The Idiocy Continues

Once again, mainstream media economists make idiots out of themselves, as reported here:

Consumer borrowing unexpectedly surges in MarchWednesday May 7, 3:18 pm ET

By Martin Crutsinger, AP Economics Writer

Consumers increase their borrowing in March at the fastest pace in 4 months WASHINGTON (AP) — Consumer borrowing rose in March at the fastest pace in four months, more than double the increase of the previous month.The Federal Reserve reported Wednesday that consumers increased their borrowing at an annual rate of 7.2 percent, compared with a 3.1 percent rate of increase in February.

Why don’t we try a new headline: “Stupidity of Economists Showcased by Complete Failure to Make Accurate Predictions.”

Also, great link here for Fitch's report on bank HELOC loans from Winter Watch.
Countrywide is the worst, by far. In second place for the most risk is WaMu, followed closely by Well Fargo in third. Wells is the most promising short, as their stock has been hurt much less than WaMu or Countrywide.