largest bank halts foreclosures in all states
Anyone that knows me……I’m bearish fundamentally, have been for awhile, also know I haven’t shorted the market along the way here, I’m jaded by own biz experience during this time, hasn’t been a good one. I just put a post on my blog all the reasons to stick your head in the sand.
BUT
You keep gobs of people in their homes, don’t foreclose…..they will continue to spend that mortgage money on consumables…..and this strategic defaulting now reinforced by decree and bank haltings…..will ensure that continues.
All this month before Nov election. FED gestures about QE2…..I don’t see ST scenario for the JAW DROPPER crowd…..a meltup above previous 1219 ish close is very likely.
That said, when the fun is over…..the breast fed economy will lose grips with the teet…..and what the BOND market IMHO has been screaming, what gold might be warning (not as currency but as safe crisis haven) we will come face to face with that boogeyman….
Has there ever been a documented case of long term sustainability with such humongous debt, and little done to clean the place up, with fundies upside down compared to prior 8 recessions on avg…….and from printing currency as the plan?
D
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