The Fed's Beige Book said the obvious: "Continued growth ... mid-July through the end of August, but with widespread signs of a deceleration." Not double-dip, not yet. In the absence of fearful dippers buying bonds, the 10-year T-note rose to a one-month high 2.8 percent, although doing no particular damage to mortgage rates, still near 4.5 percent.
A great many people now write about housing, many of the strongest opinions held by people who gained their knowledge by living in a house, and driving past other ones.
The new rage: "Just let housing go." These people do not seem to remember the benefits of letting Lehman go, the simple life without banks and their deposits.