Last week, New Home Sales came in WAY lower than expected. In fact, they came in at the lowest level since 1963, when the sales number began to be recorded.
So, naturally, economists, bankers and investors all took this data rationally and understood that in the face of nine months of inventory and still more properties waiting for a stronger market to sell into, this is a really good number since people still need a place to live. Further, they realized that while the new home market may be REALLY slow, the overall economy is growing and adding jobs. With that, it’s only a matter of time before housing ramps back up though it’ll be a slow ramp (my own personal view is that housing prices have bottomed, absent spot declines in markets and sub-markets, but that reinflation probably won’t occur until we start seeing some broad, not general, wage growth).
But, that’s not really what happened… while people didn’t exactly panic, it was clear from the number of assholes talking about a double dip recession that there are still precious few looking at the big picture.
Meanwhile, a bunch of stupid old men (seriously, I think all these people are intellectual pygmies, especially Alan Simpson who should be setting an appointment with Dr. Kevorkian, not worrying about the debt which he doesn’t understand) are meetin’ to save social security. The ironic thing is that many of them were involved with the first fix in 1983 that levied new, higher taxes but didn’t separate the funds. Never mind the fact that with minor, actuarial changes to the program, the long term solvency can be fixed easily, with little pain. The short term problem is PRECISELY why, once we get out of this economic mess, we have to return to a balanced budget.
Greenspan, unsurprisingly, still doesn’t fucking get it.
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