Recovery alert: Durable goods orders, housing sales plunged in August

posted at 11:54 am on September 26, 2009 by Ed Morrissey

While Joe Biden tells Americans that the stimulus has worked “better than we hoped,” the numbers tell a different story.  Seven months after passing a whopping $787 billion stimulus package, unemployment and mass layoffs both jumped in August.  What didn’t go up?  Orders of durable goods, which took a significant plunge instead:

New orders for long-lasting U.S. manufactured goods fell unexpectedly in August, dropping by their biggest margin in seven months, following a plunge in commercial aircraft orders, the government reported Friday.

The Commerce Department said durable goods orders tumbled 2.4 percent, the largest decline since January, after rising by a revised 4.8 percent in July. New orders for July were previously reported to have increased 5.1 percent.

Analysts polled by Reuters forecast orders rising 0.5 percent in August. Compared with the same period last year, new orders were down 24.9 percent.

Durable goods orders are a leading indicator of manufacturing activity, which in turn provides a good measure for overall business health.

This follows on the heels of a new decline in housing sales of 2.7% in August as well:

Resales of U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.1 million, the first decline in five months, prompting the National Association of Realtors to again plead for more taxpayer subsidies for their business. …

“It is perfectly clear that realtors are scared to death of the tax credit’s expiration,” wrote Dan Greeenhaus, chief economic strategist for Miller Tabak & Co., noting the phrase “tax credit” appears six times in the group’s press release.

First-time buyers accounted for about 30% of sales in July and August, Yun said.

Without an extension of the taxpayer subsidy, the housing market could fall into a “double-dip” downturn, Yun said, which would stall the overall economic recovery.

The housing market is also being propped up by the Federal Reserve’s purchases of nearly $1.5 trillion in mortgage-related securities, accounting for about 80% of the market. The Fed said Wednesday it would slow its purchases and end them by next March.

Why will we hit a double dip in the recession without government subsidies?  In part, it will come from the fact that the $787 billion stimulus and other government-subsidy programs don’t address the real problems of the recession.  Cash for Clunkers is a perfect demonstration of this, where massive government intervention gives the appearance of improvement for a very short period of time, but really only results in a transfer of sales from the future to the present, which creates a recessionary period later.

The problem with the economy now is the drain of capital from the private markets, both now and especially in the future.  The Obama administration has expansive dreams of big-government control of health care and energy production which will suck capital out of the private markets, where it gets used efficiently, into government bureaucracies that waste it.  These massive programs are running up massive deficits, and it doesn’t take a rocket scientist to know that taxes will get hiked in huge proportions to pay for it eventually.  The result: investors put their money into savings rather than risk, jobs don’t get created, and recessions continue.

Obama’s domestic agenda will only continue the malaise, and the illusion of recovery has already begun to peel away.  Get ready for the downward curve of this economic roller coaster again, which even an extension of federal subsidies won’t cover for long — but which will guarantee an even further drop down the line.

Update: How about we give a Chip Diller All Is Well Award here?

Update: I forgot to put the link to the durable-goods story.  It’s there now.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

The result: investors put their money into savings rather than risk, jobs don’t get created, and recessions continue.

Except that the Fed doesn’t want you to just sit on your money. How will they accomplish that? This from Reuters:

Reuters
Fed’s exit strategy may use money market funds: report

* On Thursday September 24, 2009, 4:02 am EDT

LONDON (Reuters) – The U.S. Federal Reserve is studying the idea of borrowing from money market mutual funds as part of eventual steps to withdraw stimulus, the Financial Times reported on Thursday.
Reuters – U.S. Chairman of the Federal Reserve Ben Bernanke speaks about a year of economic turmoil at the Brookings …

Reuters – U.S. Chairman of the Federal Reserve Ben Bernanke speaks about a year of economic turmoil at the Brookings …

The Fed would borrow from the funds via reverse repurchase agreements involving some of the huge portfolio of mortgage-backed securities and U.S. Treasuries that it acquired as it fought the financial crisis, the newspaper reported, without citing any sources.

This would drain liquidity from the financial system, helping to avoid a burst of inflation as the economy recovered.

