I hope you don?t come to this blog for good news:
By my count we?ve had four adverse surprises lately: GDP, private-sector payrolls, service-sector survey, and new claims for unemployment insurance. Since there seem to be a fair number of Charlie Browns out there ? people who keep expecting a housing recovery, even though Lucy keeps pulling away the football ? I guess we should add weak housing numbers to the mix.
It looks like a sputter, not a crash, but it?s definitely not good.
The bond market agrees: 10-year rates are back down to 3.17 percent. (S&P? Never heard of them).
The tragedy is that even as the real economy disappoints, yet again, Washington is entirely focused on dire events that aren?t happening: fiscal crisis, runaway inflation, dollar collapse.
Lost decade, here we come.
That?s Paul Krugman, and none of it seems wrong.
Source: http://feeds.washingtonpost.com/click.phdo?i=0cddf5aabcba6eefeb9fd5cb186bb4a4
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