Daytraders Still Do Exist

[jrm]

Fannie titghening up cash out refi's & bumping 30 to 6.28.

the spread game derivative poster child has no "hope"
of covering bad bets in UST's. they can mitigate
losses for a few, but 50% underwater is still underwater.
and rates can't rise fast enuf for fannie to offset those
defaults.

that would be contrary to conventional wisdom, but it's true.

oh the pain of yet another rate cut or at least bubblevisions
promise of the much ballyhooed "intermeeting cut".

the giddy will be when ol green eyes tosses the 2 bits he's
been loafing around with for the past 4 months.

then we get a guy who's name ryhmes with beer.

$55.8 billion in "vapor funds" came out in cash so far into
consumers hands...

the door is closing.