Commercial Note Buyer — Extend and Pretend Again
We’re bubbling over yet again! On the surface, the economy looks reasonably strong with home prices and the stock market soaring, retail sales climbing, and unemployment slowly declining. You and I, as people who like to peek under the media veil, know that the foundation underlying the economy could hardly be weaker. Government spending of money that it doesn’t have is supporting a huge swath of the economy (e.g. 90% of the housing market). We don’t know when this superficial recovery will be snuffed out and reality will return, but there is no question that it will happen. As one Read More