August 9th the DOW closed down 387 points at 12,270.
The mortgage issue is a mortgage issue. It's an issue of poor business chooses and practices in one part of one industry. It's clearly not impacting the economy. Second-quarter corporate earnings exceeded expectations all over the place, and the government reported the best quarterly economic growth since the beginning of 2006. Core inflation declined to the lowest level in three years.
Hopefully the hysterics in the NYSE will not rise to the level of self-fulfilling prophecy. No doubt some in the predatory loan business would like that to happen. Then they could argue for a handout from the government to recover their loses, without regard to home owners naturally.
No comments:
Post a Comment