Quote from article 'Last week there was a wave of excitement on those punky but perky housing sales numbers. Those wowsers were out there with narcissistic answers telling us "housing has turned the corner." Yeah, it turned the corner alright, and it's right off the cliff for another -20% reduction in valuations. Sales are not closings. Sales can fail to close. Basement priced houses do not make a decent and recovering market place for this smashed down industry. Sure the big boy bankers "earned" $64 billion on mortgages telling us of their vast lending improvements. When a property is marked down -75% and the neighborhood remains livable, something will eventually sell and Mr. Banker pockets some vigorish and can claim years of booked profits. While millions of homeowners lost their jobs, their homes, and most of their assets, the bankers got a fresh TARP injection of taxpayer cash from Washington rejuvenating banker derivatives games. Yes, that is true; they are doing the same stuff all over again! Why not? They are too big to fail. And no one will stop them. Don't you feel warm and fuzzy knowing your taxes helped those bankers continue to take mammoth salaries and bonuses while your pathetic existence has been reduced to a slum apartment or a cardboard box under a bridge? Who falls first during the inevitable crack-up boom in bond land? While the wealthy Euro-bankers, central bankers, IMF, World Bank and Bank for International Settlements worry about getting their fictional fiat principle and interest repaid, Greece returns to their Drachma ' http://www.kitco.com/ind/Wieg_cor/20121015.html
