Powder Blue Report

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Thursday, July 26, 2007

Nice Slow Day In The Stock Market

Not. For those who haven't heard, the stock market is having its worst day since 9/11 today. At one point the Dow was down almost 500 points. The S&P was down over fifty points. The day of reckoning has arrived for all the easy money in the mortgage market the last few years. It's going to get very ugly going forward. There are rumors that liquidity is just not there for all the junk subprime debt that a lot of hedge funds and institutions are holding. Hold onto your hats because it is going to get wild.


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