I presume Brad is arguing that you've already spent time in Disneyland - the question being whether it was fantasyland or tomorrowland that you were in...

Mark Thoma put a link on his site to a detailed comment on the Morgenson piece and your take on it at NakedCapitalism, "Reactions to the New York Times Mortgage Market Story:"

http://www.nakedcapitalism.com/2007/03/reactions-to-new-york-times-mortgage.html

There's a later post that might also be helpful:

http://www.nakedcapitalism.com/2007/03/tinkerbell-market.html

well for one thing, the more the 10-year yield drops the better it is. being some 75 basis points below overnight rates certainly helps. and the weekly MBA data doesn't certainly point to a collapse in the housing market. stagnation? sure. inventory overhang? yep. but it doesn't appear yet like anything that would cold-cock the economy. nonetheless, i seem to be a card-carrying optimist these days. i still think corporate balance sheets matter more when it comes to the labor market, the ultimate source of any spillover. and so far so good. stock buybacks are all the rage with the leftover cash.

MBA data doesn't certainly point to a collapse in the housing market.

Bah, the panic atmosphere is driving me nuts! We've hit a record a whole freaking 4 bps above the worst we saw in 2002, and most of it isn't even in the sub-prime sector. This is all premature goldbug/perma-bear triumphalism....

When in Disneyland, don't forget to see the Alice in Wonderland attraction. When Alice says: "We're not in Kansas anymore", she's really referring to the crash of 2007.

When Alice says: "We're not in Kansas anymore", she's really referring to the crash of 2007.

Err, methinks you refer to non-Disney property "The Wizard of Oz" and the heroine of same, Dorothy.

I think that things will start to turn around soon in the home mortgage market..we'll see.