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Mid-day Update

The markets are trading in a sloppy range.  Some uncertainty out there again after economic data.   New homes sales were actually up 1.5%, for the quarter, but still lower than expected and inventory is growing.  Then the White House said they were raising the forecast for ‘07 GDP to 2.7% and cutting the ‘08 forecast to 2.7%.  That seems like no growth, compared to slow growth.  Secretarty Paulson is trying to set up a homeowner bail-out, of sorts.  We should just rename him the Bail-Out King.  Banks in Norway are also looking at loses from “subprime”.  It 12 o’clock, do you know where your “toxic paper” is right now?  They seem to be turning up everywhere.