FRB: Beige Book - Just another day in the mortgage mess

Stabilization seems to be used quite a bit in the Federal Reserves Summary of the economy. I hope we are on our way to a recovery. Obviously, there is still mixed data out there, but this should not be any surprise after the horrific turbulence this economy hit last year. The Federal Reserve came to the rescue. No matter who is to blame for this mess, it had no choice but to fix this mess. The magnitude of this financial crisis was so great that it touched nearly everything turning it to mush. As I said a long time ago, this recovery was going to be a step-by-step recovery because subprime had a spider web effect, it wrapped itself around nearly everything worldwide, nearly collapsing the entire global economy. We were all slimed by subprime it seemed.

Therefore, to think this recovery would have happened over night, without any hiccups or mixed data, would have been highly unrealistic it seemed. However, I have to believe we are on the right path to a recovery. I have to believe we are going to be stronger than we were before this crisis. I have to believe we cleaned house. I am not an expert, but having lived through this mess, the air is different. It is getting cleaned up. No matter how painful this mess is, it is cleaner and hopefully soon banks will begin to loosen up credit by making "make sense deals" again with underwriting. It is cyclical. We will survive. One has to hope!

http://www.federalreserve.gov/fomc/beigebook/2009/20090909/default.htm

Stay tuned...I have more to share. Just another day in the mortgage mess!