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Friday's Business News

Growth in Total Incomes, Wages + Salaries

Total incomes and wages and salaries have been growing much faster than inflation:

6.0% - growth in total incomes - 10/06 - 10/07
5.2% - growth in total salaries and wages - 10/06 - 10/07

3.5% - total consumer inflation rate, 10/06 - 10/07

For obvious reasons the chances the liberal media will report those numbers to the general public are somewhere between zero and nyet.

Trade Policies + China

Here's a surprisingly-good article -- especially by AP standards -- regarding trade policies, U.S.-China relations and connected items.

As they say, read the whole thing.

White House Econ Forecast

Here's a link to the official text of the administration's revised economic forecast for 2008 and beyond.

The media's reporting of that item was so agenda-driven as to be utterly useless.

Markets

Stocks were volatile this week. Those who were leveraged short apparently felt the need to cover.

Hopefully the markets will resume their downward corrections and hopefully the Dow will drop all the way back down to 12,000. That sort of action finally, mercifully, would clear out the weak links. If it doesn't happen, well, that'll be okay. There already are several obvious buying opportunities: Indymac Bancorp, Citigroup, Countrywide Financial, etc. Plus there are a multitude of cheap bonds and cheap real estate opportunities in which to invest.

The Fed

Here's a link to a transcript of Fed Chairman Ben Bernanke's speech from yesterday.

Read the whole thing.


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Comments (6)

The number of foreclosure f... (Below threshold)
Civil behavior:

The number of foreclosure filings reported in North Carolina during October rose 146 percent from October 2006 and was up 19 percent from this September.

link:http://www.journalnow.com/servlet/Satellite?pagename=WSJ%2FMGArticle%2FWSJ_BasicArticle&c=MGArticle&cid=1173353675728&path=!business&s=1037645507703

115,568 properties entered into some stage of foreclosure in October, a 42 percent increase over last year and an incidence of one for every 1,001 U.S. households.

link: http://money.cnn.com/2006/11/17/real_estate/october_foreclosures_up_again/index.htm

The White House lowered its official forecast for economic growth to 2.7 pct for 2008 from 3.1 pct predicted six months ago.

Not sure whether this is ty... (Below threshold)
LoveAmerica Immigrant:

Not sure whether this is typo or the CNN sew*ge has spread too far in the left?

This is the date for the article posted by CB.
November 17 2006: 9:12 AM EST

The thing they don't mentio... (Below threshold)
cirby:

The thing they don't mention about those foreclosures is that a large number of them are investment amateurs who watched "Flip This House" one too many times, and are losing crappy, overpriced investment properties they can't sell for 50% over actual value.

Cirby,Many of the ... (Below threshold)

Cirby,

Many of the people facing foreclosure now should actually be entering the market for the first time now. Since they are upside down and have to sell, those homes have produced a huge surplus of homes on the market with the demographic that should be buying them stuck. The funny thing is, last year was the fifth best year in American real estate, in terms of sales, but you would never know that from the news.

Oh, Hooverville!</... (Below threshold)

Oh,

Hooverville!

Foreclosed properties becom... (Below threshold)
Civil behavior:

Foreclosed properties become abandoned properties, vacant properties and distressed properties. Not only does this affect the value of the property, but the property values in the surrounding neighborhoods decline.

Right now, that is Nov 2007(for the immigrant among us) there will be 362 BILLion dollars worth of ARM's that are due to be reset in the next several months.

Of course the fact that banks don't want to sit on foreclosed properties and will devalue properties up to 25% to sell them will have a dramatic effect on comps.

Not to mention that the credit crisis of a mountain of credit card debt, 915 BILLion to be exact, is another wave of default just catching up to the subprime crisis.

Credit card holders are increasing their balances and remember credit card debt is unsecured so it is a total loss. Credit card delinquencies will rise as consumers can no longer rely on home equity lines of credit to pay off their cards, This past quarter five major card companies wrote off an average of 13% in the third quarter, compared with a 2% in the previous quarter.

Countries like China and Japan are sitting on mountains of dollar reserves that are losing value. How long do you suppose they will sit and watch their investments decline?

The kicker will be when oil prices continue to escalate and the dollar continues to be devalued with Russia supplying a lot of oil to the European Union Putin may with the help of Chaves and Ahdemiijad begin to demand payment in a more stable currency, euros. The ultimate payback to the swagger and arrogance of the moron in chief.

Yes, immigrant the ONE article might have been from 2006 but that is an example of how the heat has been turned up slowly but surely.

If you're all stupid enough not to realize what is happening to the economy far be it from me to be the one to stop you from plunging your head in the sand. Soon enough you'll be reaping the rewards of your stupidity. Just don't say we didn't warn you.




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