Submitted by Tyler Durden on 10/14/2012 20:17 -0400
We know its 'early' and we should not be judging yet another QE-book by its front-running cover; but the following three charts might give all those hopeful that this time its different some pause for thought on the Fed's actions being anything other than by the banks, for the banks, and of the banks. With refi activity's burst fading, retail mortgage rates having not budged, residential delinquencies rising once again, and average 'approved mortgage loan' FICO score at 750, it would seem the Fed could throw another cajillion dollars at the banks and reserves would just inflate further (along with everything we eat, use, and need), leaving the economy muddling through at best.
Since QEternity was announced, retail mortgage rates have dropped a mere 12bps to 3.39% while wholesale rates are down 30bps (and considerably more at one point)...................................................
http://www.zerohedge.com/news/2012-10-14/about-qeternitys-mortgage-based-housing-boost
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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