The news that have strung the days together this past week seem indicative of a housing recession that has deepened relentlessly. "Worse than expected" is a frequently written phrase these days, a reflection on the idea that the forecasters were too optimistic on their part. One of the other mysteries is the ascending stock market, which has acted as though nothing ever happened during the past two months. As it turns out, this appears to be a "recession rally", cheering any news that add fuel to Wall Street's hopes the Fed will again cut rates to keep the heroin flowing.
This diary is more disconnected than previous ones, less essay-like and more like a commentary that jumps around. Basically, it's just a potpourri of economic news and so forth. We'll see how it goes. Let's venture into this jungle and see what we find.
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