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TOP CAT AT THE FED
Housing Boom Raises Fraud Concerns, Associated Press
Empty Houses, Falling Prices: A Boom Dies, Bill Fleckenstein
The Wealthy Hear Thud of Lower Values, Danielle DiMartino
Feldstein May Have Top Credentials, Biggest Liabilities for Fed, Art Pine [Bloomberg]

Market Value: Now you see it, now you don't...
Ole Bear, Editor's Commentary

It is always a treat to read Fleckenstein's pen, especially when he talks about real estate and Greenspan in the same article. A reader sent Fleck some inside skinny on upside down real estate in Ohio, which makes for entertaining reading. The Show Me State makes the mortgage and appraisal fraud news hit list as one of the suspect places to park your ABS and MBS portfolio. I have been to Manhattan, Kansas and Manhattan in New York.... both are nice places to visit, but being a Missouri Tiger I don't cotton much to Wildcat Finance, and I have an aversion to pricey real estate, where there's no free parking. Who's going to be the next FED HEAD inflationist finishing off the destruction of the paper money system in the wake of Easy Al? We'll all know soon enough, but I cast my vote for Top Cat.

We will vote for Fancy Fancy to walk on water at Fannie Mae, Choo Choo to ride the locomotive at Freddy Mac, Spook to slide into HUD, The Brain to run the Dallas FED, and Benny the Ball to cover all future FED press releases. This will be a lot more entertaining than having real folks impersonate cartoon characters doing their jobs. Market Value? Now you see it... Now you don't...

Ole Bear, Editor
Columbia, Missouri

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