U.S. Housing Starts, Permits Fall Sharply in October- Reuters

[Neubarth]

U.S. Housing Starts, Permits Fall Sharply in October- Reuters

New U.S. housing starts in October unexpectedly fell to their lowest level in six months, weighed down by a sharp decline in construction activity for both single-family and multi-family dwellings, a government report showed on Wednesday.

 

[Neubarth]

I have been warning that there is NO ECONOMIC RECOVERY. This helps prove my point. All of the other minor gyrations up and down in the various indexes were just fish flopping out of water on their way to die.

The current corrupt administration has done everything it could to delude the populace into believing that the Economy is on solid ground. The manipulation of the employment insurance numbers is the most obvious issue that I have brought up. Yet, the captions on all of the news releases from Washington were deliberately worded to make people think that things were on their way to a massive improvement, a so-called "V" shaped recovery.

It was all intended to deceive as Obama had a theory that if the stock market went up, the economy would follow. Unfortunately, that has not been the case and the theory is seriously flawed.

 

[uscitizen]

The media and industires and politicians have been yelling what recession? and that immediately went to recovery is right around the corner. Hard to find any realists in the past few years.

 

[Neubarth]

The media and industires and politicians have been yelling what recession? and that immediately went to recovery is right around the corner. Hard to find any realists in the past few years.

I've been a realist all along. Unfortunately, most people do not want to hear reality and they attack you when you point out what is really happening. I smile and continue on and expose the reality.

 

[uscitizen]

Yeah, I predicted what was coming way back in the late 90's. I did not know exactly when, but with Bank dereg, unreasonably high stock market, offshoring job losses, stagnant real wages, and extremely high debt loads both business, govt and private.... Well it was inevitable.

When it happened I was told it will just be an adjustment and a busted clock is right twice a day by the portfolio thumpers.

 

[Neubarth]

Yeah, I predicted what was coming way back in the late 90's. I did not know exactly when, but with Bank dereg, unreasonably high stock market, offshoring job losses, stagnant real wages, and extremely high debt loads both business, govt and private.... Well it was inevitable.

When it happened I was told it will just be an adjustment and a busted clock is right twice a day by the portfolio thumpers.

I believe you. Unfortunatly, I do not believe our government stats. Obama (and before him, Bush) has tried to deceive the public. Now it is time for the rest of the people to wake up.

 

[uscitizen]

Our economy was propped up by defecit spending on govt, corp and personal levels for quite a while before it all fell apart.

 

[editec]

Certainly there's a spin-cycle happening when it comes to reporting on the economy.

To be expected.

The glass has some ounces of fluid in it.

Calling it half full or half empty doesn't change any damned thing.

If you want to know what happening in the economy, don't look to the Obama or anti-Obaman factions and offical spokesheads, look at the numbers coming from the market and the government.

Things don't look good as far as I can tell.

What concerns me isn't what is being reported, it's what's NOT being reported.

Anybody listen to Bernacke's recent speech?

He admits that he STILL does't know what the valuations of the debt most banks are holding are really worth.

And if banks cannot know what their assets are truly worth, how can they lend out money rationally?

My primary concern isn't that one faction is puffing things up (which they are) to look good or the other piercing the numbers to make it look bad (which they are) , its that NOBODY really KNOWS if things are really getting better or worse.

Its the uncertainty that's more vexing than bad news, really mthat's freezing up the economy.

If we KNEW how bad things were, the market could respond rationally to that bad news..

But if they do't KNOW, they cannot plan rationally, can they?

 

[PoliticalChic]

Our economy was propped up by defecit spending on govt, corp and personal levels for quite a while before it all fell apart.

"Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession.

Also, remember: The last recession ended in November 2001, but job losses continued for more than a year and half until June of 2003; ditto for the 1990-91 recession.

So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back. "



Read more: The worst is yet to come: Unemployed Americans should hunker down for more job losses


Roubini:
In September 2006, he clearly saw the end of the real estate bubble: "When supply increases, prices fall: That’s been the trend for 110 years, since 1890. But since 1997, real home prices have increased by about 90 percent. There is no economic fundamental—real income, migration, interest rates, demographics—that can explain this. It means there was a speculative bubble. And now that bubble is bursting." In the Spring 2006 issue of International Finance, he wrote an article titled "Why Central Banks Should Burst Bubbles" [10] in which he argued that central banks should take action against asset bubbles. When asked whether the real estate ride was over, he said, "Not only is it over, it’s going to be a nasty fall."[11]

Nouriel Roubini - Wikipedia, the free encyclopedia

 

[Neubarth]

Certainly there's a spin-cycle happening when it comes to reporting on the economy.

