Mortgage Lift Off: Checkmate Bernanke

FN: This is a really important development if it doesn't immediately reverse... and I mean immediately things will get ugly quickly.

Tyler Durden over at Zero Hedge caught the disaster with pretty pictures in We Have Mortgage Lift Off.

This may have something to do with the fact that the Fed just drained the liquidity swamp some today. Karl Denninger over at the Market Ticker has all the gory details in Fedwatch.

Bernanke is stuck and he doesn't have many options left.