The debt is a real threat

Commentary: U.S. to join 'Club Med'?

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The potential collapse of the euro currency, sinking stocks and a dead job market here have combined to push long-term rates down. Ten-year Treasurys are trading at 3.57 percent despite a huge new borrowing next week, and mortgage rates are at 5 percent flat.

Job losses appear to be bottoming, but the issue is new employment. The "V" recovery spinners are the same guys as all last year — and someday they’ll be right — but new unemployment claims are back up to 480,000 weekly, 2009 job losses were revised up by a million, and the drop in unemployment to 9.7 percent is statistical wandering.