There are no comparisons between The Great Depression and today's The Great Credit Crunch. The Regulators were like the Three Blind Mice saying that they didn't see it coming.
US Treasury yields are low, gold and crude are sliding, while the euro slips well below its 200-week simple moving average. Investors are realizing that the Dow is in a Multi-Year Bear Market. Meanwhile housing and community and regional banks fall to new lows.
The economy is losing higher paying jobs. Higher yields don't help, while commodities and the dollar become range-bound. The 200-day is a line in the sand for the Dow at 13,054. The S&P, NASDAQ, Russell 2000 and SOX are below their 200-day. Transports are the anomaly.
JP Morgan created $90 trillion in Notional Amount of Derivative Contracts. Richard Suttmeier's List of Problem Banks! Crude breaks below its 200-day for the first time since May 2007. The weekly chart for the Dow Industrial Average!
Will Fannie & Freddie be bailed before the Housing Bill becomes law on October 1? The FDIC has a plan to bail out defaulting loans at IndeMac Federal. Why not a National Mortgage Bank and expanded use of Ginnie Mae? Why Recession is unavoidable.
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