Oh Shit, Don't buy stocks yet

The $230 billion backlog of high- risk, high-yield debt that banks planned to sell has stopped shrinking, and probably will hinder lending to new borrowers, Bank of America Corp. said in a report.

Lenders have about $160 billion of leveraged loans on their books and about $70 billion of junk bonds still must be sold, analyst Clemens Mueller in New York wrote in a report today. Bank of America is based in Charlotte, North Carolina.

Read it all if you choose.  Bottom line?  Oh Shit.......

And George Soros Makes Sense

For all his secretive funding of liberal bullshit we always have to be aware that he knows markets like few others.  He has written a first class piece in the Financial Times of London in which he spells out everything.  He especially warns about U.S. protectionism, something the Democrats are yearning for in spite of the fact that it is universally aknowleged that high tarriffs caused the Great Depression of the 1930s.