One of the reasons why

A little over a year ago Credit Suisse put out an amazing graph that struck fear into my heart. It certainly had a lot to do with me looking more seriously at Wal-Mart as an investment (thank you, CS!) because of their focus on lower income consumers.

One look at this graph, combined with the knowledge that it is more and more difficult to get a mortgage (i.e. refinance some of these beasts), should make you rethink any rosy scenarios you might be harboring in your heart. Oh yes, and I hear that as many as 50% of the mortgages that reset in 2009 are already behind on their payments... at the teaser rates. Want to bet on a fabulous 2009? I'll take the other side of that bet!



It's not over until the fat lady sings, and she's not even starting to warm up yet.