Mike Morgan update

I agree with every word he writes here:

When it comes to the markets, nothing has changed. We are witnessing the absolute grand theft of the United States of America. Guys like Paulson, Blankfein, Summers. Emmanuel, Lewis, Dimon and hundreds like them at the top are feeding in the trough of your money, savings, pensions, IRAs, 401ks, insurance policies, etc. There is nothing we can do to stop them at this point, and I still believe it will eventually end very violently here and abroad. If not this year, then next year. And the only reason it is not happening this summer, is because Obama has managed to print more money than anyone thought . . . and he's been able to hypnotize the masses with promises he can never keep. I just don't understand how he can live with himself . . . unless the rumors are true, and he is something from the dark side.

Here's what he says about housing - he's more knowledgeable about the real data in the housing market than anyone out there - and it coincides with all of my research:

And despite the recent analyst upgrades on the financial (banks, insurance, REITs) these guys are in very deep trouble . . . with more bad news to come. The run up in some of the builders is simply more fiduciary money being pumped into these stocks so Wall Street can dump expensive stock into pension funds, endowments and other fiduciary money.

Let me note something about the builders. They have crossed the line, to the point where they are no going to begin to burn the cash they have accumulated. We still have more homes than we have people to live in them. And the flood of foreclosures has not even started. I am not sure about what CC (Crazy Cramer) has been saying, as I have not seen or read him in more than two months, but remember how bullish he was on a housing bottom this summer. If it's a bottom, it is a false bottom. There is a tremendous amount of bad news coming in this sector, and they are also dealing with a looming disaster from Chinese Drywall litigation.

Don't be fooled by what you are hearing in the mainstream media. Even a lot of the bubbleheads on CNBC can no longer regurgitate from their teleprompters with a straight face. The system has been looted by big banks and enabled by the politicians who are paid off by Wall Street (Barney Frank, Larry Summers, Tim Geithner etc). The dollar index is having trouble holding 80 and it's technically and fundamentally set up for a massive downleg going into this late summer/fall. The stock market will soon shock everyone to the downside.