Submitted by Tyler Durden on 05/27/2011 10:07 -0400
* Housing Market
* recovery
* Unemployment
* Unemployment Claims
We just had two completely irrelevant and largely fabricated numbers come out and offset each other: on one hand the UMichigan confidence number printed at 74.3 on expectations of 72.4, courtesy of declining inflation expectations (who would think that a shallow one week drop in gas prices could do so much), as respondents, all 10 Wall Street CEOs of them, saw 1 year inflation expectations drop from 4.4% to 4.1%, the first drop since September 2010. Ignore the fact that the Billion Price Project, when it was still updating its index, indicated a 10% annualized inflation rate in the US. Regardless, the confidence number was promptly offset by a horrible number from the now completely discredited, conflicted and irrelevant National Association of Realtors, whose press releases should have absolutely no bearing on the market, and yet they do, which showed that April Pending Home sales plunged 11.6% on expectations of a mild 1% decline (from a revised +3.5% previously). Bottom line: homeless people are confident that only 100% of their paycheck (and not 200%) will go to covering gas costs.
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http://www.zerohedge.com/article/two-completely-irrelevant-and-fabricated-numbers-offset-each-other
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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