In this issue of Breakfast with Dave

• Not the time for a jubilee: in a nutshell, we are in the early stages of a secular credit collapse following the biggest credit bubble in human history

• Canadian housing market: A long, hard summer: existing home sales in Canada fell 6.8% MoM, the 6th decline in seven months

• U.S. housing stuck in the basement: the NAHB housing market index sagged to 13 in August, the low-water mark for the year and the lowest since April 2009

• Early glimpse of U.S. manufacturing data disappointing: the NY Empire State Manufacturing survey for August rose slightly but misses market expectations

• The world, except for China, loves U.S. treasuries: net long-term flows into U.S. assets increased in June with foreigners picking up $33.3bln in Treasuries

…..read it all HERE