Wednesday, June 4, 2008

S&P Bank Sector

Long lead indictors continue to point to a gradual global systemic unwind, as more and more of the global banking system faces write-downs. 

 

The global economy cannot afford higher rates, note the huge drop-off in mortgage apps and refinance this morning in the US because of the move back up in interest rates. If we were to get a move of higher rates in the global economy, I do not know how this could not accelerate the deflationary forces of asset deflation...

 

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