Afternoon links 10-27
New York Fed’s Secret Choice to pay for swaps hits taxpayers (Bloomberg) Remember the $13 billion that Goldman got via AIG after the government takeover? Turns out the NY Fed instructed AIG to pay out 100¢ on the dollar. Just another fact to keep in mind next time someone says the banks are “earning” their way through this crisis.
Senate Dems reach deal on homebuyer credit (Reuters) Realtors everywhere rejoice! Details coming later, but it appears the credit will shrink slightly and the expiration date will be pushed out to the middle of next year.
The tax breaks that ate America (Salon) The first-time homebuyer credit is just a drop in the bucket.
Death of the soul of capitalism (Paul Farrell, ht Winks) Farrell is always an interesting read. Like Ambrose Evans-Pritchard, but more shrill.
Tax refugees staging escape from NY (NY Post)
Case-Shiller shows fourth monthly increase (CR) But what will prices do when government support — both lending and low rates — go away? I don’t know, maybe they never will, see again link #2…