By John Galt December 21, 2011 – 14:55 ET Over the past few years I have been writing and commenting on the other housing crisis in Europe, that being of the nations who issued mortgages in Euros to Eastern European nations. Hungary was one of the largest nations in which the citizens borrowed heavily from Austrian banks in Euros but their local currency, the Forint, was used to pay those banks back. That worked fine until the Euro skyrocketed in value and the Hungarian economy…
By John Galt December 21, 2011 – 10:10 ET The housing disaster continues and what better week than the a holiday week to issue a report indicating that the housing depression continues in full force. The National Association of Realtors issued their monthly existing home sales report minutes ago and the revisions to the old data plus current month indicates that all the efforts by both the Bush and Obama administrations were useless and did nothing to salvage a sinking ship. From the report (available…
By John Galt December 21, 2011 – 09:50 ET Because it is poor form to report bad economic news before Christmas and blasphemy to acknowledge data which gives the impression that our Imperious Leader (sorry, Dear Leader was taken) is impotent and incompetent regarding economic matters, the housing data reported yesterday was trumpeted as an indication of a possible bottom or start of the bottoming process in the housing market. In fact some blogs like Business Insider performed their usual duty of posting blog entries…
By John Galt December 21, 2011 – 07:30 ET The constant drumbeat of reports out of governments and mainstream media sources from Europe and the United States is that the European Union and European Central Bank are working on solutions that will cure or at least alleviate the crisis threatening the region. Each morning there is the breakthrough story of a new facility or program to keep the union intact or maintain the integrity of the ECB while rumors swirl that the solutions enacted are…
By John Galt December 21, 2011 – 07:10 ET The S&P 500 cash made it above the magic 50 DMA without surprise or little effort yesterday on the back of a proverbial “Santa Claus Rally” as predicted in these pages early in the morning of December 20: With the markets hovering near 1240, the potential to test the 1248-1254 area remains but odds are it will fail intraday as the news out of Europe is digested and the ECB bank loan program is recognized for…
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