The avalanche of negative news reports is driving money out of the stock and bond markets and into commodities. As the day began this morning both oil and gold hit new all-time highs. And, at the same time, selling on Wall Street continued on the first day of March, extending the declines that have been rung up in the past four months. Wall Street hasn't had four months of declining prices since 2002 in the midst of the tech stock bubble. There just doesn't seem to be anything that can be done to right the ship. That, of course, is music to your ears if you happen to be a contrarian.
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We could know the details by this Friday about the new conforming loan limits that are part of the economic stimulus program. Local mortgage broker Belinda Austin of Rancho and Coast Mortgage Group said she attended a briefing on Friday with John Sayre, vice president of residential banking for Fannie Mae and other panel members. A letter from Fannie Mae detailing the high limits on jumbo loans (making them eligible for lower interest rates) should be released sometime this week. The current limit of $417,000 makes loans in San Diego and most of California difficult. Higher limits will bring down the cost of borrowing, helping new buyers and people needing to refinance. Belinda points out that limits will be set on a county-by-county basis. This has the potential to help begin the process of recovering for the housing market. Stay tuned.
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Sony Electronics and Waste Management Recycle America are holding a free electronics recycling event this Saturday, March 8, at Qualcomm Stadium. Consumers are being encouraged to bring old items like computers, video game consoles, monitors, stereos and even cell phones. The drop off program in the northeast parking lot at the stadium is from 8 a.m. to 4 p.m. It's all part of the Sony Take Back Recycling Program.
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Diebold, the maker of ATMs and electronic voting machines, is the target of a hostile takeover by United Technologies. The offer is priced at $2.6 billion. Diebold, of course, was the maker of the voting machines that were used in San Diego County a few years ago that were less than successful.
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In addition to being American Red Cross Month, National Eye Donor Month, Multiple Sclerosis Education and Awareness Month and Women's History Month, March is also an opportunity to celebrate some other issues. For instance, it is National Play the Recorder Month, National Umbrella Month, Clean up Your IRS Act Month, National Frozen Food Month, International Mirth Month, Humorists are Artists Month, and Caffeine Awareness Month. Did you know that coffee helps enhance the growth of radishes, carrots and mushrooms? At the same time, it helps to repel insects and other pests in your garden. Who knew?
Nov. 20, 2009, 5 p.m. -- San Diego's web video news: Today's breaking major business events, economic, and financial announcements from the Daily Transcript/San Diego Source newsroom.
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