David K

Schumer Is Way Off

More of the same useless diarrhea that is expelled on a consistent basis by Schumer. I am surprised that he has been so quiet on the trade and currency imbalances with China. Oh wait, we need them to purchase more debt to fund the bailout proposal.

Case/Shiller Index: Are We Close to a Bottom?

Not even close to the bottom. Just take a look at Wachovia's $120 billion of "pick a pay" option arms that are beginning to reset 500 - 800 bps higher!

Housing Nowhere Near Bottom

The impending bottom of the housing market is a wishful fantasy that all participants want to come true sooner rather than later. The housing boom was fueled by 10 years of cheap money, poor economic policies and the idea that prices only go up. Take a look at Robert Schiller's work (irrationalexuberance.... From the the period of 1890 to 1997, U.S. Real Home Prices had a median value of 103 (100 is the base index). The index peaked at the end of 2006 at 203 and was at 167 at the end of June 2008. Just to get back to the historical median housing prices still need to depreciate by another -38%!