Oil closes back over $100/bbl and euro approaches $1.50. The latter news is the biggie; the euro’s close is a full three cents above its previous record. Fed head Ben Bernanke can only support another rate cut if he’s stupid, willful, or already bribed by the Street.
Meanwhile, housing prices in the last quarter of 2007 dropped almost 9 percent from a year ago. Standard & Poor’s says it’s the worst performance in his 20-year history of rating home sales. Meanwhile, the government said housing posted its first full-year year-over-year decline in 16 years.
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