Nobody Cares About the Fed's
Low Rates
Michael Pento
Euro Pacific Capital
Posted Sep 29, 2010
Mortgage Applications continue to fall despite the fact that
interest rates are now being set artificially at an all time
low. The Mortgage Bankers Association released its Weekly Mortgage
Application Survey for the week ending September 24, 2010 today.
The Market Composite Index which measures the total mortgage
application volume fell 0.8% from last week on a seasonally adjusted
basis. The interest rate for a 30-year fixed rate mortgage declined
to 4.38% from 4.44%. This is a new low for a 30-year fixed contract,
compared to the low 4.43% from the week ending August 27, 2010.
Applications fell for the fourth week in a row.
Interest rates are at a record low despite the fact that the
dollar is falling, the national debt is soaring and the Fed is
doing its best to destroy the value of what little savings is
left in this country. But even though the government is devastating
the economy in order to bring about a temporary decline in the
level of interest rates, nobody is buying a house because we
are destroying our country's ability to produce viable employment.
###
Sep 29, 2010
Michael Pento
Senior
Economist/Vice President Managed Products
Euro Pacific Capital, Inc.
1 800-727-7922 ext. 235
732-203-1333
email: mpento@europac.net
website: www.europac.net
Michael is a well-established specialist in the "Austrian School" of economics and a regular guest on CNBC, Bloomberg, Fox Business, and other national media outlets. Prior to joining Euro Pacific, Michael worked for a boutique investment advisory firm that partnered with Claymore Securities Inc., to create ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE.
|
Click here
to buy Peter Schiff's best-selling, latest book, "How
an Economy Grows and Why It Crashes."
For a more in depth analysis of our financial problems and the
inherent dangers they pose for the US economy and US dollar,
you need to read Peter Schiff's 2008 bestseller "The
Little Book of Bull Moves in Bear Markets" [buy
here] And "Crash Proof 2.0: How to Profit from the
Economic Collapse" [buy
here]
For a look back at how Peter
Schiff predicted the current crisis, read his 2007 bestseller
"Crash Proof: How to Profit from the Coming Economic
Collapse" [buy
here]
More importantly, don't wait
for reality to set in. Protect your wealth and preserve your
purchasing power before it's too late. Discover the best way to buy gold at
www.goldyoucanfold.com, and subscribe to
our free, on-line investment
newsletter.
|
321gold Ltd
|
