Billion and Seeks New Capital. BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? The proposal by Bernanke and Congress to up the lending limit on Fannie Mae and Freddie Mac will not solve a thing if both are capital impaired and cannot make new loans. That seems to be the situation as Freddie Mac, the nation's No. 2 buyer and guarantor of home loans, lost $2 billion in the third quarter and said Tuesday it must raise fresh capital to meet regulatory requirements. Its shares fell more than 26 percent. The mortgage financier said it is 'seriously considering' cutting in half its dividend in the fourth quarter and has hired Goldman Sachs Group Inc. and Lehman Brothers Holdings I...

I received an interesting Email tonight from a friend about punishing dollar holders. Here goes, from Conor: BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? I sat at my desk 30 minutes before the FOMC release wondering what the Fed would do. And then they cut 50bps. So that's how it's going to be, eh Ben? What followed was what you'd expect. Stocks were up strongly, with the S&P up 2.9%, homebuilders up 6%, bank and brokerage stocks up huge, gold up $15 to a new 27-year high, gold equities up 4%, crude up again to close over $82, and the dollar weaker, finishing at a new 15-year low. I don't suspect that today will get a chapter in the eventual tome on the fall of the dollar, but it certainly merits a footnote. When gold and crude are making near-record highs and the dollar is making near-record lows, I think prudence dictates rate hikes, not rate cuts -- as Marc Faber and Jim Rogers poi...

CBS Marketwatch reports ISM factory index up in September. Hurricane Katrina sparks higher prices and new orders. BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Instead of depressing activity, there was a rush of new orders from manufacturers concerned about losing supplies. In addition, prices shot up as those manufacturers appeared willing to pay top dollar for the goods they needed. The ISM index rose to 59.4% in September from 53.6% in August. Read full survey. This is the highest level since August 2003 and well outside of expectations. The consensus forecast of estimates collected by MarketWatch called for the index to slip to 52.1 % in the wake of Katrina. See Economic Calendar. Economists were cheered by the headline, which they said alleviated some concern about the national impact of the two hurricanes that struck the Gulf Coast in the past two months. The Fed said Katrina would only have a near-...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Federal Reserve Chairman Ben Bernanke said he's 'absolutely' prepared to use all the tools at his disposal to address the credit crisis in the U. S. financial system, Sen. Chris Dodd, D-Conn., said Tuesday following a closed-door meeting with Bernanke and Treasury Secretary Henry Paulson. Dodd, chairman of the Senate Banking Committee, told reporters after the meeting that he put no political pressure on Bernanke to lower the federal funds rate. The Fed and the Treasury should do more to encourage banks to take advantage of the discount window for short-term funds and to open up their lending windows to customers, Dodd said. 'A little more moral suasion would be helpful.' 'The Fed gets it and understands it,' Dodd said, but 'the Treasury doesn't.' Dodd said the important thing is to keep people in their homes. Dodd urged...

For several months now I have been talking with Mike Morgan / Morgan Florida, a real estate broker serving the treasure coast area of Florida. In our most recent conversation Morgan tells me 'prices have already fallen 10%, regardless of what median prices show. In addition transaction volumes have fallen off the cliff'.Unlike other brokers I have talked to, Morgan is expecting 'further declines in the neighborhood of 20% or so, more on condos'. He is advising his clients that 'The market has changed and that sellers must accept that reality if they want to get their house sold'. Realtors openly telling their clients to expect substantial further declines simply is not the norm. Back in January and February Morgan said that 'Centex was so desperate to close deals before their March 31 fiscal year end they were offering $60,000 select home sites that were not selling well. But that is just the start of it. Centex was also offering 6% commissions to the agency...