I'm surprised that there is some public discussion that the US economy is not doing well. I tend to see this type of commentary only on the blogs. Some news:
Bill Gross, co-chief investment officer of bond mutual-fund giant Pimco, on Thursday offered investors a sobering market outlook in which he sees lower returns, decreased U.S. growth and the loss of the dollar's status as the world's reserve currency.
The United Nations predicted Wednesday that the global economy is in considerably worse shape than originally thought
My Spin - UN and Bill, if you where reading the blogs on my blog list, this would have occurred to you a year ago.
Mortgage delinquencies -- loans that were at least one payment past due -- also leaped in the quarter, to a seasonally adjusted 9.12%, also a record, the MBA said Thursday.
My Spin: One in ELEVEN homes are late one or more mortgage payments? Frankly, it didn't occur to me that it would get this bad, this quick. This should indicate the banks are not a "buy", don't listen to Dick Bove who says Big US Banks Are ‘Definitely Out of the Woods’.
Up To 75% Of Modified Mortgages To Re-Default -Fitch Ratings
My Spin: So, someone who can't afford to pay 2,500 monthly mortgage, can't afford a 2,100 dollar mortgage? Go figure!
David Einhorn, head of hedge-fund firm Greenlight Capital, called AAA credit ratings a curse and said he is betting against rating agency Moody's, during a speech at a closely watched investment conference on Wednesday.
My Spin - If you can't trust debt ratings, how can trust resume to ensure a growing investing economy?
The U.S. economy appears destined for several years of weak growth and high unemployment that leave it vulnerable to a recession relapse after the massive dose of government stimulus wears off. The U.S. government has stepped in as lender and spender of last resort, but its deep pockets are not bottomless.
My Spin: Deficit spending is a delay tactic, not a solution.