Strong employment, rising wages, record corporate earnings, low interest rates, rising productivity, strong consumer demand, record levels of corporate cash.
Mozilo’s ineptness at running his own business is evidence of his ignorance about the nation’s economy in general.
I think there will be on because of high real inflation, grown foreclosures, mortgages not being sold at any price onthe secondary markets, rising consumer debt, rising govenrmental debt, 2 trillion in ARM’s set to reset, numerous major cities in this country have started to lose value in the home market, record low savings rates, boomers are starting to pull their money out off the markets. I see the markets as getting very stormy. And as a case in point the almost frantic calls to lower rate, inflation be hanged, to keep it propped up for a while longer. As I see it a recession is coming, the only questions is how long, deep, and bad.