The Gold Bugs will have to thank Bernanke/Geithner for their shiny new Red Ferrari's. Yes the cheap dollar is great for the Japanese and the ECB, but I certainly don't like it when I make my annual trip to Amsterdam.
Even More Mortgage/Housing/Depressing Stuff-
Mortgage delinquencies and foreclosures rose to records in the first quarter and home-loan rates jumped to the highest since March
Prime fixed-rate home loans to the most creditworthy borrowers accounted for the biggest share of new foreclosures at 29%
One in every eight Americans is now late on a payment or already in foreclosure.
New home sales fell 34 percent in April from the year earlier period, the Commerce Department said today
The unemployment rate increased to 8.1 percent in the first quarter, the highest since the end of 1983.
SCARY STUFF.
Prime adjustable-rate mortgages accounted for 24 percent of new foreclosures. These figures show that the mortgage crisis has shifted from subprime to borrowers holding the safest type of mortgages.
After digesting all of this, we have CNBC, Lazlo "Chicken" Biryani, and other morons predicting a new Bull Market?
There is a Bull Market.....for Short Sellers.
Gold going up is not a good thing at all....as it tells us that foreign investors and central banks are worried about dollar denominated assets are going to collapse.
ReplyDeleteOverall-
Nice post.