The FT said Fed officials had in recent days held discussions with market participants on how it might implement such a scheme.

The Fed is considering whether to conduct a pilot scheme, but worries such a test might be seen as a signal that the central bank was about to drain liquidity on a large scale, the newspaper said. In the near term, a big drain remains unlikely, it added.

The central bank held interest rates at close to zero on Wednesday and upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession.

The Fed also said it would slow its purchases of mortgage debt to extend that program’s life until the end of March, in a move toward withdrawing the central bank’s extraordinary support for the economy and markets during the contraction.

The idea of the Fed using reverse repos to help unwind policy is not new; Fed chairman Ben Bernanke identified them as a potential means of soaking up liquidity in July. But the market had previously expected the repos to be done with primary dealers, including former Wall Street investment banks.

The central bank is now considering dealing with money market funds because it does not think the primary dealers have the balance sheet capacity to provide more than about $100 billion, the Financial Times said.

Money market mutual funds have about $2.5 trillion under management so they could plausibly provide between $400 billion and $500 billion, it said.

The newspaper added that the Fed did not think it would need to drain liquidity all the way to where it was before the crisis, because it was confident it could raise interest rates even with a much larger amount of reserves in the system than existed before the crisis.

genso on September 26, 2009 at 2:55 PM

Durable goods and other info.

http://www.census.gov/indicator/www/m3/

http://market-ticker.denninger.net/

riverrat10k on September 26, 2009 at 2:53 PM

edited

riverrat10k on September 26, 2009 at 2:56 PM

But just think how much CO2 has been saved by people not having to go to work, go shopping, manufacture goods, ship the goods…

albill on September 26, 2009 at 3:01 PM

The Banks are sitting on the foreclosures. They have yet to hit the market.

AnninCA on September 26, 2009 at 12:33 PM
Not true at all-I am in the real estate biz, and one of my specialties is REO properties. They have been on the market like crazy since late 2007.

In some of the larger cities in my market, REO properties make up 25% to 30% of all active listings, and 20% to 25% of all closed sales since Soros started crashing things to get his guy elected.

Del Dolemonte on September 26, 2009 at 1:19 PM

Word is that this is still only part of what they are holding. Reports of at least 500 insolvent banks so far, and the commercial stuff hasn’t really started hitting yet.

riverrat10k on September 26, 2009 at 3:02 PM

The paragraph discussing this plunge in orders for durable goods isn’t cited or linked, so we’ve got to take Ed’s word for it. Hooray!

e-pirate on September 26, 2009 at 12:09 PM

Breaking: anonymous coward questions credibility of one of Internet’s most reputable bloggers!

jeff_from_mpls on September 26, 2009 at 3:21 PM

While Joe Biden tells Americans that the stimulus has worked “better than we hoped,”

Low expectations are rarely disappointed.

citrus on September 26, 2009 at 3:21 PM

Tons of shadow inventory. Cant believe I agree with Ann. Broken clock.

angryed on September 26, 2009 at 3:23 PM

Is Joe Biden stupid or does he think we are?

ROCnPhilly on September 26, 2009 at 12:46 PM

Hey ROC, you gotta remember that Joe is used to dealing with his mindless liberal robots, not thinking Americans such as found here. He also thinks he’s one of the smartest people walking, so what does that tell you?

outnumberedinparadise on September 26, 2009 at 3:34 PM

Just as planned!?

Obama- weakening America day by day.

(Does Bill Ayers’ voice trigger Barry to get a deck of cards and deal to he hits a Queen?)

profitsbeard on September 26, 2009 at 3:43 PM

durable goods and housing are RACIST!!!

right4life on September 26, 2009 at 1:38 PM

So are all those unemployed people who obviously stay unemployed in spite of the recession being over just so they can attend more Klan meetings.

mankai on September 26, 2009 at 3:47 PM

Hey ROC, you gotta remember that Joe is used to dealing with his mindless liberal robots, not thinking Americans such as found here. He also thinks he’s one of the smartest people walking, so what does that tell you?

outnumberedinparadise on September 26, 2009 at 3:34 PM

He’s stupid and he thinks we’re stupid.

