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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (108601)2/20/2010 7:56:05 PM
From: niceguy7671 Recommendation  Read Replies (1) of 116555
 
The North American economy has been fueled by "housing equity" over the past 50 years...Interest rates have dropped to 50 year lows in effort to prop up "housing equity" but, alas, the housing bubble has burst and along with that the notion of "ever-increasing" paper wealth on the North American consumer. Those living on the "housing equity" credit card bubble are now being blown out of the consumer pond.

It is indeed a sour note for the economy when today's low mortgage rates can no longer prop up housing prices. The loss of the North American "housing equity" consumer is having ripple effects that are now becoming tsunamis in international commerce. Greece, the PIIGs, then who will be gasping for air?
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