werepossum
Elite Member
- Jul 10, 2006
- 29,873
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Jeez ! i'm not the only economics geek around here.
there were 2 stats that were for some reason given mainstream media attention today Jan. 14, when one of them (the 2009 foreclosure rate) has been known for a while.
on the first one, bear in mind that this is for Christmas time - when everybody was supposed to be spending.
(so go buy some stuff at your favorite etailer !
http://www.reuters.com/article/idUSN1416882220100114
"Retail sales fall unexpectedly, jobless claims up"
WASHINGTON (Reuters) - U.S. consumers unexpectedly curbed their Christmas spending in December and more people filed claims for jobless benefits last week, casting fresh doubts on the durability of the economic recovery once government support fades.
The Commerce Department said on Thursday retail sales fell 0.3 percent last month, the first decline since September, as consumers spent less on vehicles and an array of other goods during the holiday shopping month.
Analysts had expected an increase of 0.5 percent, but disappointment was tempered by upward revisions to prior months' data. November sales were revised to show a 1.8 percent gain from an initially reported 1.3 percent increase, and October sales were bumped up a touch as well.
A separate report from the Labor Department showed initial claims for state unemployment benefits rose 11,000 to 444,000 last week, higher than the 437,000 claims analysts surveyed by Reuters had forecast."
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http://www.msnbc.msn.com/id/34847676/ns/business-real_estate/
"Foreclosures set a grim record in 2009
2.8 million households were faced with actions, number expected to rise
MIAMI - A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages.
The number of households that received a foreclosure-related notice rose 21 percent from 2008, RealtyTrac Inc. reported Thursday. One in 45 homes were sent a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions.
In December, more than 349,000 households, or one in 366 homes, were hit with a foreclosure-related notice. That represents a 14 percent spike from November and a 15 percent jump from December 2008."
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more D.E.N. (Depressing Economic News).
i don't mean to get my jollies marvelling at people's misfortune, but this is f'ing incredible to watch.
if i worked in venture capital i'd be asking a lot of people, "so who is going to buy your cool new product, and how are they going to pay for it ?"
it's very obvious that the US is moving even more towards a "Command Economy" (centralized economy like in the USSR and China 20 years ago). the US military budget was already a massive form of socialism - it's just that it wasn't considered polite to point this out if you worked at a defense contractors, where most employees claim to despise socialism.
the US government is becoming the employer & funder of last resort, and it's all paid for with borrowed and printed dollars.
it's obvious where this is going - if you're currently unemployed, you might be able to get a job with the 2010 census. in other words, it is working out that the government is playing a bigger role in the economy. (without extra government spending in 2009, GNP would have been down about 9%).
and, we'll be LUCKY if the dollar only devalues 50% against commodities of genuine value (water, wheat, sugar, maybe milk, possibly gold & silver).
Excellent post, thanks.
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