U.S. existing home sales in January: the lowest level in decade.

<P> The National Association of Realtors reported Feb. 25 the data showed U.S. existing home sales in January of this year has fallen to its lowest level since 1999, existing home sales median price has continued to decline. .</ P> <P> It http://finance. Telecommunications, data show that U.S. existing home sales this year in January to a seasonally adjusted annual rate of 4.89 million units, compared with December last year, down 0.4% over the last year .down 23.4% over the same period. .Situation from all regions, except the Midwest sales of existing homes rose slightly, the other regions were tested contraction. .</ P> <P> decline in sales, while sales prices are further down. .U.S. existing home sales median price in January was $ 201,000 each, down 4.6% over the same period last year. .This is the fifth consecutive month of existing home sales median price decline. .</ P> <P> backlog of sale of existing homes in January the United States increased by 5.5% to 4.19 million units. .In accordance with the current month sales pace, 10.3 months required to complete the sale of housing, this time in December last year, more than 9.7 months. .</ P> <P> the National Association of Realtors chief economist Lawrence Yun said that although these data can not be optimistic, but he believes the U.S. housing market could soon reach the bottom. .With the U.S. introduction of a series of economic stimulus plan, the U.S. home sales rebound in the next few months. .</ P> <P> U.S. home sales existing home sales accounted for 80% of the total. .In early 2006 the U.S. housing market bubble burst, the intense since been adjusted, and dragged down the overall U.S. economic growth. .</ P>.

U.S. rate cut is expected to lead a chain reaction Diego high oil prices euros.

<P> Fed cut interest rates to rescue the market may continue to expect the international financial market triggered a strong chain reaction: the U.S. dollar against major currencies tumbled across the board, the euro broke through 1.50 to the dollar mark yesterday, reaching a record high; depreciation of the dollar prompted the international .he moved a large amount of the commodity market, and promote crude oil, the prices of precious metals and agricultural products such as high Diego, New York crude oil futures rose above $ 102 electronic trading yesterday, up to $ 102.08. .</ P> <P> the euro against the U.S. dollar first broke 1.50 </ P> <P> It http://finance. Hearing, by gradually introduced, and some weak economic data suggests Fed officials continue to cut interest rates to drag the speech, 26 .New York market, the sound of a falling dollar. .</ P> <P> the same day, the U.S. announced in February consumer confidence index fell to the lowest point in five years, the future expectations index dropped to 17 year lows. .The market also expects the introduction of 27 U.S. new home sales data also will be extremely weak. .On the day of a public speech, Federal Reserve Vice Chairman Donald Kohn said frankly that the credit crisis and the economy faces downside risks to growth, has exceeded the inflation threat, the market generally be understood as a hint to further cut interest rates. .</ P> <P> affected, 26 New York trading, the dollar fell across the board. .£ 1.9667 against the U.S. dollar rose to 1.9862 day before, the dollar fell to 107.26 yen from 108.07, the dollar fell to 1.0759 Swiss francs from 1.0889 yesterday, also fell in Asian trade .1.0705 a record low. .</ P> <P> the euro area so far has not followed up because the U.S. cut interest rates, a reversal of interest rate differential between Europe and America but also the dollar's decline against the euro in particular. .26, New York, the euro against the U.S. dollar rose to 1.4825 the previous trading day's 1.4967. .In the following electronic transactions, the euro against the dollar had risen to 1 ratio of 1.5047, setting a new record. .</ P> <P> in Asian and European trading hours yesterday, the euro continues to strengthen, and repeatedly refresh the record. .To 19:35 Beijing time yesterday, the euro was reported to 1.5032 against the dollar, rose as high as 1.5087 earlier. .In addition, the Russian ruble against the U.S. dollar yesterday rose to its highest since March 1999 price. .</ P> <P> European trading session yesterday, the dollar of 16 most actively traded currency in the 15 species have declined. .According to the preparation of a basket of trading partner currencies the dollar index fell 74.23, below last year on November 23 record of 74.48 in the former low and create the index since the advent of a new low in 1973. .</ P> <P> competing high commodity </ P> <P> continued depreciation of the dollar, the global context of high inflation, commodity hedge funds for a number of international investment in the new destination. .Therefore, whether it is crude oil, precious metals or agricultural products, with the last two days have accelerated the dollar's decline for years and even have a record high. .</ P> <P> analysts said, crude oil and gold, the majority of dollar-denominated commodities, the dollar will make these products are translated into cheaper prices in other currencies, helped stimulate demand. .Meanwhile, global inflation makes gold more than the commodity has become a new "safe haven" investment options. .</ P> <P> UBS Bloomberg Commodity Index yesterday rose to a record high, in addition to crude oil, the wheat, sugar, copper, cotton and cocoa and other commodities have also increased. .Brokerage firm optionsXpress 扎雷姆斯基 commodity analyst in Chicago, said speculative money is pouring into commodities and continue to push up prices. .As fears of inflation, a lot of money is buying crude oil, cotton or wheat products. .</ P> <P> only crude oil, for example, the impact of $ 100 in the middle of this month after the success of New York crude oil futures over the past two days and Zaiduofali. .First in the top 26 to return $ 100, closing at $ 100.88, the highest intraday red to $ 101.43. .In yesterday's electronic trading, crude oil contract in New York in April and "redouble their efforts," for breaking the two integers 101 and $ 102 levels, the highest hit $ 102.08. .As of 19:55 Beijing time yesterday, the latest reported $ 101.26 in New York oil prices, up $ 0.38. .</ P> <P> the same yesterday, the international gold price to new high, the international spot price of gold topped $ 960 an ounce, up to $ 964.70. .</ P>.

