Good Morning from sunny Queensland where everything is rosy. Oops sorry, gotta take those party glasses off! Mmmm – the weather is fantastic, its election season and the air reeks of bullshit.
A continuing line of rubbish from realtors and bankers as to how things are so great – no change there.
But read about BORAL – just Google BORAL in Google News and you’ll see for yourself how this bellwether stock is the canary in the coalmine for the Australian building industry – no recovery anytime soon they say – they’re in a bunker and will stay there for a while yet.
Also search in the same area for recent news and announcements from Wells Fargo (and add Wall Street Journal). For those of you who don’t know, Wells Fargo is the largest mortgage company in America. They are shedding jobs and have announced that the whole mortgage market is in the toilet over there.
Anyway – read this and weep – http://online.wsj.com/article/SB10001424127887323980604579027332197868924.html