Wake Up Call - Housing Market Recovery A Fraud - 02/14/14




The Wake Up Call show

Summary: Distressed sales (short sales & foreclosure sales) rose to a three-year high of 16.2% of all U.S. residential sales, up from 14.5% in 2012. Prior to 2007 the normal percentage of distressed home sales was less than 3%. The RealtyTrac report reveals that all-cash purchases accounted for 42% of all U.S. residential sales in December. How real is that? Mortgage applications are languishing at 1997 levels, down 65% from the 2005 highs. Real people in the real world need a mortgage to buy a house. But never mind. The masses desperately want a feel good story they can believe. A quick tour of the current state-of-play in various countries. More evidence that “QE” has been a complete and hideously expensive waste of time. I discuss the nature of the global crisis. We hear a whistleblower tell Congress her tragic story of government revenge. The disastrous effect of Bernanke’s QE on emerging markets. Yet another unintended consequence (which the Fed, of course, denies)