prudentbear.com
a couple of good nuggets in noland this week. excerpt:
We are increasingly of the mind that the Mortgage Finance Bubble is in the very final stage of terminal reckless excess. As we witnessed with the technology, stock market, and corporate debt Bubbles, ultra-easy money and Credit fuel eventually self-destructive speculation, imbalances, shenanigans and fraud, not to mention the final manic frenzy that entices the last of the remaining buyers. And, once again, the negligent Fed is asleep at the switch. Worse yet, when awake, the Fed apparently likes what it sees, as unprecedented excess runs out of control. We see only conspicuous support for our view that our system has created a Mortgage Finance Monster, with momentous ramifications for the mortgage-back marketplace, the financial system, the U.S. economy and dollar. |
