The latest US economic news:
- pending home sales decline 2.6% in July
- homebuilder sentiment index plunged in July to its lowest level
- consumer confidence plunged in July to its lowest level in nine months
- ISM Mfg Index declined in June for the fourth straight month
- factory orders fell 1.2% in June
- National Federation of Independent Business reported its index measuring the confidence of small business owners fell in July.
- the NFIB noted that nearly 75% of respondents said now is a bad time to expand their business, that small businesses see sub-par growth in the second half of the year
- recent 2nd quarter GDP report showed economic growth slowed to only 2.4% in the 2nd quarter
- last Friday’s employment report showed an additional 131,000 jobs were lost in July, and only 71,000 new jobs were created in the private sector versus forecasts of 100,000
- new private sector jobs previously reported for June were revised down sharply from 81,000 to only 31,000
- business productivity in the U.S. dropped at an annualized rate of minus 0.9% in the 2nd quarter
- China’s trade surplus spiked up in July to it highest level and thus a sharp decline in import growth from the US
OK, I admit it, I want all economic indicators to continue their downward spiral, to the point that all damned Keynesians and progressives, especially that triumphalist Liar-In-Chief (and also closet progressives such as Bush and the GOP) finally have their noses rubbed raw in reality.
Why do I want such a thing?
Because absolutely nothing else is going to stop their sanctimonious spin, lies, rationalizations, prevarications, and semantic games.
Yes, I admit it, after all the corruption of the Fed, GS, AIG, Fannie Mae, Freddie Mac, Chris Dodd, Barney Frank, Obama, Pelosi, Reid, etc, etc, ad infinitum, ad nauseum, that is what I most dearly want to see.