ROCnPhilly on September 26, 2009 at 4:04 PM

Baghdad Biden strikes again.

commenter on September 26, 2009 at 4:13 PM

Why isn’t any media hammering this guy?! Enough of the “oh that Joe” crap. We need to start fighting all of this garbage. Anyone that is on TV should be putting in digs no matter what they are talking about. We need to start the dig fight and now!

jeaneeinabottle on September 26, 2009 at 4:50 PM

Well, I’d say everything’s going according to plan…wouldn’t you?

Sure there were high fives all around the White House when this news came out.

Dr. ZhivBlago on September 26, 2009 at 4:56 PM

e-pirate on September 26, 2009 at 12:09 PM

Yes, but GDP is also down.
Unemployment is up.
Durable goods orders are important (for the vitality of both the US manufacturing economy, and as an indicator of the employment economy for the coming months.)

So, it may be “cherry picking,” as you say.

But, it’s very bad news, brought in a Friday after 5:00 news dump.

To quote you – ‘here’s how a cynical thoughtful person may read this.

massrighty on September 26, 2009 at 4:58 PM

Could someone please hack into Obama’s blackberry and see what Soros and Ayers are telling him to do. Obama is dumber than homemade rope.

suzyk on September 26, 2009 at 5:01 PM

Word is that this is still only part of what they are holding. Reports of at least 500 insolvent banks so far, and the commercial stuff hasn’t really started hitting yet.

riverrat10k on September 26, 2009 at 3:02 PM

My cites related to residential real estate, not the commercial stuff.

Most of the lenders in my market have already cleared out all their residential stuff.

Del Dolemonte on September 26, 2009 at 5:11 PM

In the words of our leaders, “We are right on Track!”

$787 Billion wasted stimulating the pockets of Husseins Cronnies.

BigMike252 on September 26, 2009 at 5:15 PM

He can do this for only so long before he will not have the money to pay out to the bank and it forecloses. Businesses are closing left and right, small tenants (like real estate offices) or large tenants (like restaurants) are closing right and left.

This is going to be a rough ride people. Have a profitable business or Gold and paid up Property.

GunRunner on September 26, 2009 at 2:08 PM

Yep, just two weeks ago the company I’ve worked 10 years for got notice the bank was going to foreclose and just this last Monday the banks came into all of our locations after having gotten court approval and the company is now in receivership.

Most of the employees at all four of our locations have been let go. The only fortunate thing for me is because we are a chemical company they can’t just throw a chain and lock on the doors as we have a lot of hazardous materials in our facilities along with permit requirements so my being the Corporate Environmental, Health and Safety Manager I have at least another 4-6 weeks left as the hazmat has to be handled corectly and within regulatory requirements.

This is the first time I have been out of work for 23 years. To make matters worse this whole situation went from bad to tragic when the owner of the company killed himself with a shotgun this last Monday rather then face the bank taking a business he had started and worked hard to make successful over the last 30 years.

The owner of the company wasn’t just my boss or the owner of the company he was more like family as I had gone to school with his daughter, her boyfriend was my best friend, I used to go on weekend vacations to the wine country with him and his family and often had dinner at their home.

So in addition to the financial toll this is taking on people there is of course the human toll where lives are lost and families torn apart.

RIP Ron…RIP

Liberty or Death on September 26, 2009 at 5:21 PM

Didn’t that minimum wage thingy whoziz doohicky go up in July or something? Maybe has something to do with this? Nah, we gave people at the bottom more cash – that should translate to Bentleys for everyone.

TinMan13 on September 26, 2009 at 5:29 PM

Tons of shadow inventory. Cant believe I agree with Ann. Broken clock.

angryed on September 26, 2009 at 3:23 PM

One of the only disappointments I have with HA and the commenters on it is their infirm grasp of the cataclysmic economic events about to occur.

13blackcats on September 26, 2009 at 5:53 PM

Liberty or Death on September 26, 2009 at 5:21 PM

My deepest sympathies…I can’t even begin to know how awful that feels for his friends and family.

