Davos

Fantasy Housing Numbers a Prelude for NEXT U.S. Crash

Good read Jeff!

Bloomberg had a piece with 19 million vacants, add that to your 5 million and add in the inventory in the shadows and what is on the market and any 3rd grader with a pocket calculator can see where this is going.

Also, with 3.5 trillion in CRE added to the 1.5 trillion in wave 2 (alt a's and option arms) I'm seeing a 5 trillion dollar punch coming. If 1.5 trillion did this then yeah, what will a 5 trillion dollar wallop do with 21% unemployment?

A no brainer.

2nd U.S. bank-for-businesses facing bankruptcy

Aside from that, this is becoming a Leading Edge Indicator: Obviously businesses are doing badly if they aren't servicing debt...

Minsky was right - collapse!

It's Not a Credit Crunch, It's a Deflation

Deflation is a symptom of insolvency, as is a credit crisis, as is everything else your looking at. GDP after the Enron way of cooking it is about 6-8 trillion and we owe 70 trillion.

That is about the debt to equity that Enron had before it tanked.

Lets call this what it really is: The broke loaning money to the broke.

Won't work.