Wednesday, December 16, 2009

Quick Notes for the Day - December 16

Required Minimum Distributions for 2009 - Just a reminder that for 2009 there are no required minimum distributions necessary from IRA's or Inherited IRA's. As such, Rollins Financial has not sent the usual annual distribution paperwork. If there are no changes, in 2010, the required minimum distribution laws will go back into effect.

CPI Rises for November - The Labor Department reported that the consumer price index (CPI) rose a seasonally adjusted 0.4% in November primarily due to a rise in energy prices (PPI rose on energy prices too). The core CPI (excludes food and energy prices) was flat in November. Year over year, the CPI has risen 1.8% while the core CPI has risen 1.7%.

Housing Starts Rise 8.9% in November - The Commerce Department estimated that construction of new homes rose 8.9% to a seasonally adjusted 574,000 annualized units. The 8.9% increase was the largest increase since May. Starts of new single-family homes rose by 2.1% to 482,000 in November, while starts of large apartment units jumped 67.3% to 92,000. Building permits, a leading indicator of housing construction, rose 6.0% to a seasonally adjusted annual rate of 584,000.

Bernanke - TIME Person of the Year - Time magazine on Wednesday named Federal Reserve Chairman Ben Bernanke its person of the year for 2009. In an editor's letter, the magazine noted that Bernanke had once written that the Great Depression could have been avoided if the Fed hadn't taken some of the actions it did back in the 1930s. "We've rarely had such a perfect revision of the cliche that those who do not learn from history are doomed to repeat it," wrote Managing Editor Richard Stengel. "Bernanke didn't just learn from history; he wrote it himself and was damned if he was going to repeat it."

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