In today's issue of Breakfast with Dave

• While you were sleeping: risk appetite giving way towards risk aversion

• Market thoughts — call it a rupture

• Ten reasons for a dose of caution

• U.S. GDP report in perspective

• Defaults provide a boost? A J.P. Morgan study found that 12% of all mortgage defaults in February were “strategic”

• Getting ready for the Canadian housing bust? CMHC doubled its reserves to $1.3bln

• Pessimism in the U.S. prevails

• Barron’s interviewed PIMCO’s CEO Mohamed El-Erian and indeed there were some nifty nuggets to glean at

• A modern version of Benjamin Roth’s story from the Great Depression

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......read summary HERE