subprime mess

Rigged Casinos and the Plunge Protection Team: Bernanke acknowledges greater intervention in the markets

Back on Saturday when I promised to write more about Kevin Phillips and his take on the Plunge Protection Team, I had little idea that the PPT would have such a public coming out party so soon.

This morning, according the to Wall Street Journal, Fed Chair Bernanke said “federal regulators, policymakers and private sector groups are already taking steps to address some of the concerns laid bare during the turmoil last year.”

Translation #1: The myth of the free market is debunked.
Translation #2: Investing in the US Stock Market is about as wise as gambling in a rigged casino.

Have you seen any foreclosure signs?

Although the wagging heads are predicting that IBM's report yesterday would jump start a rally on Wall Street today, yesterday's drop of 306 points on the DowJones suggests that many aren't feeling so optimistic.

Last night at board meeting in town, one of my townfolks confided that two houses out of the 10 on their little cul de sac sprouted Foreclosure signs just in the past two weeks. That's a scarey 20% -- though a laughably small sampling.

But we are an "out of the way" pocket and pretty conservative financially (not a lot of real estate speculators in our tiny town), so such in your face evidence was startling.

Is anyone else seeing evidence in their neighborhoods?
UPDATE below.