I expect CNBC to hire him as an expert investment commentator any day now. He’d fit right in with Larry Kudlow. Buy! Buy! Buy!
Meanwhile, Fleck writes: The refi game and government stimulus have been the only glue holding the economy together. If last Wednesday’s move in the bond market has shut the door on (mortgage) refi activity once and for all, as I believe it has, then the Fed is basically trapped. It is my view that we have reached the inflection point — where it’s game over for stocks, real estate and the economy. That doesn’t mean everything will stop on a dime, but we may look back at this period in time and say that it was an inflection point.