SHORT TAKES ON THE DRIFTING WRECKAGE – AT 11:46 P.M. ET:

HOUSING PROSPECTS – Robert Shiller, the Yale economist who co-created the Standard & Poor's/Case-Shiller home price index, says that housing prices may not rebound for a generation or more.  A weak labor market, high energy prices, and a general sense of unease in the buying public are combining to depress real-estate.  It wasn't many years ago that many people, especially in "hot" areas, believed their home was their greatest investment.  Now it may simply serve as a nice place to live, which ain't bad.

NEW YORK SLIDING – Three major economists, including Arthur Laffer, place New York State right at the bottom in economic outlook.  As a New Yorker, I'm not surprised.  New York has worked hard over the years to create an inhospitable business climate and to drive out its most productive and imaginative citizens through high taxes and ridiculous housing prices.  That places us right down there with California, Illinois, and New Jersey.  The states with the best economic climate, according to these three economists, are Utah, South Dakota, Virginia, Wyoming and Idaho.

NEWT TO GO – Advance word has it that Newt Gingrich will formally withdraw from the Republican primary race on Wednesday.  It is widely expected, but not certain, that he will endorse Governor Romney.  Rick Santorum has yet to endorse the Romney effort, but polling shows that Republicans are starting to unite around Romney, although their enthusiasm may be limited.  Newt is a great idea man and should not be shut out by the Romney people. 

April 29, 2012