U.S. economic growth last quarter, almost stagnant recession worries warming.

<P> The United States on Thursday in the fourth quarter gross domestic product (GDP) growth rate of the initial correction value and the previous week, jobless claims two indicators are worse than originally expected, showed the U.S. economy continued to sink down. .Despite the confidence of President George W. Bush is still propaganda, but Bernanke warned that the property market slump could lead to some small bank failures, making the U.S. recession worries and raised again, the stock market crash in Europe and America. .</ P> <P> It http://finance. Hearing, by the property boom and consumer spending continued to dip, the double whammy of scaling back the U.S. economy nearly stalled in the fourth quarter, showed the U.S. economy is getting worse. .National Association for Business Economics predicts, the United States in the first quarter of this year economic growth of 0.4%, while many economists worry may not increase. .To save the economy, Federal Reserve officials have recently suggested a number of interest rate cuts will continue. .</ P> <P> Central News Agency reported that the U.S. Commerce Department on Thursday reported fourth-quarter GDP growth rate of the first amendment values, an increase of 0.6%, far less than 4.9% in third quarter, the market is not as original forecast of 0.8%. .The Labor Department is released until the week ending 23 initial claims for unemployment benefits increased by 1.9 million to 37.3 million, however, is to increase the previous forecast of only four thousand people. .</ P> <P> weak data as investors worried about the U.S. Dow Jones Industrial Average on Thursday fell 112.10 points, or 0.88%, to close at 12,582.18; Standard & Poor's 500 index fell 12.34 points, or 0.89%, to close at 1367.68 .. Nasdaq index fell 22.21 points, or 0.94%, to 2331.57. .Pan-European FTSEurofirst 300 index of blue chip shares index also ended down 1.8%, to 1333.42 points; British FTSE 100 index fell 1.82%, to 5965.7 points; Germany's DAX index ended down 1.93%, to 6862.52 points; the French CAC 40 index fell 2.08 .%, to 4865.23 points. .</ P> <P> Although some economists worry the U.S. will enter a recession, U.S. President George W. Bush is still in the White House press conference, said: "I do not think we are moving towards a recession. But no doubt that our economy .is slowing. "For some Members have proposed a second economic stimulus package the necessity, he said, would be the effect, as the current program. .He also believes that a strong government to show firm action. .</ P> <P> While Bush has been in the confidence of propaganda, Bernanke has made in the Senate Banking Committee testimony, said that more investment in the property market, small banks may go bankrupt due to consumption of the property market downturn of capital of these banks. .He also reiterated that the Fed will take the necessary action to boost the weak economy. .</ P> <P> report released the same day showed more deterioration of the property market situation. .Report of the United States in the fourth quarter residential fixed investment decreased 23.9% from the original estimates, revised down to 25.2% reduction. .This is the second in the third quarter decreased by 20.5% in the continuing decline. .</ P> <P> economic growth accounted for about Qicheng consumer spending growth of 2% of the original estimate, revised down to 1.9%. .Business spending was revised down. .The original estimates of non-residential fixed investment increased 7.5%, revised down to 6.9%; 9.3% over the third quarter slowdown. .Expenditure on the purchase of equipment and software increased 3.8% from the original, revised to 3.3%. .</ P> <P> Although export growth was revised from 3.9% to 4.8%, but still 19.1% in the third quarter of strong export growth slowed down significantly. .Bernanke at congressional hearings in February, had said that U.S. exports will continue to provide some offset weak domestic demand. .He also believes that the economic stimulus package just passed should be in the second half and the first half of next year, consumer spending on home and business help. .</ P> <P> But he warned that housing construction and related activities is likely to further recede. .Weakening labor market, higher oil prices, lower asset prices, falling house prices and other factors that may affect consumer spending in the near future. .Report released the same day that the U.S. economic growth last year was 2.2%, the lowest in five years, with a report on the same end of the month. .</ P>.

