Good ole Paulson comes out today and guess what, he says we need more power!  Well thank you Vladimir Putin.  Let’s face it Oil Goes Up - Stocks Go Down.  Last week the Dow officially entered “bear market” territory (losing 20% in two months) and fought it’s way back out today.  The average price for a gallon of gas has gone over $4.00 (I paid $4.17 to fill up this week), meaning that drivers with large vehicles now are into 3 digit amounts to fill up for cars over 25 gallons.  Not ready to get on the Bernanke/Paulson bandwagon yet.

Yesterday Fannie and Freddie were under the gun and today the stocks were way up taking the Wachovias and Bank of Americas along for the ride.  Its nuts out there.  The national average for a 30 year fixed rate mortgage is 6.53% (we’re at 6.25 by the way) which was 9 basis points down for the week.  Watch for car loans to be the next trouble spot in the economy.  I mean come on - whatever “stretching the truth” there was in mortgages  - think back to all the car loans you’ve ever had - I mean I remember getting a car one time and the guy was really happy he wouldn’t have to “dummy up the app”.  Is it me, or is buying a car about one of the most unpleasant experiences we have to endure.  Its like the Serengeti - the lions and hyenas looking to grab the wildebeest.  Personally, I’d rather go the dentist.

I hope that everyone had a great 4th and took the time to appreciate that even in these troubled times, we are fortunate enough to live in the best place on earth.  Also, congratulations to Palm Beach Counties’ own Vanessa and Serena Williams for their exploits at Wimbeldon.

Peace out!