WE'RE IN THE "3rd or 4th INNING" OF MELTDOWN ...

Here's a link to a pretty level-headed interview on our economic situation from noted value investor, Whitney Tilson. There's some jargon but, in my view, Tilson gets it: There's no confidence, and we're only in the "third or fourth inning" of the housing market meltdown. Tilson (following Warren Buffet's lead) sees "hundreds of billions" more to be lost in the market, and even sneaks in the threat of "depression" for good measure.

Here's some of the interest rate reset problems that's coming down the pike - and leading people to abandon their homes - in the housing market.

This is not good news for the financial firms (that are exposed) and the economy, which absorbs the ripple effects. I'll touch on this before Saturday's show.

- Mark