Banking: lending is down which is bad. The FDIC is almost bankrupt. Who will bailout the FDIC?
Consumer confidence: The Conference Board numbers for February is 46 (around 100 is a good number). The present situation subindex fell to 19.4, the lowest level since February 1983.
Employment umbers: still very bad...jobless claims is almost 500,000
housing industry: mortgage applications for home purchases have just fallen to a 13-year low. New home sales in the U.S. fell to the lowest level on record in January. Freddie is still losing tonnes of money all backed by the government
The entire article can be read here:
http://seekingalpha.com/article/190665-recent-stats-indicate-u-s-economic-recovery-was-an-illusion?source=email
Friday, February 26, 2010
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