To be expected.

...

If you want to know what happening in the economy, don't look to the Obama or anti-Obaman factions and offical spokesheads, look at the numbers coming from the market and the government.

Things don't look good as far as I can tell.

What concerns me isn't what is being reported, it's what's NOT being reported.

.....

My primary concern isn't that one faction is puffing things up (which they are) to look good or the other piercing the numbers to make it look bad (which they are) , its that NOBODY really KNOWS if things are really getting better or worse.

Its the uncertainty that's more vexing than bad news, really mthat's freezing up the economy.

If we KNEW how bad things were, the market could respond rationally to that bad news..

But if they do't KNOW, they cannot plan rationally, can they?

When I point out the constant manipulation of the UNEMPLOYMENT INSURANCE CLAIMS NUMBERS, they say that I am fabricating the data, but it is freely available for those who are intelligent enough to read from the DOL site. Here again is an example. Note, that if there are seasonal adjustments, they should be consistent from week to week, but if you look as the ADJUSTED NUMBERS and compare them to the REPORTED NUMBERS FROM THE STATES, you will see that one week the ADJUSTED NUMBERS (PHONY NUMBERS) go up and the next week they go down and the next week they go up and the next week they go down. THAT, my friend is an example of the corruption of the present administration.

IF YOU ACTUALLY LOOK AT THIS FOR A WHILE, IT LOOKS LIKE A GRADE SCHOOLER IS PLAYING WITH THE ADJUSTED UI CLAIMS NUMBERS. Up and down and down and up and up and down and down. Remember if they are adding in one season and subtracting in the other, they are not going to be going back and forth as if the seasons change every two weeks. So much crappola from government.

U.S. Department of Labor: Employment & Training Administration (ETA) News Releases


June 27, adjusted figure 614,000, unadjusted, totaled 556,863
July 4, the adjusted figure 565,000, unadjusted, totaled 577,506 (ADJUSTED WENT DOWN, UNADJUSTED WENT UP)
July 11 the adjusted figure 522,000, unadjusted, totaled 667,534 (ADJUSTED WENT DOWN, UNADJUSTED WENT UP)
July 18 the adjusted figure 554,000, unadjusted, totaled 580,944 (ADJUSTED WENT UP, UNADJUSTED WENT DOWN)
July 25 the adjusted figure 584,000, unadjusted, totaled 507,464(ADJUSTED WENT UP, UNADJUSTED WENT DOWN)
Aug. 1, the adjusted figure 550,000, unadjusted, totaled 463,062 (ADJUSTED WENT DOWN, UNADJUSTED WENT DOWN)
Aug. 8, the adjusted figure 558,000, unadjusted, totaled 479,824 (ADJUSTED WENT UP, UNADJUSTED WENT UP)
Aug. 15, the adjusted figure 576,000, unadjusted, totaled 454,216 (ADJUSTED WENT UP, UNADJUSTED WENT DOWN)
Aug. 22, the adjusted figure 570,000, unadjusted, totaled 453,936 (ADJUSTED WENT DOWN, UNADJUSTED WENT DOWN)
Aug. 29, the adjusted figure 570,000, unadjusted, totaled 452,271 (ADJUSTED STAYED FLAT, UNADJUSTED WENT DOWN)
Sept. 5, the adjusted figure 550,000, unadjusted, totaled 460,516 (ADJUSTED WENT DOWN, UNADJUSTED WENT UP)

 

[eagleseven]

I've got a sinking feeling...

 

[Neubarth]

I've got a sinking feeling...

So does the stock market this morning.

 

[william the wie]

If you want the straight skinny "This Time is Different" by Rogoff and Reinhardt is mind blowing. Or if you want to get into the guts of the matter Case-Schiller are changing everyone's views of what happened in the 1920s and 30s as they broaden and deepen their housing index.