There are a number of things going on in the financial markets that are unprecedented or were unfathomable six months ago.
- Oil has gone from $147 to $36
- The 10-year treasury is yielding 2.08% and might go below 2
- The Fed funds rate is about zero
- Equities have done nothing but go down for the last year
- The U.S. Government is intervening everywhere
- Housing prices cannot find a bottom
- AIG, Fannie, Freddie, Bear Stearns, Lehman, WaMu, Wachovia, Merrill Lynch are all gone
- Two of the big three auto makers may be bankrupt within the week
- The 90 year old Ponzi scheme is alive and well. Just like in the film classic "The Sting", the oldies are the goodies.
It's Friday and a storm is coming in the Northeast. Enjoy the weekend.