I've been really busy at work and have not had as much time as I'd like to post to this blog. I just don't want all three of my readers to think I have abandoned this blog. ;)
I think there are only two news items of note lately. One is that mortgage rates are in their sixth straight week of rising. This is worth keeping an eye on.
The second is the ever deepening crisis at the GSEs. Fannie (Mae) 'stinks' and its stock is really getting a 'spanking'; it has been caught with its 'pants down' and it may never get to the 'bottom' of its problems. But seriously, given that much of the economy rests on the shoulders of the GSEs it is amazing to me that no one there seems to know what the heck is going on, financially speaking, in their company. Fannie Mae hasn't stated earnings for over a year and they say they won't be able to until sometime in 2006 and that furthermore the restated earnings are likely to reach over $11 billion (that's with a "B"). All I can say is "wow".
Here's an idea. How about if all three of you readers write a comment indicating the one single word that to you best describes the fiasco at the GSEs.
2 comments:
Word? It is beyond word. This painting describes my expression:
http://tinyurl.com/apunq
BTW, who are the other two visitors?
Actually, I know quite a few people read this blog (some are acquaintances of mine). Just not many leave comments. That's cool. I maintain this blog to vent and to force myself to keep track of what is going on and what's important. If people find it useful, that's awesome.
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