No scaredy the price of credit has nothing to do with the expectation of housing prices. The price of credit drives housing prices.

The price of credit is ultimately, when you trace it back up the chain, is driven by the bond market. Yes risk is inherent in the price of credit but if credit were really determined by risk then in 2007 when we first started seeing spiraling defaults credit should have skyrocketed but it did not because the dominoes would have all fallen, rightfully so I might add.

So we have punted the risk from the consumer past the lenders, and now it is at the federal level. One would think it stops there because our creditors are foreign govts now. It should and we will see.