Commercial Foreclosure Bomb about to burst...
Almost 10% of FHA Mortgaes now 90+ Days late..
Warnings already out of January’s unexpectedly unexpected increase in Unemployment...
Highest black (ie. Inner-city) Unemployment in 25 years.
Air Freight Volumes down 10% over last year.
U.S. railroads reported originating 227,327 carloads, down 1.5 percent compared with the same week in 2008 and down 17.9 percent from the same week in 2007.
Construction spending DOWN for January...
There is NOTHING propping up Wall Street except 401K Payroll withdrawals looking for a home.
Late mortgages are not gross mortgage loan losses, which are running 2.4% of loan books - and last I checked, mortgage rates were slightly north of 2.4%, like, over twice that.
CD rates for savers will rise when people pay their mortgages again. Banks being middlemen, will make money regardless. They were only in danger while their loan losses had risen but their funding costs had not yet fallen, and that is over.
It is an ordinary recession, meaning inventory rebuilds and capital spending by business lead out of it. As always. Unemployment typically peaks 6 to 12 months after recovery has begun, in GDP terms. GDP began growing again last summer, and 2/3rds of the ground lost in the recession has already been made good, in output terms.
"But oh, my pinky hurts!" Tough toenails. Whiny spoiled brats, without a scrap of graditude for the highest standard of living on earth, disgust me and are not conservatives.