It's the Economy, Stupid

According to CNBC in 2005 29% of all mortgages had NO equity. No equity. That means that the exotic mortgages put those 29% of people at risk for losing their homes. They will be hit if the Fed raises rates again.

Meanwhile the Home Building stocks hit a 52 week low yesterday. They have "rallied" just a bit today but the bottom line is that the housing market, which has fueled the economy is declining.

On the oil side a barrel of crude is still over $69. That is about where it's going to stay until it really starts to shoot up.

Yeah, the economy is great.