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Somehow, the NY City real estate market has barely dipped during the housing bust. It's down 7% versus a national drop of 16%. Even as Wall Street faces turmoil, prices have remained resilient. Housing prices in NYC are not the least affordable in the country. Will NY eventually correct during a second leg of the housing bust, or will home prices remain stubbornly high? I think they will correct at some point.

Think just the US is suffering? Look no further than overseas where the UK is suffering. The rest of Europe is also being pulled under. It's why the dollar has been rallying over the last month.

The dollar has risen to its highest level in almost seven months against the Euro and the British Pound fell to a two year low against the greenback. The strength in the dollar has been driven by the plummeting price in oil (the dollar has moved in the opposite direction of oil), and the weakening of European countries.

Here's our recap of the key financial events that occurred over the summer for all of you that spent July-August at the beach. Think something else should be mentioned? Feel free to comment it below.

The risk premium for Iraqi bonds is actually less than for major banks such as National City and Keycorp. Investors are saying its safer to invest money in Iraq than in these banks.

The government stimulus program provided a short jolt to the economy but it's not fading. Get ready for much slower growth.

The stock market is up on the 2008 revised second quarter GDP growth numbers just released. They show growth at 3.3% versus the original estimate of 1.9%. These numbers will not hold.

IndyMac has fantastic customer service, and my experience with them shows that it is well worthwhile to open CDs in this low interest rate environment.

Banks will have to refinance an estimated $787 billion in floating-rate notes by the end of 2009. They need money to refinance. Guess one place they'll go to get it?

Think it's just the Fed that is having trouble reconciling rising inflation and a weak economy? Europe is having the same debate with some believing rates should rise and others feeling it should fall. The outcome is important to the US since European rates impact the Euro/Dollar exchange rate.

Fed officials have gone on record as saying that the next move the Fed makes will be a rate increase. It won't be happening anytime soon though.

The FDIC released their Quarterly Banking Profile today and it looks pretty grim. Net banking income declined 87% and the number of problem banks grew from 90 to 117.

Think most stock pros know what they are doing in these times of uncertainty - NOT. Read on.

The economy may be poised to get from bad to worse.

Two Nobel Laureates of economics provide their perspective on Obama economic policy.