Moving on to more bull... bullish economic data, the Case Shiller S&P 20 city housing index came in at - drum roll please - negative 3.61%, putting home prices at levels not seen since 2002. In other words, a flood of people just went underwater with their mortgages and have joined the list of millions of Americans/Canadians/Europeans who will be paying more for a home than it is worth - with no end in sight. This Christmas, the new theme song will be "Jingle Keys."
Want more? How about the latest data from the SNAP program which shows now a record 44 million Americans are on the food stamp program. This write up from the Burning Platform is a nice cheery piece on the situation. Of course all of this is bullish for the stock markets as they rally today on nothing but a little optimism that Greece, a nation with a GDP the size of one county in California is getting another bailout. At the same time, the United Nations has issued a warning that the end of the US dollar is coming. Nothing like the decimation of your currency to get the markets into a rally. Did you check out the latest price of Toll Brothers stock? Do it just for a good solid laugh.
Alas, all of this comes as record insider stock sales occur on a weekly basis and record bonuses are issued to the very bankers that sparked this mess to begin with. Yet, none of that really matters when you consider that Fukushima is spiraling out of control. Soil samples taken far from the plant show levels of radiation skyrocketing. Worse than Chernobyl? On the orders of magnitude worse.
Finally, an as of yet unknown explosion occurred at reactor 4 today. TEPCO blames a gas line. We blame TEPCO.