RE is continuing to fall in valuation, we haven’t even started to see the writedowns from underwater HELOCs and other consumer debt, 1Q 08 earnings reports are only starting to come in - no, we have a long way to go yet to get back to normalcy.
Whatever normalcy is anymore.
Have you found your accounting or law diplomas yet?
I’m not suggesting that residential morgages aren’t going to default and that there will be repurcussions, but they are nothing compared to what we had three weeks ago. Sure, the prices are falling and will continue, but not every mortgage is in default, nor is every bank cited above going to fail. They have had the benefit of being able tu use the cheap money at the fed and still do. I just think we needed the Fed to take action. We’re just gonna disagree on that.