It’s Bad, It’s Nationwide: Case Shiller Index ~ housing continues to tank

like ZZ Top said~IT’S BAD, IT’S NATIONWIDE (& QE isnt doing JACK about it)

Vodpod videos no longer available.

CNBC:

…Eleven of the markets hit their lowest point since the housing bust, in 2006 and 2007: Atlanta, Charlotte, N.C., Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa, Fla.

The damage from the real estate bubble now spreads well beyond the Sun Belt, where new homes cropped up at a frantic pace during the mid-2000s. In many places, prices are expected to keep falling for at least the next six months….

CaseShiller Index ~ housing continues to tank -…, posted with vodpod

February 22, 2011. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

FTI Holiday Retail Sales Forecast : a drop of 1-2%

Vodpod videos no longer available.

more about “FTI Holiday Retail Sales Forecast : a…“, posted with vodpod

November 24, 2009. Tags: , , , , , . Economy, Finance, Popular Culture, Unemployment Statistics, Wall St. 1 comment.

Market Mover Tuesday: 3Q GDP revision, Case Shiller Home Price Index, Consumer Confidence, FDIC bank update & Fed Meeting Minutes

Update: Here we go, 3Q GDP first revision is 2.8% (from original read of 3.5%) Consumer spending revised down to 2.9 from 3.4, final sales up 1.9 vs 2.5..When you strip out govt spending looks like this GDP would have been negative…

Heavy day for data:

…Tuesday’s calendar is heavy on news about housing and the consumer, plus there is the revision to third quarter GDP.  The Fed’s Nov. 4 meeting minutes are released at 2 p.m. and the FDIC gives an update on banks and bank earnings. There is an auction of $42 billion in 5-year notes at 1 p.m.

Fed minutes are being watched carefully both for an economic update and any inkling of what Fed policy makers are thinking about what could trigger a move in rates. The Fed’s last statement signaled the market that there are no changes coming from the Fed any time soon, which is conducive to the risk rally.

The S&P/Case Shiller home price survey is released at 9 a.m. while consumer confidence is reported at 10 a.m. GDP is released at 8:30 a.m.Economists expect to see GDP revised to show growth of 2.8 percent, down from the initial reading of 3.5 percent. LaVorgna’s estimate is for 3 percent. “I’ve got a downward revision, largely on the back of softer construction spending and a wider trade deficit,” said LaVorgna. He said one wild card that could add to the number is capital spending, which was surprisingly weak in the first report.

“The other thing you want to look for is we get the first read of economy wide corporate profits. In the first half of the year, corporate profits grew at a nearly 20 percent annualized rate. I think you’re going to see a pretty good corporate profit number based on the fact that nominal GDP went positive,” he said.

Traders are split about how long the tightly linked risk trade will work. Steve Massocca, managing director at Wedbush Securities, said Monday that he’s hedging his bet and is beginning to short assets that benefit from the trade.

Sounds like the love affair the markets are having with the weak dollar is winding down (Thank Gawd)…

“The dollar is getting close to 2008 lows, and it could start to become bad news, and you have to prepare for it,”  he said. “We haven’t taken the plunge yet but we’re starting to nibble on the idea that the dollar going down is no longer going to create levity.”...

November 24, 2009. Tags: , , , , , , , . Economy, FDIC, Finance, Housing, Politics, Wall St. Comments off.

World Bank President gives markets reality check: ‘unemployment may cause loan defaults’ Gee ya think?!

Seriously. That is the CNBC headline: ‘Unemployment May Cause Loan Defaults in US’. Well that is a keeper for the No Shxt Sherlock files. In other news Water is Wet!

Since it is the World Bank President saying it and not we little people maybe the markets will BUY A FRAKKIN CLUE!

no-shit-sherlock

CNBC:

Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.

...”You’re going to have problems with delinquencies of credit card loans, consumer loans, people won’t be able to pay their mortgages,” Zoellick told reporters in Singapore. “Some banks are going to continue to be troubled by bad loans.”

Government stimulus spending will likely fuel economic growth through the middle of next year, Zoellick said. After that, consumer spending and business investment must take the baton to boost expansion, he said.

“If you’ve got large scale unemployment, if you’ve got consumers rebuilding savings and deleveraging, I don’t think the consumer is going to play that role,” he said. “What’s the other source of demand?”

Gee that sounds familiar! Cause we have been saying it here at MiM for OVER A YEAR!!

…Governments should execute existing stimulus packages, but hold off on implementing new ones, he said.

Asian authorities should consider ways to tighten monetary liquidity, such as raising interest rates, before asset price bubbles get out of hand, Zoellick said. Asian stock indexes and some property markets have soared since March….

Can you say China bubble? Hong Kong real estate bubble?

November 11, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, Unemployment Statistics, Wall St. Comments off.

Market Mover Tuesday: Home prices rise 1.2% m/m, Consumer Confidence drops sharply shocks forecasters…

wall_st_bear_small

They are SHOCKED, SHOCKED I say that we consumers are not feeling the happy happy joy joy. WE HAVE NO JOBS YOU NITWITS!!!!

They feel we should be excited about a 1.2% m/m home price increase, even though we are still dropping y/y. Face it, NO housing value increases to write home about (pardon the pun) while unemployment and thus foreclosures are rising….In other scary news PIMCO’s Bill Gross is warning about pressure on credit.

CNBC:

Consumers’ confidence about the U.S. economy fell unexpectedly in October as job prospects remained bleak. The Conference Board’s Consumer Confidence Index shows Americans are as worried about the economy’s current state as they’ve been in nearly three decades.

They also have a grim outlook for the future, expecting a worsening business climate, fewer jobs and lower salaries.

That sentiment drove Tuesday’s results, which showed the index falling to 47.7 in October. Analysts surveyed by Thomson Reuters expected a reading of 53.1.

