5/11/10
I thought I was pretty much on top of things on the financial front. However, I read a statistic in this morning’s (i.e., Tuesday, 5/11’s, page A5) Wall Street Journal that astonished me, to wit:
“Fannie, Freddie, and the Federal Housing Administration provided guarantees or insurance for 96.5% of the home mortgages that originated in the first quarter, according to Inside Mortgage Finance, a trade publication.”
96.5%?! Can that be right? So, effectively, no one but the federal government is lending money on houses in this country (or at least that was the case during the first quarter)?
Don’t you worry about it; things are just fine. Just shut up, quit complaining, stop “selling America short,” and buy stocks. And borrow money to do so. And make sure that, while you’re at it, borrow enough extra money to buy plenty of useless imported trinkets to keep the economy going.
Be optimistic, man!
While you’re doing that, I’ll be buying more gold.
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