60 Minutes story Toxic Mortgages will now get worse

[MikeNY]

60 Minutes had a story that the toxic Mortage meltdown will get worse. That the Alt-A and ARM Mortages are resetting and may of those are Liar Loans and will deflaut. in Miami 68% of Mortagages are starting to be in trouble. The housing stock is now 4million plus and 2 years ago was 2 million plus, so this might last for years. Plus credit card debit, auto loans/lease and commerical real estate are all starting to hit the fan.

God bless us all and the USA and the world. 60 Minutes also did a sycophantic story on Barney Frank; they should be ashamed! But if they expose Frank it might lead to Obama' & ACORN's exposure of thier combined, coordinated and very substancial contribution to the development of the Mortgage Meltdown and Economic Crisis.

[Free]

I watched that last night, and your thoughts on both stories mirror mine.

On the mortgage issue, he did say that he thought it was already reflected in the current price of the stock market. Do you agree with that, or those who think we have another 20-30% to fall, especially due to weak earnings coming soon?

[MikeNY]

Free I think we are close or at a Bottom, now a bottom can be tested and also just because we reach a bottom does not mean we'll see the Market move upward. Markets can be flat for long periods of time and as we have seen over the last ten years the Market has lost money. Everyone should be diversified, have money in cash, bonds and a stock position. Over the long run stocks make money, and no one should be more conservative than a 50% stock and 50% bond position, plus some cash.