Gold passed the $1,000 an ounce mark a few minutes ago, which is the economy’s version of a hurricane flag.
Today, apparently, is going to be another horrible day in the equity markets. Fear of bank nationalization is being blamed for pre-market jitters. And the rhetoric surrounding Wednesday’s unveiling of a housing assistance plan by President Obama is starting to sink in, and not just among the talk-radio crowd.
“The government is supporting bad behavior,” said CNBC’s Chicago Board of Exchange analyst Rick Santelli as he organized a “revolt” on the floor of the exchange on Thursday morning. “You can go down to -2% on a mortgage and they still can’t afford the house.”
It was such a display of economic petulance, that this morning, the Today Show brought Santelli in for a repeat.
A few people have moved past the “why should I help someone who bought too much house?” stage and are concentrating on some interesting questions. For example, if someone gets help with their mortgage, and the economy rebounds and home values go up again, does that person who got help give something back?