Here are some pictures of what Greenspan left you to deal with.

A Flat Yield Curve

The above chart thanks to Bloomberg.

A recovery very long in the tooth

Skyrocketing Housing Inventory

Plummeting New Home Sales

Flippers Out Of Luck

The above bench was photographed on Sunday, March 26, 2006. It is now a receptacle for flippers’ key lockboxes. These flippers / investors are trying to sell their respective units in the building. Each lockbox represents a condo unit that is for sale or for rent. The condo project is called Halstead at Dunn Loring. It is located in Northern Virginia (Washington, DC suburbs). The iron bench is located on the west side of the condo building. There are about 220 units in this condo building. Across the street, Merrilee Dr, there is the second phase of this condo complex being built. The building is located at 2655 Prosperity Avenue, Fairfax, VA.

The above chart is courtesy of BubbleMeter

Gold Is Soaring

That concludes the graphical portion of this presentation. It is now time for the video portion of our program. A bowl of popcorn at this juncture might be appropriate. Thanks to Kevin Depew on Minyanville for finding the following link.

Video on Consumer Mentality

Don’t Buy Stuff You Cannot Afford

The above video is hilarious (and short) so please play it.
Unfortunately the mentality displayed in that video is exactly the current mentality of the average US consumer.

Ben Bernanke, if you want to know who is largely responsible for this mess, I suggest that you (along with Greenspan) should look in a mirror.

Mike Shedlock / Mish/