A reading above 90 means the economy is on solid footing. Above 100 signals strong growth…

October 27, 2009. Tags: , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Unemployment Statistics. Comments off.

Ezra Klein acknowledges ‘the insurance industry is not a particularly profitable industry’…

Word up. I actually agree with something a member of journOlist said.

Ezra Klein, Wapo:

…The insurance industry is not a particularly profitable industry. To be more specific, they’re the 86th most profitable industry as measured by profit margins, with an average margin of 3.3 percent. That’s lower than drug manufacturers (16.5 percent), health information services (9.3 percent), home health care (8.4 percent), medical labs and research (8.2 percent), medical instruments and supplies (6.8 percent), biotech firms (6.7 percent), generic drug manufacturers (6.6 percent), and much else. That’s not to pretend that 3.3 percent is nothing, but it’s hard to see how that’s a primary driver of health-care spending, much less the growth in health-care spending….

But of course, Max Baucus calls for an excise tax on them anyway, one that they will be forced to pass on to we consumers, thereby preventing them from containing premium increases, and thereby hitting the Snowe ‘trigger’ and dumping us all on to the Zeke Emanuel/Liverpool Pathway to Doom.

Doom I tell you!

Washington Wire has a copy of the health-overhaul plan that Sen. Max Baucus presented to the “Gang of Six” bipartisan negotiators over the weekend.

We reported the outlines this morning, but some details struck us as noteworthy. To pay for the plan, there are across-the-board fees not just for health insurers but also for pharmaceutical manufacturers, medical device makers and clinical laboratories. The hits are likely to arouse industry concerns, although companies also have a lot to gain from a health bill that expands coverage to millions of uninsured.

Like other bills, the proposal from Baucus, chairman of the Finance Committee, would require most people to carry health insurance. But it slaps higher penalties on those who refuse, ranging from $750 for the poorest single people to as high as $3,800 a year for families. By contrast, employers wouldn’t be required to provide coverage for employees. They would only have to pay a contribution for employees who get tax credits to buy individual insurance.

Doctors may be irked by some of the payment changes in the Baucus plan. In particular, one measure seeks to give primary-care doctors higher Medicare payments, and funding it by cutting payments to other doctors….

Repeat, hey DC, LEAVE US PEEPS ALONE!

You know, Canada is already Creating jobs, Aussies are doing better as well. Gee wonder why USA is not creating jobs yet? Hmm could it be b/c they didn’t spend 700 BILLION in a stimulus that did not stimulate job creation but instead assured a long term contraction under an unsustainable deficit? See the Aussie CONSUMER is pulling them out of it, which the US consumer would do as well, were DC to HIT THE BRAKES!

…Central bank Governor Glenn Stevens said: “Economic conditions in Australia have been stronger than expected a few months ago, with both consumer spending and exports notable for their resilience. Measures of confidence have recovered a good deal of ground. This suggests that the risk of a severe contraction in the Australian economy has abated. The most likely outcome in the near term is a period of sluggish output, with consumer spending likely to slow somewhat and investment remaining weak. Stronger dwelling activity and public spending will start to provide more support to overall demand soon, and growth is likely to firm into 2010…

Could it be we are not recovering the way Canada and Australia are b/c the loons in DC are acting out textbook examples of what NOT to do in a recession?

ie raising taxes, raising fees, expanding every level of government, enacting layer upon layer of regulation…and in varied ways scaring the consumer and leaving no safe haven in capital markets (except Gold)..

You do not need to be a SOOPERGENIUS to see this, and maybe that is the problem. The smartest folks in the room seem to have an amazing dearth of common sense. I do not think Keynes would have written the stimulus bill ANYTHING like the way they put our spendulus together..and had he seen the size of the deficit and state of consumer balance sheets I am confident he would find a need for incentivizing job creation through TARGETED tax brakes to encourage capital investment and economic expansion…

Cameo courtesy of  DiamondChick

September 10, 2009. Tags: , , , , , , , , , , , , , . Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. 2 comments.

Market Mover: August Consumer Confidence way up!

This is from the Conference Board. BIG POSITIVE!

HA! The public feels better now that the healthcare plan was stalling in August, no doubt…

Rick Santelli breaking it on CNBC now, we are up 73 on DOW off Ben and Case Shiller housing numbers let’s see how high we can go off this gem…

54.1 August up from 47.4 July ….consumer expectations now highest since December of 2007

BAM! DOW now up 105….

August 25, 2009. Tags: , , , . Politics. Comments off.

Market on ‘Sugar High,’ Economy Still Asleep: El-Erian – CNBC.com

Vodpod videos no longer available.

CNBC:

The stock market spent July on a “sugar high,” rising to levels not justified by an economy that is still limping along, Pimco’s Mohamed El-Erian told CNBC. Despite proclamations from some that the recession is over, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said much more needs to happen before the economy registers real growth.

“The July part of the rally is a bit of a sugar high,” he said in a live interview. “We need final demand. We need a feeling that deleveraging in the private sector has run its course, that people feel confident now to engage in consumption, investment.” It’s not happening yet on the national level, it’s not yet happening at the global level.”El-Erian stuck with predictions from various Pimco executives recently that the economy would be mired in gross domestic product growth of about 1 to 2 percent for the foreseeable future.”We’re not going to go back to where we’ve come from,” he said.

While the banking sector has taken much of the focus during the current recession, El-Erian said it’s now about the real economy, particularly wages and unemployment. Those two areas must recover, and that will take a while, he added.

more about “Market on ‘Sugar High,’ Economy Still…“, posted with vodpod

July 29, 2009. Tags: , , , , , , , . Economy, Finance, Labor Department, Unemployment Statistics, Wall St. Comments off.

Next Page »

%d bloggers like this: