RECENT BLOG POSTS
St. Louis Federal Reserve Bank President James Bullard told Bloomberg News this morning that the Fed might taper its $85 billion a month Quantitative Easing (QE) program in October but they would need to see how the economic data looks. Mr. Bullard further noted that “This was a close decision h...
09/20/2013
  “The entrepreneur must estimate present and future costs and future revenues and therefore estimate whether and how much profit he will earn.” Murray Rothbard from Economic Depressions:Their Cause and Cure Yesterday we learned from the U.S. Commerce Department that the pace of construction of ...
09/20/2013
  “This is the time of year to write to the Great Pumpkin“- Peanuts character Linus “You must be crazy. When are you going to stop believing in something that isn’t true?” – Peanuts character Charlie Brown Waiting For The Great Pumpkin   I read with bemusement every week as pundits and economists...
09/15/2013
    Friday The Boston Globe published excerpts from Smaulgld’s recent blog post “The Recovery Has Reversed Course- Welcome to the Recovery” while Inman News reproduced the entire blog post here. I would like to thank Scott Van Voorhis at the Boston Globe and Matt Carter at Inman News for the addi...
09/15/2013
Update- Mortgage Applications Fall  to Five Year Low "No one ever woke up wishing they had three more drinks the night before." The recovery that started in 2009 and never really progressed has reversed. The recovery is over. Welcome to the Revocery. QE- Recovery Medicine or Extension of Bailono...
09/11/2013
“Orr would be crazy to fly more missions and sane if he didn’t,but if he was sane he had to fly them. If he flew them he was crazy and didn’t have to; but if he didn’t want to he was sane and had to. That’s some catch, that catch-22.” Joseph Heller, Catch-22 The real estate market is trapped in ...
09/04/2013
  “Mortgage Interest rates, even though they have risen, are still at historically low levels” – common refrain from those saying the housing “recovery” can continue. It’s hard to argue with a true statement, but it’s easier to argue against the supposed consequences that flow from such a statem...
08/29/2013
We wrote here over the past several months that the air would soon start coming out of the housing bubblet. We noted that the temporary inventory supply/demand imbalance would soon reverse. We noted high levels of student loan debt and a poor jobs market producing mostly part time jobs would ham...
08/26/2013
  The traditional thinking is that rates will rise and the dollar will strengthen along with the economy and gold and silver would further weaken gold and silver. This post concludes the opposite: “The United States can pay any debt it has because it can always print money to do that.” Former Fe...
08/17/2013
  “BREAKING: U.S. unemployment aid applications up only 5,000 to 333,000 – a level that signals steady job gains“. An Associated Press Tweet August 8 2013(Mis)interpreting Initial Jobless Claims Data Each week economists and journalists eagerly await the unemployment application numbers from the ...
08/09/2013
Rainmaker
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Louis Cammarosano

Smaulgld
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