Sad to say, the dead are the lucky ones right about now.

Dark-Star on September 26, 2009 at 6:57 PM

Obviously, the unemployment situation will grow worse and worse.

Its not just business that stopped spending money. No one is. Of course all the unemployed dont have money to spend. Funny how that works, ain’t it?

Bozo’s economic policy is driving companies into bunkers. They’re laying off everyone they can, because they know its just a matter of time before Bozo and his attack dogs come after THEM.

dogsoldier on September 26, 2009 at 7:02 PM

Liberty or Death on September 26, 2009 at 5:21 PM

You have my deepest sympathy. I hope the families are going to recover.

Reading the business section of C&EN is pretty depressing. At least your new skill at close-down and remediation may be a growth industry.

Best wishes, and may your storage vats never go exothermic.

NaCly dog on September 26, 2009 at 7:04 PM

One of the only disappointments I have with HA and the commenters on it is their infirm grasp of the cataclysmic economic events about to occur.
13blackcats on September 26, 2009 at 5:53 PM

One of the disappointments I have had with conservative sites in general is their buying into the crap that passes for economic theory these days. I expect it from Liberals because after all Liberals believe in Unicorns and such but conservatives are supposed to understand that reality cannot be denied.

And yet we deceived ourselves these past 9 years into thinking that low interest rates and ridiculous government spending was a recipe for success.

We are nearing the point where the currency collapses, our debts are called and we default on everything we owe the world. Weeeee that is going to be a really fun time. We offshored our manufactoring cause we didn’t want those dirty nasty factories messing up our pristine little lives and now those folks who man the factories are getting ready to turn their noses up at our worthless paper.

Truly most have no idea what is getting ready to happen.

PierreLegrand on September 26, 2009 at 8:59 PM

Why the surprise?

Obama fully intends to destroy the private sector, as that has been the plan from the word go.

Wake up, people, as this is a Marxist coup, and we are losing miserably.

Dave R. on September 26, 2009 at 9:05 PM

Could someone please hack into Obama’s blackberry and see what Soros and Ayers are telling him to do. Obama is dumber than homemade rope.

suzyk on September 26, 2009 at 5:01 PM

I’m waiting for Beck to do a show on this RatBast*rd Soros…the actual ruler of the USA…Obama was just the right black guy in the right place at the right time…

CCRWM on September 26, 2009 at 9:21 PM

CCRWM on September 26, 2009 at 9:21 PM

That’s incendiary …: )
Beans bullets and Band-Aids…stock up while you can.

jerrytbg on September 26, 2009 at 9:37 PM

Sing with me: Send in the clowns . . . .

Thanks for sending in the clown!

How could this man become vice-president?

How could this have happened??

To comfort myself in the future regarding Biden, I will focus on the “vice” part of his official position.

I feel a little better already.

Just a tiny bit, mind you.

Sherman1864 on September 26, 2009 at 10:04 PM

In the words of our leaders, “We are right on Track!”

$787 Billion wasted stimulating the pockets of Husseins Cronnies.

BigMike252 on September 26, 2009 at 5:15 PM

If the Dems think the polling is bad now, just wait until next year during the election cycles when their opponents start airing ads specifying all the pork-barrel nonsense that each Dem candidate voted for. The stimulus bill and the 2009 budget are loaded with crap and every Democrat is going to have to answer for it.

PackerBronco on September 26, 2009 at 10:05 PM

WHY DO WE ALWAYS GET THESE REPORTS SHORTLY AFTER THE WHITE HOUSE PRESS SAYS EVERYTHING ON THE UPSWING

LIE UPON LIE UPON LIE

NOT SURE WHAT THE KORAN SAYS BUT THE BIBLE SAYS LIES BEGETS LIES

bluegrass on September 26, 2009 at 10:05 PM

I mean this with all the hope i have LEFT within me
When obama was elected i HOPED and Prayed my top 30 predictions about obama and the democrats would NOT come true. – so far 28 out of the 30 have

The last 2 are a complete economic collapse
followed by declarations of martial law
to STOP the Populace from exacting vengance upon these
Elections IDIOTS who ARE responsible for this entire fiasco

I hope my last two predictions are wrong – i really do
because i shudder to think what would happen IF
These Traitors like Soros and the Radical left do collapse the entire economy – on orders from their evil paymasters
the Communista and muslim alliance.

