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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: Secret_Agent_Man	8/28/2008 7:17:10 PM
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Planet Wall Street party time ... the DOW rose 213 to 11,715 and the DOG gained 29 to 2412. U.S. economic news: Yesterday the US durable goods report gave cause for joy in The Muppet camp on Planet Wall Street. Yet, how joyous was that report really? From Bill King in his report late last night… Durable goods orders beat expectations with a 1.3% month-on-month increase in July. But the apparent strength is due to higher prices, not stronger activity. In fact, deflating orders by the producer price index for durable manufactured goods shows a 9.4% year-on-year drop in real orders, the worst since early 2002. Even if we adjust for the unfavorable year-on-year comparisons that partly explain this plunge, the recent data look surprisingly similar to those seen in the runup to the 2001 recession. Just like GDP and retail sales, inadequate accounting for inflation creates the illusion of growth. MarketWatch: Bank earnings fall to $5 billion; FDIC set to shore up deposit fund after challenging quarter In the three months from April to June, banks posted their second worst earnings performance since 1991, the Federal Deposit Insurance Corporation said Tuesday. marketwatch.com bln/story.aspx?guid=%7BA1D9F8DA%2D2632%2D4BBF%2D86B5%2DFF15C417C84E%7D Good thing GDP is still positive and recession is being averted by legerdemain! PS – In 1991, the last real recession, the US financial system had its toe in the abyss as money center banks faced the big adios…. -END- This morning… 08:30 Q2 GDP reported 3.3% vs. consensus 2.7%; Personal Consumption 1.7% vs. consensus 1.6% GDP Price Index 1.2% vs. consensus 1.1%; Core PCE +2.1% (q/q) vs. consensus 2.1%. * * * * * But Jesse notes: Today's GDP revision assumes that price inflation is running at an annual rate of 1.2%. jessescrossroadscafe.blogspot.com Broad Money Supply Growth Remains Robust and Inflationary jessescrossroadscafe.blogspot.com ***

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