Yesterday the
IMF report said the bottom is not yet in sight for US housing. The direct implication is that the bottom is not in sight for defaults and foreclosures, either, even in prime assets, and with credit quality declining in credit card and other bundled securities, banks must continue to shrink their balance sheets. We could even get a nasty shock in the form of additional regional banks failures, although over the weekend at least one bank failed (in Nevada) and it didn’t make the national headlines.
For
Best US Dollar exchange rates visit