Fed and Treasury unduly panicked of late?The watchmen who went about the city found me.
They struck me, they wounded me;
—Song of Solomon
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Probably the most notable insight gained from the following report is its headline: "Housing Market: Prop it Up or Let it Fail?" Evidently, a push is on to precipitate a further crisis in real estate such as might incite risk capital — amply provided by central banks across the globe as toxic securities have been turned into new gold — to again incite such animal spirits as in a day gone by kept real estate bids constantly rising. No such return of confidence is likely, however. Thus, today's push to knock out real estate props probably should be seen an attempt to create conditions sometime over the near-term where much can be had for but pennies on the dollar...
A house is a home, and not an investment. Not one word uttered from this perspective wherein the ultimate concern should be over matters insuring domestic tranquility. This is where real, live human beings increasingly find themselves trapped, having been sucked into a massive, securities-fed scam that, enjoys "contract law" protection even to this day.
Pollyanna are those outlooks not appreciating de-leveraging still threatening. Some apparently are not hearing panic in calls for further quantitative easing from the Fed and Treasury.
—Tom Chechatka
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