Posts under ‘The Economy’

Earned income falls to just 51.8% of the total over the last 50-years yet consumer debt increases 1,932% during the same period, the 2008 crash in a nutshell.

Foreclosure activity slows further as the banks opt for short-sales and extend and pretend. A true real estate bottom will not occur until inventory corrects.

Besieged on all sides by debt, taxes and a failed leadership the pillar of American economic strength and prosperity is eroding to the detriment of the nation.

April CPI unchanged and 2.3% annualized. March TIC reports is +36.2 billion, Chines buy more Treasury’s. NAHB hits a 5-year high but is still deeply negative.

JP Morgan’s big loss and continued Euro Zone jitters spooked the markets to begin the week. Commodities fall further. California has a new fiscal crisis.

Spain nationalizes its 8th bank. FHA loans are going south, will we have to bail them out as well? Import prices fall to just .5% annualized in April.

Fannie Mae turns its first post crisis profit, a real step towards repayment of the 116.2 billion it owes the taxpayer, Freddie Mac owes another 72.3 billion.

European election losses spook the markets, could it happen here? Consumer credit jumps 21.4 billion in March, its largest gain since 2001, almost a new high.

April employment misses big at just 115,000, the net birth/death statistical model adds 206,000 jobs to the month’s total. Mortgage rates hit a new record low.

April ISM services misses big at 53.5. HSBC Bank gets charged with money laundering again. Not the only ones as Wachovia and Zions Bank have also been charged.