Sometime early next year, the Obama administration will propose how to revamp the US mortgage market. Next Tuesday, the White House will hold a “summit” on the issue. It’s safe to guess that none of the invitees will suggest the government should simply get the heck out of the mortgage market…so this morning, we’re left [...]
It’s hard to picture 2.8 million homes. That’s about how many detached homes are in all of Pennsylvania or Illinois. It’s also how many homes were lost to foreclosure in 2009. There were 3.9 million foreclosure filings last year, RealtyTrac reports today, 2.8 million of which resulted in foreclosure. That’s a record dating back to [...]
The depression continues. The broadest measure of unemployment – U6 – now stands at more than 17%. The bad labor news last week didn’t seem to bother investors. They’re all monetarists, optimists, or delusionists. They figure that the jobs picture will keep the Fed from raising rates…and that the low interest rates will keep stocks [...]
The Dow rose 200 points yesterday, bringing it only about 75 points below the 10,300 level. Why is the 10,300 mark important? It’s not really…it’s just the point where this bounce will equal the bounce following the crash of ’29. No reason in particular that this bounce should be the same as the one 80 [...]