Bernanke: U.S. will not repeat the situation of stagflation.

<P> Federal Reserve (Fed) Chairman Ben Bernanke said on Thursday that the U.S. will not be repeated in the 1970s stagflation situation, but admitted that inflation might make the Fed's efforts to stimulate the economy more difficult. .</ P> <P> It http://finance. Hearing, in the U.S. housing market downturn and the economy could not cut into the time of recession concerns, but did not ease inflation pressures. .The latest data showed U.S. consumer prices in January (CPI) rising 0.4%, the producer price index (PPI) climbed 1%, so investors criticized the Fed cut interest rates just to lift the economy, but softened against inflation .position. .The Bernanke Fed focus on the latest speech shows are still downside risks facing the economy, but also opened the door to cut interest rates to support economic growth. .</ P> <P> to Reuters, Bernanke told the Senate Banking Committee, said: "I think not stagflation, ... ... I think that much will not repeat itself the scene of the 1970s." Suffered at the same time economic growth in the U.S. economy .double whammy of stagnation and inflation. .</ P> <P> Bernanke said the current economy is facing inflationary pressures from the global oil, metals and food, strong demand, the prices of these products should be stabilized in the coming months. ."If that is the case, inflation should fall, so we can slow growth and the financial markets of the major issues to respond." </ P> <P> since mid September last year, the Fed has adjusted its benchmark interest rate .low 2.25 percentage points to 3% in order to avoid the U.S. economy into recession. .Although the public generally believed that the Fed will cut interest rates further, but the unexpectedly high inflation is worrying the central bank to stimulate the economy may go too far. .Even as Bernanke's speech on the occasion, U.S. crude oil futures hit a new high of $ 102.74, breaking the 1980 record of inflation-adjusted high of $ 102.53. .</ P> <P> the committee Republican, Senator Richard Shelby, said: "Although the slow economic growth in China makes it difficult to accept, but if unable to restrain inflation, the result will be much more painful and more difficult to clean up." < ./ P> <P> Bernanke clearly expressed in the House the intention of further interest rate cuts, and Members asked him to clarify the Fed's forecasts of declining inflation. .In response to questions Bernanke on Thursday acknowledged that inflationary pressures may make it more difficult for the Fed to ensure economic growth, which in 2001 in contrast to the situation against the recession, when inflation is low. .</ P> <P> economists said the deepening downturn in the property market and related credit crunch have been the edge of the economy into recession, if not already in recession, then. .</ P> <P> Bernanke said some small U.S. banks may have in the property market downturn and the plight of mortgage losses. .This comment push stock prices lower. ."I expect there will be a number of bankruptcy cases," he said. .Bernanke said, policy makers and the mortgage industry, it is important to go beyond temporary solution subprime problems and seek long-term solutions. .</ P> <P> He urged senators to continue to advance on the Federal Housing Administration and government-supported housing enterprise reform, saying further action may be necessary. .But he also said: "I do not have more suggestions." This implies he asked Congress to help struggling homeowners government proposal lukewarm response. .</ P> <P> Bernanke said the Fed is closely watching the weak dollar, U.S. dollar against the euro Thursday, a record low. .But he also said he believed foreign investors still have confidence in the United States. .He believes that the Federal Reserve to ensure solid growth in economic recovery actions will help ensure the continued flow of foreign investment. .He added that the Fed did not significantly reduce their dollar holdings by foreign governments. .</ P>.

