September 2013

Shut Down!

Our government, especially House Republicans, are such an embarrassment to the nation at this point it is hard to write about it.  The insanity knows no bounds as they continually play a game of chicken with the United States economy in order to get their way, even when these shenanigans are condemned by the American people.

3rd Quarter Real PCE to Date Suggests Weak Contribution to GDP

The key monthly release of the past week was on Personal Income and Outlays for August from the BEA, which gives us the first look at personal consumption expenditures for the month, which as we know has been the critical component of GDP during the recovery.  This report also includes data on personal income and disposable income after taxes, total personal savings and the national savings rate, as well as the price index for PCE, which

FHA Drops a $1.7 Billion Bail Out Bombshell on Friday Night

The FHA is getting a $1.7 billion bail out from the Treasury.  Seems those reverse mortgages have managed to accrue $5 billion in losses.  The news was disclosed in a letter to Congress, not even a press release.  Most of us know the drill.  Have to issue news but want no one to read it?  Release it at 5pm on a Friday.

The Bogus Flow of Funds Q2 Report Shows $3 Trillion in Addtional Net Household Worth Which Doesn't Exist

The Q2 2013 Federal Reserve's flow of funds report shows household net worth increased $1.5 trillion to $74.8 trillion in Q2 2013 and hit another record high.  The thing is, magically household net worth was boosted up by unfunded pension funds.  Nice huh, to have an increase in wealth that Americans do not actually have?