| PAULSON WEASELS OUT OF FIXING CROOKED MORTGAGE DEALS
Treasury Secretary Henry M. Paulson Jr. unveiled new details of the Bush administration's mortgage-relief plan yesterday, including a proposal that would grant new powers to local governments to refinance the mortgages of struggling homeowners. . . . The worst slumps are in California, Florida, Nevada and parts of the Washington region, especially Northern Virginia, Zandi said. Most of those areas have seen at least a 7 percent decline in housing prices from the beginning of the summer, he said, adding that a 20 percent decline overall is likely by early 2009. . . . The major sticking point is the investors who buy securities made up of subprime loans. For years, they provided the financial backing that allowed mortgage firms to expand their lending. No type of loan made more money for investors, or was as risky, as subprime mortgages, because they required homeowners with shaky credit to pay more interest.
Food prices will rise, says Woolworths CEO
Last week, inflation rose to three per cent in 2007, latest official figures show. Tightening the belt Financial markets now expect the Reserve Bank of Australia to lift interest rates next Tuesday to head off price pressures in the economy. Mr Luscombe said there is "no doubt that discretionary spending be be tough" in the months ahead, particularly in those suburbs in the mortgage belt areas. But Woolworths' strategy for its BIG W variety chain was "going well", and Mr Luscombe noted higher foot traffic in the stores. BIG W's first half sales grew by 13.1 per cent to $1.187 billion. Analysts pointed to Woolworths' plan to ramp up the refurbishment of its stores and include more private labels. "This is much higher margin for Woolworths, so they are effectively forcing the private label down the throat of the consumer," an analyst said.
If the Pats win, are they the best team ever? Maybe ...
Forty-two of the 46 winners of the Associated Press NFL MVP award have been either quarterbacks or running backs. Into this breach each year steps the Tuesday Morning Quarterback Non-QB Non-RB NFL MVP Award -- see the 2007 winner below. But first, the Super Bowl. Let's ask what seem to be the two big questions about the upcoming game. First, if New England wins, are these Patriots the best team ever? Second, if the Giants win, will that constitute the greatest upset ever? If New England wins, the Patriots will not be the greatest team ever -- at least conditionally, until such time as the NFL reveals what was in the Patriots' cheating videos and documents that the league destroyed in September. Maybe once we know the full truth, then a 19-0 Patriots team could be considered the greatest, depending on what the full truth turns out to be.
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