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| Survey | -1.5% |
| Actual | -0.8% |
| Prior | 3.4% |
| Revised | 2.1% |
| Survey | n/a |
| Actual | -23.6% |
| Prior | -29.7% |
| Revised | n/a |
| Survey | n/a |
| Actual | -0.6% |
| Prior | 0.2% |
| Revised | n/a |
| Survey | -1.2 |
| Actual | -0.6% |
| Prior | 3.9% |
| Revised | 2.0% |
| Survey | 337K |
| Actual | 356K |
| Prior | 337K |
| Revised | 358K |
| Survey | n/a |
| Actual | 308.00 |
| Prior | 324.00 |
| Revised | n/a |
| Survey | 0.0% |
| Actual | -0.6% |
| Prior | 4.7% |
| Revised | 8.2% |
| Survey | n/a |
| Actual | -30.6% |
| Prior | -37.4% |
| Revised | n/a |
| Survey | n/a |
| Actual | 201.40 |
| Prior | 208.70 |
| Revised | n/a |
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| Survey | 640K |
| Actual | 640K |
| Prior | 610K |
| Revised | 613K |
| Survey | 6120K |
| Actual | 6137K |
| Prior | 6022K |
| Revised | 6044K |
| Survey | n/a |
| Actual | -22.27% |
| Prior | -23.03% |
| Revised | n/a |
| Survey | n/a |
| Actual | 186.56 |
| Prior | 186.39 |
| Revised | n/a |
| Survey | 4.65M |
| Actual | 4.57M |
| Prior | 4.72M |
| Revised | 4.71M |
| Survey | -1.5% |
| Actual | -3.0% |
| Prior | 5.1% |
| Revised | 4.9% |
| Survey | n/a |
| Actual | -7.1% |
| Prior | -4.8% |
| Revised | n/a |
| Survey | n/a |
| Actual | 3.737 |
| Prior | 3.798 |
| Revised | n/a |
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| Survey | n/a |
| Actual | 5.3% |
| Prior | -11.0% |
| Revised | n/a |
| Survey | n/a |
| Actual | 253.00 |
| Prior | 264.10 |
| Revised | n/a |
| Survey | n/a |
| Actual | 6540.70 |
| Prior | 6071.70 |
| Revised | n/a |
| Survey | -0.7% |
| Actual | 0.7% |
| Prior | 1.7% |
| Revised | 1.0% |
| Survey | n/a |
| Actual | -6.3% |
| Prior | -8.9% |
| Revised | n/a |
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Magna Entertainment Corp. announces appointments of Interim Chief Executive Officer and Independent Director
April 7 (Magna Enterntainment Group) — Magna Entertainment Corp. (“MEC” or the “Company”) (NASDAQ: MECA – News; TSX: MEC.A – News) today announced that it has appointed Greg Rayburn as Interim Chief Executive Officer of the Company, subject to the approval of the United States Bankruptcy Court for the District of Delaware. MEC and certain of its subsidiaries are currently subject to bankruptcy proceedings in the United States under Chapter 11 of the United States Bankruptcy Court for the District of Delaware. If approved, Mr. Rayburn will assume the customary responsibilities of the Chief Executive Officer including leading MEC’s Chapter 11 restructuring activities and overseeing the sale of MEC’s assets. He will report directly to MEC’s Board of Directors. The decision to appoint Mr. Rayburn followed an extensive executive search process led by MEC’s lead director, William Menear. Mr. Rayburn is currently a senior managing director and the practice leader of FTI Palladium Partners. He has more than 26 years of experience advising companies and boards of directors in several in-court and out-of-court restructurings and has previously served as CEO or CRO of other troubled companies, including WorldCom, aaiPharma and Muzak Holdings LLC. Frank Stronach, who has resigned his office as Chief Executive Officer of the Company effective immediately, will retain his position as Chairman of the Board of Directors.
In addition, the Board of Directors also appointed Warren Mosler to serve as an independent member of the Board of Directors. Mr. Mosler is the founder and principal of AVM, L.P., a broker/dealer that provides advanced financial services to large institutional accounts. Mr. Mosler is the President and founder of Mosler Automotive which manufactures the MT900 sports car in Riviera Beach, Florida. MEC’s Board of Directors is in the ongoing process of searching for additional, qualified independent directors to strengthen MEC’s Board.
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| Survey | n/a |
| Actual | -0.1% |
| Prior | -0.4% |
| Revised | n/a |
| Survey | n/a |
| Actual | -0.4% |
| Prior | 0.8% |
| Revised | n/a |
| Survey | n/a |
| Actual | 0.1% |
| Prior | 0.9% |
| Revised | n/a |
| Survey | n/a |
| Actual | 1.5% |
| Prior | 1.9% |
| Revised | n/a |
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Right, seems the eurozone is toast until the rest of the world recovers and starts importing from them of their deficits get high enough via recession- the ugly way- without the national governments and banks defaulting.
Trying to keep deficits from rising with tax hikes only means the economy goes down more as it seeks the necessary higher level of deficit spending for recovery.
A tall order but not impossible.
Erin Go Broke
by Paul Krugman
Apr 19 (New York Times) — “What,†asked my interlocutor, “is the worst-case outlook for the world economy?†It wasn’t until the next day that I came up with the right answer: America could turn Irish.
What’s so bad about that? Well, the Irish government now predicts that this year G.D.P. will fall more than 10 percent from its peak, crossing the line that is sometimes used to distinguish between a recession and a depression.
But there’s more to it than that: to satisfy nervous lenders, Ireland is being forced to raise taxes and slash government spending in the face of an economic slump  policies that will further deepen the slump.
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Right, Brown’s deficit spending to the rescue, as previously suggested, thanks!
>
> On Mon, Apr 20, 2009 at 4:34 AM, Marshall wrote:
>
> Further to my other recent comments on the UK. You should start posting this stuff on
> your site, as the UK is a good test case for the validity of “Mosler economics”1
>
UK House Asking Prices Increased in April, Rightmove Says
by Jennifer Ryan
Apr 20 (Bloomberg) — U.K. house prices rose for a third month in April after mortgage availability improved, Rightmove Plc said today.
The average asking price rose 1.8 percent from March to 222,077 pounds ($328,000), the operator of the biggest U.K. residential property Web site said today. It fell 3.2 percent in London, the only region of 10 surveyed to show a decline. Home prices are down 7.3 percent from a year earlier.
Mortgage approvals rose 19 percent in February as the Bank of England cut the key interest rate to a record low of 0.5 percent and started buying assets to ease credit strains in the economy. Policy maker Kate Barker said yesterday house prices may rebound as banks ease lending terms.
“It looks like we are now bumping along the bottom of the trough,†Miles Shipside, Rightmove’s commercial director, said in the statement. “For there to be any real sense of optimism that we’re on a sustainable road to recovery, the availability of mortgage finance needs to improve significantly.â€ÂÂ
The increase in property prices demanded by sellers was led by East Anglia, where values increased 5.1 percent, and Wales, which showed a 4.8 percent gain.
The decline in London, where the average asking price was 403,505 pounds, was led by a 7.8 percent drop in Ealing. Average values in the capital’s most expensive neighborhood, Kensington & Chelsea, fell 3.3 percent on the month to 1.9 million pounds.
Central bank data show mortgage approvals climbed to 38,000 in February, the most since May. The reading is still down from 71,000 at the start of 2009.
“I expect house prices to move up again,†Barker told the Spectator magazine on April 16. Referring to restrictions on the proportion of a home’s value that banks are willing to finance, she said, “the big slide down to 75-80 percent may be overdone. So I would expect the mortgage market to move.â€ÂÂ
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