Monday, September 17, 2007
before the drop
The above picture is illustrative of much right now. Markets and economies soaring so headily for the last 6 years or so are paused in a Wile E. Coyote moment, and about to feel the effects of gravity. Everything is going around in circles, and there is not much that interests me enough to write about (in regards to real estate in Vancouver). It's all been said 10,000 times.
Greenspan keeps dropping bombs on his book tour - saying today that UK RE is overvalued.
Tomorrow the US Fed is expected to cut rates between 25-50 bp's, and those expectations seem to be having more of a subduing effect on the markets than a boosting effect. CAN $ is up even more.
Northern Rock in the UK saw a bank run that pulled some 2 Billion Pounds Sterling out in the last couple of days.
Meanwhile, in Canada, the 40 year mortgage trap is set, and ready to snap closed.
Look out below.