I hope to GOD i am wrong – i will GLADLY be wrong.
But you know what scares the CRAP out of me?

I KNOW im not..
common sense is screaming right now
saying to all who will listen
Prepare yourselves
Prepare american FOR WAR..

Because When this happens (and i believe it will be before the end of 2010 – the democrats WILL NOT give up power..
No way in hell
for they are so close to their orgasmic dream
of DESTROYING american totally and completly..

If you dont believe me thats fine
But i aks you one damned question..

With all of the Islamic terrorists running around the usa preparing to start things..

How come obama, the democrats, the fbi, the cia pelisi and nepalitano and holder
why are they so hell bent on COMPLING and COMPLETING
LISTS OF
American Veterans
American conservatives
American Gun Owners
American Patriots
American TEA party protestors
American Police Unions and firefighters who might be conservative in nature

Why would they be in such a damned rush to complete this list unless they ARE indeed planning our destruction?

I will not trust one democrat politician or party official
Because as far as i am concerned
telling them anything is the same thing as telling
the islamic terrorists and their communist paymasters..

they are all evil and corrupt

http://www.veteranoutrage.com

veteranoutrage on September 26, 2009 at 10:11 PM

If you think about it this has been in the works for decades: homes were the best investment people could make with home mortgage deductions. Ditto for real estate rentals if you were either an “active participant in a passive activity” (typical govt. oxymoron), or, a real estate professional in the rental business.

The advantages of real estate outweighed investment in corporations with the double, triple, and even quadruple taxation of capital. And, that was true whether you were and entrepreneur, or, just someone limited by the restrictions upon the quantity of funding you could do for your 401K or IRA.

High capital gains, high corporate income taxation, low real estate taxation and high real estate deductability coupled with low overseas wage rates led to trade deficits.
We built castles but not the industry to support them.

Trade deficits and the Kumbaya save the world mentality of environmentalists and political economists on the left combined in a synergy of ever expanding debt: Trade deficits feed govt. debt and govt. debt expands trade deficits.

Now we have a situation where we have to inflate our way out of the housing market to get everyone out of being upside down in their home mortgage; but, the consequence will be a greatly devalued dollar which will then further collapse our economy due to our need to import goods and raw materials.

What is needed are jobs. And, one cannot just put a shovel in someones hands as they did in the Great Depression. Specialization of labour and mechanical advantage of machinery precludes us from doing it at a profit.

And, now to top it off the really scary part of what AP posted is: year over year orders of durable goods are down over 20%. That holds for 2007 and 2008.

This means that machinery is not only not being bought, but, that old machinery which is being depreciated off the books of businesses in not even being replaced. Do the math. I absolutely hate to be a pessimist; but, from durable goods orders alone we are tracking for much higher unemployment and a monstrous drop off in GDP. A huge drop.

I hope and pray I am wrong. But, that is what I see in the numbers.

trollkiller on September 26, 2009 at 11:21 PM

Hey Ed,

Haven’t you read 1984. Don’t you know facts and statements can be seen in different ways? I’m sure the Leftists think this news is great.

1. Durable goods plunge. Great. Saves the planet. There will be fewer things to throw away.

2. Housing sales plunge. Great. Saves the planet. More housing space, more room for illegal immigrants. Fewer houses built, more resources saved. More homeless, more government dependency. More homeless, more deaths, and, therefore, more social security savings.

3. More unemployment. Great. Saves the planet. Fewer commuters mean less of a carbon footprint. Staying home means more chance to be brainwashed by mass media channels.

Oh, I could go on, but there’s no need. Just flip on your TV and Obama will explain it to you, 24-7, 24-7, 24-7, etc.

Dr. Charles G. Waugh on September 27, 2009 at 12:36 AM

I think there’s only one way to really save the future for jobs and the planet. All true libs must sterilize themselves. