SAR #8226

The euphoria over oil prices
sounds a lot like nervous giggling.

West Coast/East Coast: Wall Street has lost so much money that many firms will pay no taxes this year, nor for several years into the future. Following California's lead, Governor Patterson today announced...

Repeat After Me: It's about the oil.

Interesting, Very Interesting: What happens when Fannie and Freddie's shares sink below $1 and they are delisted from the exchanges?

So There! New York now holds investors accountable for the mortgage fraud that goes into mortgage-backed securities and derivatives. Freddie Mac, suspecting what might be in the poke, will no longer buy NY-originated sub-prime backed paper.

Going Like 60: Scientists warn that the North Pole could be free of ice in just five years’ time instead of 60. Satellite images show that ice caps started to disintegrate dramatically several days ago

Rising Water: Nearly one-third of those who bought a house since 2003 now owe more than the house is currently worth. Nearly 50% of those that bought a house in 2006 are now underwater. Almost 25% of all houses sold in the last year have been sold at a loss.

Enigma, Not: Along with the many short-term goals the Russians have, let us not dismiss the Russian goal of controlling all forms of energy flowing into Europe - far more control than the Saudis ever had over the US.

Real Money: JPMorgan lost $1.5 billion last month due to 'substantial deterioration' in the market for mortgage-backed bonds. There's a real shortage of bigger fools out there.

Who Asked? Vineyard National Bank maintains it is a 'Going Concern', Downy Financial, too. Question is, where are they going? Away?

I'm With Them: Moody’s has downgraded Morgan Stanley; “The size of trading losses in the past year has reduced our confidence in Morgan Stanley’s risk controls ." Fine, except there's lots of room for a longer list.

Not Quite Yet: Reports indicate that a new wave of mortgage defaults is upon us. This time it's the good credit bunch - those we were depending on to rescue the system. Those with 'jumbo' mortgages are failing at twice the rate as the middle class folks. Doesn't seem like housing's turned around. Maybe next week.