Jim Kunstler this morning...

I often disagree with the author of The Long Emergency, but he is eminently quotable. Here he is this morning:

Casual observers like myself have described the US economy as being in a hideous state of unbalance. On the one hand, we have the aforementioned Wall Street smoothies raking in unbelievable bonus fortunes, while the rest of the nation sinks into home equity quicksand wearing lead-lined suits manufactured in ARM mortgage reset hell. The afflicted house owners can't even sell their houses because the market is glutted with houses just like theirs, now worth less than the mortgages owed on them and, guess what, the supply of Greater Fools has finally dried up.

If you want to read more about the mortgage crisis in this country, check out my coworker Mike Larson's blog at Interest Rate Roundup.

Check out my new gold and energy blog at MoneyAndMarkets.com