Pressure from the Obama camp: Hillary or Potui election.

Democratic U.S. presidential election primaries <P> 4 will start in 4 states. .</ P> <P> Democratic candidate Barack Obama's supporters continue to put pressure on rival Hillary Clinton, saying that if the primaries can not be made the day a clear advantage, then it should be declared for president .election. .</ P> <P> want to leave, you must win over </ P> <P> 4-day pre-selected areas, including Texas, Ohio, Rhode Island and Vermont. .Both Obama and Hillary Clinton in Ohio since 1 began canvassing for himself. .According to an Associated Press count, Clinton currently Mr Obama has sent down 109 seats to the Democratic National Convention. .The 4-day pre-selection will determine the fate of 444 seats. .</ P> <P> Massachusetts Senator John Kerry and Dick Durbin, the Senate Democratic number two man support Obama, they pointed out that Hillary Clinton if the 4 primaries in poor performance, then .should choose to exit. .Kerry said: "Hillary Clinton must be clear in Texas and Ohio the victory, just not enough to win. If she wants to reduce (and Obama) the gap to be a landslide victory." </ P .> <P> According http://finance. hearing, Durbin also noted that if the primaries after 4 no substantive changes, then Hillary must be in the next primaries "significant number of representatives." .He said: "I hope she (Hillary) can effectively assess the probability of the nomination, to unite the Democratic Party to make reasonable decisions." </ P> <P> Hillary camp, lack of confidence </ P> <P> in .11 games losing streak, the Clinton campaign has publicly admitted that Hillary Clinton must win Ohio or Texas. .If Hillary to win the party nomination, then she must be in Texas and Ohio to a wide gap over Obama. .The current poll shows Hillary Clinton a slight edge in Ohio, but two well-matched in Texas. .Relatively small in the other two states, Hillary dominated in Rhode Island, Vermont, Obama is leading. .</ P> <P> the face of the Obama camp's "provocation", Clinton obviously limitations. .Clinton spokesman Howard Wolfson 2, a speech, not specifically mentioned, once lost in the 4th primaries, Hillary will opt out. .But Wolfson is Hillary trying to "cheer," said Hillary Clinton has demonstrated the ability to win these primaries, the Republican candidate will be "more powerful opponent." .</ P> <P> if Hillary in the primaries 4, won a great victory to stay in the nomination battle, she will be April 22 Pennsylvania primaries again to the challenge. .</ P>.

U.S. election canvassing anti-free trade to demonize China.

