The U.S. trade deficit unexpectedly fell in June, though I wonder how much of that will go away now that the dollar is about 6% stronger than it was that month.

I just wonder when people are going to start noticing that the Fed is printing money like a SOB with it’s aid to the financial industry.

Today’s bit of additional money comes to $25 billion with their financial toxic waste for cash exchange program, better known as the, “discount window borrowing facility”.

The dollar is down a bit today, but I see it as profit taking, as opposed to the realization that we in the US print more money than toilet paper though.

In energy, oil is down, even though BP closed its Georgia pipeline as a precaution.

Gasoline is down tow, by about $0.30 from peak.

Real estate, on the other hand, is beginning to look grim, with people finally noticing that prime mortgages are defaulting at higher rates too.

It explains why JP Morgan lost $1.5 billion on mortgage backed securities in July.