I’ve revised my bear-market target for September T-Bonds to reflect the fact that the crushing selloff begun yesterday has continued into this morning.  From the standpoint of spin-control, Bernanke would have us believe that it’s a controlled avalanche.  Whether controlled or not, however, it will be yet another turn of the screw for a real estate market in which improvements have depended entirely on rates that have been heavily suppressed by the central bank. A White House shill said the other day that it would take significantly higher rates to kill the current housing boom. However, given the difficulty for new borrowers to qualify even at the preternaturally low rates that have obtained, the pundit should be drawn and quartered for saying something so wretchedly stupid and disingenuous.