Exclusive outtakes from industry leaders
The decline in U.S. manufacturing is nowhere more evident than in parts of Ohio. As factories close, 250,000 manufacturing jobs have been lost in the past four years — and those jobs will be on voters’ minds March 4th when they go to the polls.
Manufacturing jobs across the board will be discussed this week at the annual Reuters Manufacturing Summit in Chicago. Executives are expected to have jobs, the overall economy and the M&A environment much on their minds as they meet with Reuters reporters and editors.
The enormity of the housing crisis and the subprime meltdown has been clear all week at the Reuters Housing Summit.
While the moods from our guests this week have swayed from “hopeful” to “concerned” to “despairing”, the tone of Wednesday night’s panel, done in partnership with MSN Money, was definitely high-spirited.
For Democrats vying for the U.S. Presidency, the housing crisis offers a chance to put forward a compelling message about the failures of the Bush Administration to regulate the banking and mortgage industry, says a Democratic delegate to the convention, who’s also the Attorney General of Ohio.
Marc Dann told the Reuters Housing Summit he is going after mortgage lenders and banks who structured and resold loans for what he calls “fraud” perpetrated against both investors and home buyers.
The Hope Now Alliance, a coalition of nationwide lenders, investors, counselors and other mortgage market participants, counts improving communication as one of its stated goals.
The current housing crisis presents challenges for U.S. mayors that few elected officials have ever faced before. Rising foreclosures destabilize neighborhoods and families and can lead to higher crime, Douglas Palmer, Mayor of Trenton, New Jersey, told the Reuters Housing Summit on Tuesday.
Mayor Palmer, who has served Trenton since 1990, blamed “predatory lending” during the housing boom for an upturn in foreclosures. He talked about the challenges a city mayor faces when local foreclosures rise.
The worst housing market in the United States right now is in Sacramento, California, according to Radar Logic’s director of research Jonathan Miller, whose analytics business produces a daily “spot” price for residential real estate in major U.S. metropolitan areas, or MSAs.
Among the housing markets that are holding up the best are Milwaukee and Seattle, Miller told the Reuters Housing Summit — but prices increases in Seattle may not last much longer.