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this is actually a normal rate relative to current treasury prices, strange as that seems. welcome to japan 1996.

Many of the bulls have capitulated. That makes for less entertainment value as the back-and-forth is largely gone.

XLF tells the story. It only needs to fall to under 5 to complete the same descent that the DJIA did in 1929. In any case, the bond market is far more important and relevant. The 2300 bp gap or so between junk and treasuries is far more alarming than thoughts of DJIA 4000.

well, if you really thought that dollar denomination was bad news, then you would would want to avoid china. but that's the only BRIC country that uses a straight peg, to my knowledge.

"Let?s say we were on a gold standard right now." Politically impossible. At the moment, the NY Fed (who, coincidentally, house a significant supply of the world's gold) can magically make money out of thin air. Why would they want to give up this power, especially since it would mean...

New Hampshire is a fairly small part of New England, especially if you include some or all of New York and New Jersey in your definition. Vermonters despise their property tax structure, while Mass has overall taxes which are significantly worse than CA, which is hard to do. Include some of...

Yes, low rates complete the dark picture. IR's book looks like an excellent account of the last five years in domestic economic history. <a href="http://www.amazon.com/Dogs-Demons-Tales-Dark-Japan/dp/0809039435">Here's the next ten starting now.</a>

I worry that recent actions with the TARP will create a psuedo-GSE fraternity of banks, resulting in a climate where others can't directly compete on any level. FNM and FRE, of course, destroyed the rest of the lending business by both underpricing competition and creating a climate where...

hmmm. wonder if that would cashflow decently at $1400. nice prop 13 basis in any case.