New Home Sales and Durable Goods Orders were reported today. Both are looking pretty poor.
Durable Goods Orders Off But Business Spends More - The article takes the position that the news is better than the headline number of -1.3%. CNBC keeps stating that this—excluding transportation—indicates a rebound. The actual census report didn’t look very good to me. Remember, our trade gap is in a widening trend. Goods manufactured in the US are off. Non-defense orders are down. Defense orders are up. Is that supposed to be a silver lining? Exclude transportation, but not defense? The logic makes sense if all you want to find is good news.
August New Home Sales Second Slowest on Record - I actually read elsewhere that it was the third slowest on record. It is the worst August on record. I only link to it because when it aired on CNBC, they tried to spin this as great news, indicating that we’re steering clear from a double dip. Interesting that the article on their website is far less sanguine.
It seems as if there’s no negative scenario for anyone any more. These numbers are better than they look. If they aren’t, the Fed will step in with QE2. That will make everything go up. So even if they are bad, they’re good!
Interesting.
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gilmoure reblogged this from moorewr and added:
The Dead’s Hell in a Bucket comes to mind.
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southpol liked this
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vruz liked this
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moorewr reblogged this from crazynutjob
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moorewr said:
If I thought you were serious I’d file this pronouncement next to the infamous “Stocks have hit a permanent high plateau” from way back. :)
I’m reading Lords of Finance by Liaquat Ahamed currently.. fun stuff..
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crazynutjob posted this
