Doug Noland - "Cracks at the Core of the Core"

``Back in 2000, Dallas Fed president Robert McTeer suggested that our economy's ills would be rectified "if everyone would hold hands and buy an SUV." And for the next 15 years Fed policies did the unimaginable in the name of (indiscriminately) stimulating growth of any kind possible. And if epic mortgage finance Bubble financial and economic maladjustment was not enough, the past seven years have seen the type of financial folly and egregious wealth redistribution that tear societies apart... At this point, I cannot confidently forecast how quickly the bust will unfold. I do, however, believe this process has begun as Bubbles falter at the "Core of the Core."''