Whenever the United States ushered in a presidential campaign <P>, China will always be a target gun. .This time is no exception. .To March 4 in the campaign to secure the support of blue-collar, Hillary and Obama throw invariably anti-free trade point of view, even China, "demonized." .</ P> <P> they have the safety of Chinese products unwarranted charges, are mentioned in Chinese-made toys and toxic pet food recall incident. .In contrast, Obama step further, he accused the Clinton administration in 2000 and established permanent normal trade relations with China at the expense of the safety standards. .</ P> <P> It http://finance. News, Hillary Clinton in Renminbi exchange rate issue as a shelling target. .Her speech in Washington, said: "President Bush's policies to the Chinese government has simply become a U.S. banker. Today, China's iron and steel were shipped to the United States, the United States is the loss of jobs. When the United States behave, China .but in manipulating their exchange rates. "</ P> <P> analysts believe that, although both candidates are trying to fight to increase voter support for China, but no matter who is elected president, took office soon after the softening of its position immediately .. .For example, in 1992 Clinton presidential campaign accused the Bush condoned the "butchers of Beijing", China is only in his assistance in 2000 for permanent normal trade status. .</ P>.

Buffett aside 800 billion bailout plan behind the warning.

<P> Buffett recently publicly declared after the rescue, and then a surprise. .According to domestic media reports: He has officially renounced to save 800 billion U.S. dollars in assets. .Reason is that even from the common sense point of view, the current U.S. economy in recession is also very clear, but the extent of how deep the current recession, is still difficult to judge. .</ P> <P> "by any standard," the U.S. economy already in deep recession, the remark can be described as shocking four. .A reputation for vision, far better than the market, Buffett is known for the popular view on the market called the most pessimistic observers, but his words and actions will directly affect a large number of investors in the market mentality, which has been bogged down in the mud .difficult to extricate the United States, and thus have far-reaching global impact of the securities market. .</ P> <P> Although the macro has not yet reached the United States recognized the economic recession in the academic standards?? Two consecutive quarters of negative growth, the latest statistics show that the U.S. economy in the fourth quarter, a slight increase of 0.6%. .However, Buffett never "common sense" point of view to infer: "As house prices fall, many people in fact already in negative equity condition. Although experienced a slump, but the current stock is not cheap." .</ P> <P> It http://finance. Hearing, in fact, "common sense" is behind more dynamic analysis. .Many market analysts had more to analyze the data from the past, the lack of more accurate judgments about the future reasoning. .The real estate market, the stock market and macro-economic linkage between the three parties have a mutual enhancement mechanism. .If the real estate market continues to cool, then many of the stock market related investment products will be of further losses, the loss of bank lending will further increase its lending to further improve the care of the securities and investment institutions will be further deterioration of the performance of listed companies .end macro-economic and employment data will become worse. .</ P> <P> far as the major Wall Street investment bank, from the real estate market, the subprime mortgage crisis triggered the nightmare is far from over. .Recently Goldman Sachs Group analyst, says: the uncertain U.S. economic outlook, and credit has led to the financial costs of repeated distortions rise under this double blow, in the next two years, U.S. commercial property values are diminished rate may be as high as 21-26% .. .</ P> <P> In fact, after following the individual housing market, with continued weakness in U.S. housing market, Wall Street will have to face down by the commercial real estate prices caused financial losses. .And sub-loan crisis of the market swings than the loss of the field of commercial real estate may last longer. .Reference to the precedent of individual housing markets, it is easy to infer, after the commercial real estate market falls, followed by commercial real estate mortgage loans will be well supported by the lower value of securities, which will eventually form a large Wall Street investment bank speculators and investment .those who write off the assets of the account and the huge losses. .The fourth quarter of last year, Bear Stearns, Citigroup, JPMorgan, Lehman Brothers, Merrill Lynch and Morgan Stanley and other Wall Street investment bank directly involved in commercial real estate capital of about 141 billion U.S. dollars, these are likely to become the investment bank in the future .The huge losses. .</ P> <P> can be foreseen that the crisis in the real estate market, further spread to commercial real estate, the financing of bank credit and securities markets will become more difficult, along with global commodity prices continue to heat up, the United States and .investment in global business operating environment will worsen and further impact on employment and macroeconomic growth. .Federal Reserve Chairman Ben Bernanke recently applied in congressional testimony statements: In response to the economic slowdown, the Fed's current position in 2001 than the more difficult. .</ P> <P> If Buffett's prediction come true, then the global stock markets and economic growth, it is nothing more than a heavy blow. .In this special historical period of the current, and only maintain a more cautious attitude of objective analysis, a reasonable anticipation ahead of the trend of the future in order to avoid potential losses and choose a more reasonable investment opportunities. .</ P>.

