You know that Bank of America's tower that sits catty-corner to Bryant Park? When it was built, it was touted as a one of the planet's "most environmentally responsible high-rise office building[s.] It even scored approving remarks from Al Gore, whose greeny-two-shoes investment company has offices in the building. But as it turns out, it is an environmental disaster. The Bank of America tower "produces more greenhouse gases and uses more energy per square foot than any comparably sized office building in Manhattan. It uses twice as much energy per square foot as the 80-year-old Empire State Building. It also performs worse than the Goldman Sachs headquarters, maybe the most similar building in New York," according to Sam Roudman.
The president endorses the idea of ending Fannie Mae and Freddie Mac "as we know them." Anyone wanna bet that means not actually ending Fannie and Freddie?
The soft-landing scenario for the Canadian housing market is looking less and less likely. Reuters reports, "The value of building permits taken out by contractors in Canada fell in June for the first time in six months, dropping 10.3 percent on downturns in both residential and nonresidential construction, Statistics Canada said on Wednesday." The estimate was a drop of just 3.2 percent. Ouch.