{"id":519066,"date":"2010-04-07T09:51:34","date_gmt":"2010-04-07T13:51:34","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/04\/07\/secondary-sources-yuan-revaluation-confidence-in-banks-housing\/"},"modified":"2010-04-07T09:51:34","modified_gmt":"2010-04-07T13:51:34","slug":"secondary-sources-yuan-revaluation-confidence-in-banks-housing","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/519066","title":{"rendered":"Secondary Sources: Yuan Revaluation, Confidence in Banks, Housing"},"content":{"rendered":"

A roundup of economic news from around the Web.<\/em><\/p>\n

Yuan Revaluation:<\/strong><\/a> Martin Wolf<\/strong> of the Financial Times looks at yuan manipulation. “I conclude that the renminbi is undervalued, that this is dangerous for the durability of global recovery and that China\u0092s actions have not, so far, provided a durable solution. I conclude, too, that rebalancing is a necessary condition for sustainable recovery, changes in competitiveness are a necessary condition for rebalancing, real renminbi appreciation is necessary for changes in competitiveness, and a rise in the currency is necessary for real appreciation, given the Chinese desire to curb inflation. The U.S. was right to give talking a chance. But talk must lead to action.”<\/p>\n

Confidence in Banks:<\/strong><\/a> Gallup has a poll that looks at Americans’ confidence in banks. “As the Senate considers financial reform legislation, a new Gallup poll shows that Americans’ confidence in banks has not returned on Main Street as it has on Wall Street. The percentage of Americans saying they have a “great deal” or “quite a lot” of confidence in U.S. banks is now 20% — not much different from the 18% of a year ago or the 22% of last summer. Four in 10 Americans currently say they have “very little” confidence in U.S. financial institutions.”<\/p>\n

Housing:<\/strong><\/a> Felix Salmon<\/strong> looks at Fannie Mae’s National Housing Survey and finds Americans’ attitudes toward housing hasn’t changed much. “I think what we\u0092re seeing here is a mindset utterly conditioned by the massive, decades-long bull market in housing. Never mind that that bull market has come to an end; the syllogism is simple. House prices always go up; housing is a bargain right now because prices have ticked downwards; therefore now must be a great time to buy. I see this mindset in New Yorkers who genuinely believe that $1 million is not a lot of money to pay for a 2-bedroom apartment, even when it comes with thousands of dollars a month in maintenance costs on top of that. Of course they never would have believed such a thing 10 years ago, but the anchoring effect of the housing bubble is astonishing to behold.”<\/p>\n

Compiled by Phil Izzo<\/a><\/strong><\/p>\n

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A roundup of economic news from around the Web. Yuan Revaluation: Martin Wolf of the Financial Times looks at yuan manipulation. “I conclude that the renminbi is undervalued, that this is dangerous for the durability of global recovery and that China\u0092s actions have not, so far, provided a durable solution. I conclude, too, that rebalancing […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-519066","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=519066"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519066\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=519066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=519066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=519066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}