Frogs Falling From the Sky

Hey, Bush is not only incompetent at running a war - the economy is pretty weak too! Just ask a Citigroup ex-employee.

Of course, if you're in the mortgage fraud business, business is booming!

Why is it booming? Here's one reason.

Another thing booming is margin debt, the highest since 2000.

One thing not booming is mortgage lending.

Not to worry...Bernanke says housing troubles are "well contained".

Sure they are:

" 'Why am I driving four hours a day, getting up at 4 o'clock in the morning and getting home at 7 or 8 at night, when my home is $50,000 upside down? Why am I banging my head against this wall when I can go back to L.A.? I might not be able to own a house, but my quality of life will be better, and I'll be able to spend more time with my family.' "

Also from the Times, some magical thinking: 60% of adults think we're likely to have a recession in the next year, yet 32% still expect their neighborhood's housing values to be higher six months from now.

What will the next bull market be in? Securities lawyers.

Followed by frogs falling from the sky.