Mortgage rates are stuck just above 6 percent, but the key indicator of anxiety, the 10-year T-note, fell into the 4.30s. The drop was brisk following news of deepening weakness in housing and credit. Stocks are holding a key level, in Dow terms, 13,500. That market recovered once this week on the rumor that things were so bad that the Fed would cut its rate before its Halloween meeting. A Fed panic would be good news? The resilience in stocks worldwide, and energy ($92 oil is the same constant-dollar price that killed us in 1980), and the euro (at $1.44 apiece a collector's item, and making it rather difficult to make a pfennig selling Euro exports) has two sources: great faith that the U.S. economy is no longer necessary to the world, and an ocean of Asian-exporter and petro cash still looking for investments. That ocean is still rising, the supply of valid investments shrinking by the hour. One of the world's leading investments 2000-2007, eagerly pursued by that ocean...
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