Officially post #800. Thanks again for listening to my many rantings over the past 18 mths!
Let's see if you can connect the dots:
1) Bank of America might have been using the same accounting games as Lehman?
Followed quickly by
2) Bank of America moves to offer principal forgiveness.
Hmm, just when the sh^#t's about to hit the fan, Bank of America is suddenly working to "help" people that wildly overpaid for houses that have plunged in value. Color me skeptical.
There are also rumors that the Treasury might be considering a similar plan to be announced next week. Why not? Bailouts for the reckless and a sharp stick in the eye for the prudent.
* Sales of new homes hit an all-time low in Feb. - This isn't entirely unexpected because of the string of snowstorms in February. Also, consider that some demand was pulled forward with the first round of tax credits and people might be sitting on the fence waiting to see if the next round of tax credits expires or maybe the gov't doubles down.
* Really just for the data geeks in the audience, but today's 5 yr note auction might be signalling something.
* How many helicopters would you guess that the Houston PD owns? 1, 2, 4? How about 13 with 10 of them being the fancy $2 million+ variety. Spiffy.
* Have some fun clicking around the Census "Take 10" map to see local participation rates. NYS is running about average right now at 18% but I'm really surprised that participation rates are still so low. Overall, participation was about 72% in 2000, if you want to save the Federal government a couple of nickels we should all try to push that number up as close to 100% as possible.
Once again - Happy 800th post!