Poorer Americans, the first time in five years.

<P> From the Federal Reserve (Fed) data show that more than 5 years, the United States for the first time poorer families. .</ P> <P> It http://finance. Hearing, Federal Reserve data released yesterday showed that the total U.S. household wealth fell $ 533,000,000,000, to 57.718 trillion U.S. dollars, in addition to the losses caused by declining house prices, the stock and .other securities falling prices also played a role. .</ P> <P> the decline in household wealth will increase people's concern: the poorer the family, they may be belt-tightening, and may find that credit from banks or other more and more difficult to obtain credit. .</ P> <P> investors may be close scrutiny of these data, because there are growing signs that the U.S. equity and credit market concerns about the economic outlook again. .</ P> <P> the persistent credit market concerns, U.S. and European stock markets fell and the dollar continue to push commodity prices even lower highs. .At the same time, the U.S. and European investment grade credit index reached a record well above the target level. .</ P> <P> on Carlyle Capital Corporation (Carlyle Capital) and Thornburg Mortgage news of margin call problems, and display the fourth quarter of last year's U.S. mortgage delinquencies and foreclosures reached record levels in the data, to continue .help push the market in risk aversion. .</ P> <P> in the world's major central bankers this weekend's meeting in Basel, will carefully study the data. .</ P> <P> 3 months ago a similar meeting for the Federal Reserve, European Central Bank (ECB) and other monetary authorities announced an unprecedented collaboration currency market intervention paved the way for some investors hope that central bankers will again take .similar actions. .However, given the current economic problems in the U.S. seem more serious than in other regions is not clear whether countries there is consensus on the new intervention. .</ P> <P> Federal Reserve data show that the fourth quarter of last year, the United States the proportion of homeowners have home equity plunged to 47.9% overall, due to falling house prices, while its mortgage loans did not decline. .</ P> <P> consider that this is an average figure, and some families have little or no mortgage debt, which means that (Housing), the proportion of negative equity there may have increased substantially. .</ P>.

With the words "she" recognized the Bush turn the White House Hillary Clinton.

<P> U.S. President George W. Bush publicly acknowledged 10 this year, a candidate in the Democratic Party might win the U.S. presidential election, but he did not directly say the words, but turned a corner. .</ P> <P> It http://finance. Hearing, a female George W. Bush in the White House's History Month and International Women's Day celebration, senior positions in government praised the work of women. .He said, "I suggested the next president is to make a strong fearless women around in his or her side." </ P> <P> planned these things is not like that when Bush said sentence .If he slowed down, and "he" after a pause, perhaps he recognized that, in such a situation the audience full of women, the face of these strong women, women he should not be completely ruled out as president .possibilities. .</ P> <P> Democratic presidential contender Hillary Clinton is the only female U.S. presidential election candidates, Republican George W. Bush, of course, support the Republican candidate, but this accident unscripted show, let him touch .that he should prefer to avoid the topic. .</ P>.

New York Governor to apologize or resign prostitution.

