Macro/World Economy:
Coming financial reckoning...it's been called many times before...think we're due definately within the next year, but i'll say around the end of summer. http://finance.yahoo.com/expert/article/richricher/37414
Scary when this comes out of the Bank of International Settlements
I think it seems like we're due for another revision in how we understand the power of liquidity in the markets...and better regulators (but that's a hail mary of a wish)...maybe more focus on velocity of money and international capital flowslook towards the EU more because they've probably been monitoring it very closely for their own sake up to and through the member nations joining the ECU.
Housing:
"The large downward revision for April removed some of the strength from April's report. It appears we are back to were sales are being revised down every month - probably indicating another downturn in the market - and I expect the trend to continue. More later today on New Home Sales" -Source
Bear Stearns is apparently the canary in the coal mine for this round....or this week if you wish. We're basically seeing that rating agencies have been complicit and had Conf of interests more and more as this bubble has progressed and high risk mortgage debt has been securitized via CDO's to the general markets.
http://www.nakedcapitalism.com/2007/06/conflicting-reports-on-status-of-bear.html
http://www.nakedcapitalism.com/2007/06/more-on-rating-agencies-and-risk-in.html
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