Economic News for the Day

Yes, the stock market is up, but that is peripatetic. Here are some more links to follow:

Countrywide's mortgage loan origination falls 48%

Existing home sales expected to hit 5-year low in 2007, a 12/7% decline, with 2008 looking even worse.

China's inflation rate hits 11-year high, they are claiming 6.5%, but how you can have that when food is going up at 17.6%, and pork by 54.9%, I gotta figure that they, like the US tweak their cost of living figures. If forced to raise interest rates, it will put further downward pressure on the dollar.