<P> Governor Eliot Spitzer, New York (Eliot Spitzer, figure) in the high-priced prostitute arranged a private message will spread, in an effort to promote ethical, known for his 10, a public apology, but did not resign. .Slightly relative to the moderate Democratic Party, the attitude of the party comrades, the Republicans seem to spare him, that was very tall and has a high moral demands of Spitzer to step down to take responsibility. .Democratic sources in Washington, according to aides said Spitzer will announce his resignation soon. .</ P> <P> analysis that, if Spitzer at a news conference announced his resignation the first time, do not give political opponents called for his resignation any time. .</ P> <P> It http://finance. News, Spitzer was New York attorney general, Democrat, is now his first term as governor, he vowed to promote ethics in office restructuring. .His involvement in Maichun Group news, the Republican Governors Association asked him to step down immediately. .But he only made a brief public statement, saying that he does not meet his own standards. .</ P> <P> Spitzer has three children, in New York State Attorney General to crack down on corporate corruption in office, and to build public career, "I made a breach of family obligations, contrary to my personal or .Any act of right and wrong. "married twenty years with his wife to stand beside him. .He said: "First and foremost, I would like to apologize to my family. I apologize to the public. I now have to take some time to regain the trust of his family." </ P> <P> federal authorities intercepted the Spearman .making arrangements for a hotel in Washington last month, with a high-priced prostitute to meet. .Spitzer is believed to call the object, is a company called "The Emperor Club VIP" in the high prostitution. .New York authorities last week announced the detection of this organization. .</ P> <P> Spitzer last week that the investigation found the group he was involved, so this high-level aide in the 9th. .Prosecutors declined to comment on Spitzer's involvement, but federal authorities rarely prosecute prostitution customers. .</ P> <P> According to the National Broadcasting Company to obtain testimony from the Federal Bureau of Investigation found that code-named "client number nine," Spitzer, to $ 4,300 high price in exchange for two and a half hours of "service" and should be .not the first time. .</ P> <P> services for the Spitzer prostitute named Christine Stearns, is a beautiful dark brown hair, white woman, she is not high, about five feet five inches, weighing about 105 pounds. .Testimony that Spitzer to Washington in mid-February when the arrangements through a New York prostitution prostitutes to the hotel to meet him in room 871. .Code "number nine client" Spitzer and the woman, from the assigned day 21:36 0:02 the next day, live together in the hotel about two and a half hours. .</ P> <P> Christopher Stearns also said that the whole transaction very smoothly, "like Spitzer, but also that he is not difficult to do." .From Spitzer to "business as usual" response to payment method, the prosecution should not be the governor of New York concluded the first to patronize this class call station. .</ P> <P> prosecutors said last week that the prostitution in major cities across the United States and London, the Paris operation, under which there are more than fifty prostitutes, hourly rate of up to 1000-5500 U.S. dollars. .The group even guests by cash, credit cards, payment by telegraphic transfer or bank draft, etc., and promote use of the network's prostitutes, according to their way of one to seven diamond ranking. .</ P> <P>.

U.S. Joint open letter hundred economists question the financial rescue plan.

