A recent MIT graduate’s new paper puts up one of the greatest critiques to Thomas Piketty’s book “Capital in the Twenty-First Century,” which is renowned as one of the most influential books in history. And one the paper’s main points that is gaining ground: Housing’s role in growing returns on capital.
Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse. Are you worried yet?
Pending home sales recovered after last month's unexpected steep decline. In January, pending home sales surged to the highest level since August 2013, thanks to improved buyer demand at the beginning of 2015.
Energy price cuts are leading to more layoffs in shale heavy states like Texas and Pennsylvania, pushing initial jobless claims back above the psychological watermark of 300,000 to 304,000, missing expectations by the most in a month.
Citigroup's fourth-quarter earnings were significantly impacted by higher operating expenses. But despite the tough year, Michael Corbat, CEO of Citigroup, said the difficult year helped to pave the way for a strong 2015.
Layton has over 35 years of experience in financial services and as a corporate leader. He worked for nearly 30 years at JPMorgan Chase and its predecessors, starting as a trainee and rising to vice chairman and member of the three-person Office of the Chairman, retiring in 2004..
"The questions become, ‘Do the courts find a distinction between housing policy and lending, as in whether to make a loan and how you price that loan? Does the government get broader discretion than the private sector?’ ” Andreano said. “It’s not fleshed out.” Read More