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The Financial Times reports Turkey Shoots Down Russian Fighter Jet on Syrian Border . Vladimir Putin has accused the Turkish government of providing financial and military support to Isis, in a furious response to the downing of a Russian fighter jet near the Syria-Turkey border.
Existing Home Sales Decline, NAR Calls Report "Disturbing"; First Time Buyers Decline Third Year; Housing Clearly Weakening Existing home sales came in a bit under Bloomberg Econoday Consensus , down 3.4% in October. Year-over-year trends are weakening. Sales of existing homes are not a source of strength for the economy, down 3.4 percent in October to a slightly lower-than-expected annualized rate of 5.36 million.
Link: Housing Rebound Didn’t Lift Economy as Much as Economists Expected: Why?; Six Questions for Zandi
Cash is King for Holiday Shopping; 63% of Millennials Have No Credit Cards; Millennial Attitudes and Deflationary Trends As we head into the black Friday holiday shopping season, cash is king .
The Wall Street Journal explains Low Crude Prices Catch Up With the U.S. Oil Patch . U.S
Brussels Enters Lockdown, Warns of "Paris-Style" Attack, Airport and Sporting Events Closed Officials in Belgium have "precise information" that Brussels faces a "Paris-Style" Attack. In response Brussels Enters Lockdown . Brussels faces an imminent threat of a Paris-style Islamic State terrorist attack, authorities warned, as the city shut down its metro system and shopping malls, canceled sporting and cultural events and told people to avoid gathering in large groups.“ We have precise information that outlines the risk of an attack similar to the one that unfolded in Paris ,†Belgian Prime Minister Charles Michel told a press conference Saturday morning in Brussels.
CNN reports More than Half the Nation’s Governors say Syrian Refugees Not Welcome . More than half the nation’s governors say they oppose letting Syrian refugees into their states, although the final say on this contentious immigration issue will fall to the federal government. States protesting the admission of refugees range from Alabama and Georgia, to Texas and Arizona, to Michigan and Illinois, to Maine and New Hampshire.
For example, the New York Times reported in March Wells Fargo Puts a Ceiling on Subprime Auto Loans . Wells Fargo, one of the largest subprime car lenders, is pulling back from that roaring market, a move that is being felt throughout the broader auto industry.
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