The Fed will cut rates, if anything to show that they care. But the rate cut won’t do much for mortgage rates and for housing as a whole.

One the value of Piggington is that we were discussing subprime, liar loans, and other exotics way before for press started reporting on them.

On this board, we are ahead of curve.

The talk of recovery by the financial press is simply trying to talk the market up. Remember when Bush Senior said there was no recession in the 1990s? Well the people knew there was a recession and that’s why they voted for the unknown candidate, Bill Clinton.

I won’t even begin to consider recovery until 2010, after the 2004 5-year notes reset.