Thanks for the Russell comments -- finally had a minute to read it. I think in large measure he is correct (he also admits to seeing the elephant in the room <gg>) but I am inclined to think a new round of re-fi activity would be flogging a dead horse - most all that would be inclined to extract equity from their home have already done so and that means that another source of cash must be found for the consumer to keep spending. Thus the Greenspan Gambit to reflate the equities to provide that source.
Congratulations on your short profit in GM - in this market you have to be nimble to make money on the short side. Well done.
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