I've added a new website to my "Important/Favorite Links" section: MortgageImplode.Com. This is a website that is "Tracking the housing finance breakdown: a saga of corruption, stupidity, and government complicity." The site also has a number of other great links to other useful sites on the subject of credit and risk.
Think of the credit markets as a large pitcher of water... pure, clean, clear water. Then, trouble comes along. In our present time that trouble is the subprime market which is represented as a packet of Grape Kool-Aid which is poured into that pitcher of pristine water. Get my drift? The composition of the water is drastically changed. The snowballing debacle in the subprime area of the credit market is mixing into the rest of the credit markets and already causing consternation and needs to be closely monitored.
MortgageImplode.com is doing a great job of tracking the closures of various mortgage lenders and it's quite shocking to see what has already happened.
Jim Sinclair at JSMineset jolted me tonight: Just imagine where our economy would be without the massive cost our wars in Iraq and Afghanistan. Let's not even go there now, but you can read more about that over at http://www.jsmineset.com. Good night.