The Associated Press reported this morning that the IMF's chief economist Olivier Blanchard remarked that "The global economy has entered a dangerous new phase," and "The recovery has weakened considerably. Strong policies are needed to improve the outlook and reduce the risks."
Wow - is that breaking news or what? I'm pretty sure we've been in a precious position for some time due to the debt crisis in Europe as well as in the US. As a "glass is half full" type of guy and not looking to be too cynical here, has this guy been under a rock or what? At the end of the day, it's probably best for us to help folks own homes and move forward in a positive, realistic way.