Links October 16

Global Macro

United States

  • Ahead of tomorrow’s foreign policy debate, the threat of cyber war looms. Bloomberg
  • Not that Romney has any ideas about defense or foreign policy according to this editorial. New York Times
  • Indeed, Romney seems to channeling W. The Diplomat
  • Vale Arlen Specter, Senator of Pennsylvania. Washington Post

Europe

  • How Starbucks avoids British taxes. Reuters
  • And how Vladimir Putin avoids losing power. Quartz
  • Scottish referendum countdown begins. Guardian
  • Britain pushes to temper ECB’s banking union power. Reuters. Perfidious Albion.
  • Malala Yousafzai flown to the UK. BBC

Asia

Australia

Interesting/other

Comments

    • Klan is on a mission with this low doc stuff…and Rupert/Mitchell is happy to give him free rein and time.

  1. ” Ted Baillieu’s billion dollar China bonanza”

    Can anyone tell me what the hell is Bailliue going to export to China?

    It can’t be excess housing supply from apartment construction glut. Maybe the PR visa for education rort will be ramped up?

  2. Negative equity on the rise and lending criteria tighter, capping house price rise potential according to JP Morgan via Chris Zappone and the Age.
    http://www.theage.com.au/business/borrowers-hit-brick-wall-on-refinancing-20121016-27ob3.html

    Tighter lending criteria and persistently high house prices are holding back a stronger recovery in the housing market, while more houses are worth less than their mortgages, a new report says.

    The JPMorgan Australian mortgage industry report shows that nearly 70 per cent of home refinance loan applications are being declined on the basis of insufficient income or inadequate loan-to-value ratios, as regulators push for stricter standards from lenders.

    Negative equity on the rise

    The motive for the crackdown by regulators can be seen in data provided to the JPMorgan from house price research group RP Data, which shows that the share of homes worth less than their mortgages has increased fourfold since the global financial crisis, rising from 2.9 per cent before 2008 to 12.5 per cent.

    The share of homes with only a 0-10 per cent price rise has increased, from 3 per cent before 2008 to 23.1 per cent.