John Hussman’s weekly comments are my favorite Sunday reading and this week he talks about the credit crisis, ARM resets, and other things:
Rumors of the Death of the Credit Crisis Are Greatly Exaggerated

Last week, I received several notes quoting the same analyst who suggested that the majority of Alt-A and Option-ARM loans have already been modified, that associated losses have already been taken, and that the “leading indicators” of foreclosure have improved. All of these assertions are fabrication…