No Confidence

The wheels are just about to come off the train. Today the NYSE lost 268 points and closed at 9870 after a report that consumer confidence fell in June. There is just not enough liquidity to keep the market up as investors run to safer investments like bonds. DOW 7000 is rapidly becoming a real possibility with $35T in equity losses that will collapse the US economy and impoverish the boomer generation in retirement.

CNBC reports that US taxpayers may be on the hook for up to $1T in bad mortgages as home prices continue to fall. And those losses will never be recovered as the houses that are secured by these loans are rotting where they stand. These houses will never be occupied again and will mostly be bulldozed by local governments as they become health and safety nuisances.

Meanwhile Obama said "the economy is strengthening". Okie-dokie tan man.