Posts By Lee Adler

Wall Street Examiner exclusives

NovaStar: The Subprime Litmus Test

MorningStar has a pretty nice article out from yesterday featuring duelling analysts regarding the fate of NovaStar. After their almost naively-sanguine and narrowly-scoped Alt-A/banks article last week, I find this a breath of fresh(er) air. While I believe it is a little bit inane to be discussing subprime at this point (the […]

Oh, What A Tangled Web Housing Riskloves Weave!

In the past day I’ve been gathering together what was intended to be a random collection of housing/housing finance updates that I thought worthy of additional comment.   Upon taking a look at the assortment, much to my surprise, the first thing that struck me about them was how a nearly continuous thread of interconnection and […]

Recession Reality Hits?

A few quick items this morning before I’m off to the factory. The main one is Monster Warns On Q1, on how the purveyor of job ads online is seeing its business take a hit. The reason given is openly described as “economic slowdown”. Labor conditions are noted as problematic. Very […]

NEWSFLASH- Stern Agrees With Burnhanky

This just in from Gloomberg- *STERN AGREES WITH BERNANKE ASSESSMENT ON INFLATION BIAS *STERN SAYS `THE BULK’ OF HOME CONSTRUCTION DOWNTURN IS PAST *STERN: SUBPRIME PROBLEMS UNLIKELY TO HAVE BIG OVERALL EFFECT *STERN SAYS GROWTH CAN BE SUSTAINED IN `FACE OF DISRUPTIONS’ *FED’S STERN SAYS U.S. ECONOMY IS `RESILIENT AND FLEXIBLE’ *MORE

New Century: Punch Bowl Taken Away

Today some of New Century (NEW’s) warehouse lenders finally did the deed and cut them off.  Call me crazy, but after the announcement of major restatements, more than ten class-action shareholder lawsuits, criminal probes initiated by states and the NYSE, and revelations of Enron-like manipulation, this one seemed like an easy call to me.

Preach On Brother Mish

I normally try not to mindlessly propagate what other bloggers and analysts are saying, but Mish’s rant today is just too good to pass up. The tirade was sparked by some commentary by Bloomberg’s Caroline Baum, which was already pretty damning of the economic establishment to begin with:

Emanating Faults

The fault lines continued to spread outwards from the worst-of-the-worst in subprime today. New Century plunged around 60% on the latest news (finally — it was released Friday after the bell) and on analyst coverage suggesting the company could be in a “death spiral” (also finally — no explanation required). The company’s […]