Miscellany

What's this? Rich people got stupid with their mortgages too? (thanks HousingBubbleBlog)

"I think a lot of wealthy people saw easy money and started thinking they were geniuses."

What's this? Las Vegas luxury homes aren't a good investment? What about Dallas? Surely Baja California is holding up? How about the "inland empire"?

At least commercial real estate is still booming, right? Right?

What's this? Krispy Kreme turns out to NOT be a great investment? Would a broker steer me wrong? Those Wall Street guys seem pretty smart, or at least CNBC says they are.

Otra vez: Would you like fries with that?

A comment from David Pearson on Calculated Risk today on the Enron, I mean Lehman, earnings sums up the quality of corporate reporting and analyst, um, analysis these days:

Please feel free to skip the Lehman conference call later today. Here's a complete summary of the Q&A:

Analyst: Did you mark all your assets to real market values?

CFO: Yep.

Analyst: Are you sure?

CFO: Yep.

Analyst: Oh, okay.

David Pearson

Two smart guys think the American Peso is in trouble.

Quote of the day:

"There may be a recession in stock prices, but not anything in the nature of a crash."- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929

Don't worry. Inflation is only confined to stuff like energy and food.

Wanna buy a boat? How 'bout a slightly used automobile?

Next bull market? Lawsuits.

Also apparently the Federal Reserve is supposed to cut rates or raise the dead or walk on water or something later today.