London’s edge over New York eroded Financial Times.
Treasury’s Paulson Says He Favors a `Strong Dollar‘ Bloomberg. How he can say this with a straight face is beyond me.
Facing Default, Some Walk Out on New Homes New York Times and Borrowers Abandon Mortgages as Prices Drop Wall Street Journal. Long form treatments of the trend. The Times also notes, as we have, that many buyers had so little equity their homes that they were effectively renters with a home ownership option.
The Charms of Wikipedia The New York Review of Books
Fed Watch: This Train Doesn’t Stop Economist’s View
Why the Fed is Compelled to Lie to Congress The Big Picture
‘Groin turns into no-go zone for luckless Italians’ Gristmill
Paulson does favor a strong dollar. He just not going to do something about it, because he favors other things even more.