<P> U.S. Treasury Secretary Henry Paulson's plan is not only government intervention in the financial crisis triggered a heated debate in American Congress, has also been questioned by economists from the United States. .September 23, one by more than 100 economists signed a petition in the U.S. "To open letter to both houses of Congress," published on the Internet that the three shortcomings of Paulson plan, and calls upon Congress to be carefully considered. .</ P> <P> "We are a group of institutions in the United States and research institutions and scholars." Activities of the joint open letter to one of the sponsors, Kellogg School of Northwestern University, Associate Professor of Finance Paula La Sapi .Enzha to the "First Financial Daily" reporters that any action that the public organizations and groups of background, in addition to the joint activities, has not initiated any action. .</ P> <P> 9 22 afternoon, 约翰科克伦, 阿尼尔卡什 Yap, Robert Xiamo, Luigi Zingales and Bao 拉萨皮恩扎 other five .economists drafted a draft letter, and began collecting signatures among economists. .</ P> <P> by the initiator of the contact, and economists blog's reprint of the letter widespread among economists. .As of press time, the network version of the letter (http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm) has 123 joint economists, including Nobel Prize in economics in 2000 .Prize winners and other famous economist James Heckman Stauch. ."There are more than 150 economists signed the letter." Sarpy Enzha confirmed to reporters. .</ P> <P> open letter to Paulson plan specifically criticized the lack of fairness, in the vague on many important issues, and questioned it in the long run will weaken the U.S. capital markets. .</ P> <P> "This letter represents the views of economists of all joint," Sarpy Enzha said, "We hope that Congress may suspend consideration of, not only to seriously review Paulson's solutions, but also consider other .alternatives. Many of us believe that the current program is not the only solution of this. "</ P> <P> Wharton School of the University of Pennsylvania Justin Wolfers, associate professor in his" New York Times "Web site .blog, said the letter reflects the views to some extent the consensus of economists, as signatories of the letter "includes different views for the current crisis, people - vote for the left and right, or even overseas voters do not vote .people. " .</ P> <P> However, there are point of view, the letter merely repeated a number of longstanding concerns and questions, and no specific, constructive solutions. .</ P> <P> "I would like to see specific proposals and analysis. That it helps to find a solution, rather than 'wait a minute decisions' such a warning. The letter itself is not a bad thing, but it is not .What kind of a big progress from the economics profession. "a signed Bobby G's friends commented. .</ P> <P> some Members of Congress also opposed the implementation of the Paulson plan, mainly worried about "the suffering of the Wall Street spread to all taxpayers," which will house all of the Democratic Party's request the support and executive pay .ceiling of the content included, and some Republican lawmakers have questioned the scope of the scheme can reach and scale. .In addition, the market is also concerned that huge investment will greatly expand the U.S. budget deficit, the dollar and thus the formation of long-term pressure. .</ P> <P> Federal Reserve Chairman Ben Bernanke in the 24 Senate Banking Committee held a hearing to stress again that if Congress does not act soon, will result in the credit market continues to shrink. ."If non-normal operation of financial markets, the unemployment rate will continue to rise, more houses will be foreclosures, gross national product (GDP) will slow the U.S. economy will be difficult to recover." Bernanke before Congress the day .testimony for the Senate Banking Committee, said, "Our purpose is to U.S. economic recovery and growth." </ P> <P> Bernanke also said the global financial markets remain under considerable pressure at. .There is an urgent need for Congress to take action to stabilize the situation, otherwise the U.S. financial market and economic conditions will face serious consequences. .Both houses of Congress scheduled 9 月 26 日 (周五) recess, so Paulson plan was adopted this week is unlikely. .</ P> <P> 9 月 24 afternoon, joint sponsors of the letter has been sent to the U.S. Congress to press time of this writing, Congress has not yet been any response. .</ P> <P> full text of open letter asked the following: </ P> <P> caused by the temporary speaker of the House of Representatives and the Senate Speaker: </ P> <P> As economists, we have expressed to Congress: For the Minister of Finance Paul .Sen made the financial crisis response plan, we are deeply worried. .We know how difficult the current financial situation, we think need to take bold action to ensure that the financial system continues to operate. .However, we believe that the current proposed plan there are three fatal flaws: </ P> <P> 1. Not fair. .The plan is to use taxpayer money to subsidize investors. .Investors who take risks for profit must also bear the losses Caixing. .Not every failure of an investment will lead to systemic risk. .Even those who do not rescue their own poor decisions and institutional investors, the Government has to ensure the normal operation of the financial sector, the credibility of the borrowers to extend new loans. .</ P> <P> 2. Ambiguous. .The plan proposed the establishment of a new body, but its mission and oversight mechanisms are unclear. .If the taxpayer from the seller to buy troubled lack of liquidity and transparency of the assets, then the terms of these purchases, the timing and method of operation must be complete transparency in advance, after the proper supervision. .</ P> <P> 3. Long-term effects worrisome. .If the plan into implementation, the effects will last a generation. .Despite the recent troubled, (http://finance.) United States, dynamic and innovative private capital markets for this country, after all, created unprecedented prosperity. .In order to calm short-term disturbances that fundamentally undermine the market is extremely short-sighted approach. .</ P> <P> For these reasons, we urge Congress not to rush decisions, to conduct an appropriate hearing, carefully consider what is the correct course of action for the U.S. financial industry and the future of the U.S. economy to make informed decisions. .</ P>.