Credit & Debt: Disorderly Fashion

"Okay, everyone, ARM holders to the left, fixed to the right, and neg-am folks all the way in the back! Watch out for those resets!"

Ben Bernanke testified before the House Financial Services Committee today, and the meat of his comments was pretty much what you'd expect...inflation is the GREAT SATAN, and only a slowing economy complete with no wage gains can stop it. Oh, and we don't need regulation on how this affects the housing bubble. No sir.

At this point, I'm asking myself why I even bother reading Bernanke's statements or gaining insight from them. And if I'm doing that, you can bet market players are wondering the same thing.

Everyone needs to read this post from Mike Morgan on the "ghost market" to give you an idea of what may really be happening. Kudos to Mish for reprinting it in its entirety. This is as succinct a blueprint for the end of the housing market as we know it as I've ever seen.

It looks to me like that whole Yahoo-Zillow love fest is going to have more to worry about than price estimations being not exactly perfect to the last percentile.

Posted at July 20, 2006 02:33 PM

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"Okay, everyone, ARM holders to the left, fixed to the right, and neg-am folks all the way in the back! Watch out for those resets!" Ben Bernanke testified before the House Financial Services Committee today, and the meat of his comments was pretty much what you'd expect...inflation is the GREAT SATAN, and only a slowing economy complete with no wage gains can stop it. Oh, and we don't need regulation on how this affects the housing bubble. No sir. At this point, I'm asking myself why I even bother reading Bernanke's statements or gaining insight from them. And if I'm doing that, you can bet market players are wondering the same thing. Everyone needs to read this post from Mike Morgan on the "ghost market" to give you an idea of what may really be happening. Kudos to Mish for reprinting it in its entirety. This is as succinct a blueprint for the end of the housing market as we know it as I've ever seen. It looks to me like that whole Yahoo-Zillow love fest is going to have more to worry about than price estimations being not exactly perfect to the last percentile.