The disturbing line from this report:
"The share of mortgaged homes at the start of the foreclosure process rose to a seasonally adjusted 0.54 percent last quarter, topping the previous record of 0.50 percent touched in the second quarter of 2002, when the economy was recovering from recession."
Another guy from Greenwich who's disconnected from the real world?:
"The gist is that the prime market delinquencies are still far from troubling levels and the trends are also not worrisome, while the subprime pace of deterioration remains broadly unaltered and problematic," said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Connecticut.