Well of course stocks soared. Who wants to hold dollars when the dollar is being incinerated to bail out the bulge bracket investment banks and deadbeats who can’t afford the mortgages they agreed to repay?
Fabulous news. Oil soars, gold soars. Dollar tanks. We are all happy as clams.
say hello to $100 oil
Damned economy.
MINORITIES AND WOMEN HIT HARDEST
I’ll join the tear-jerkers. I just want to go on record as a bear on one of these threads, so that when the Market does a repeat of 200-2001, I can say “I told you so”. Hope I don’t have to eat crow. Or dollars. But then, my dollars are less filling than they were 50bp ago...
I see all these bulls acting like we are in the midst of a recovery, rather than being atop a recovery born on the shoulders of easy money and rampant consumer spending bouyed by consumers with their heads in the sand, spending paper profits from fake, temporary housing appreciation.
Consumer confidence is going to go down with the death of housing, dragging consumer spending and tanking that resulting 70% GDP. The market may not tank as deeply as 2000-2001, but I am guessing the chart will look similar.
Just my 2 worthless cents. I’m not as unhappy that I am on the sidelines with cash waiting to get back into the market after the fall, as I am unhappy to see the Fed just drag out the duration and increase the magnitude of the pain. Again, just my 2 cents.
So put me down with the rest of the grumpy, tear-stained bears...
Why are renters deeply saddened?
Mortgage rates on 30 year fixed loans for those with good credit just went down 50bp. Now we just have to wait until housing prices bottom out as well. As Hovnanian’s 20% fire sale shows, home prices have a looooong way to fall yet for us renters with cash looking to buy a home. I hope the Fed cuts another 100bp before I decide to buy a reset foreclosure.