With the Fed’s bailout of Bear Stearns, the Treasury’s blank check rescue of Fannie Mae & Freddie Mac, Merrill Lynch having just sold its “super senior” ABS CDO assets at only .22 cents on the dollar, and almost half a trillion dollars of cumulative writedowns booked thus far, the good news is just around the corner. The market will soon take off like a poodle in a jet pack and everything will be just fine. is there any room under your mattress?
Here’s a little reality check from Centex Homes, courtesy of the 8-K they filed with the SEC when they reported earnings today:
> Market conditions worsened in the quarter
> Foreclosures are rising
> Employment is weakening
> Consumer confidence is waning
> Mortgage qualification standards are tightening
> Traffic and sales have diminished
Thank goodness our tax dollars are hard at work, because somebody’s going to have to pay for all this. Remember, “they” is u$, as in you and me:
Disclosure: There are kooks still a lot of people who support worship Ron Paul.