“Option” mortgages to explode, officials warn. (This is not a news flash for SurvivalBlog readers–I first warned you about this in March of ’07, and several times since.) A picture is worth a thousand words. BTW, I have found that this chart link is very useful to send to any deluded relatives who have bought into the lie that the real estate market has “bottomed” and that are planning to buy back into the market. US residential real estate is presently a playground for idiotic contrapreneurs. The very earliest that real estate could turn around in the US is 2013, and I actually expect it to be much later than that!
GG alerted us to Mish Shedlock’s highlighting ‘Black Swan’ Taleb’s frank comments on Bernanke and Summers
Garnet and Cheryl both mentioned the story of how one family got out of debt.
Items from The Economatrix:
Stalled Economy Will Take Years to Regain Speed
We Still Have the Same Disease
More Taxes — Of Course! (The Mogambo Guru)
Where We Are on the Laffer Curve
Greenspan Sees Threat US Congress Will Hamper Fed
UN Calls For Replacement of US Dollar
Is Your Bank “Underwater”? Check its Debt Level
UCLA Report Sees Little or No Growth in California
Buffett Says US Economy Has Not Turned Up Yet (but last year’s terror is gone)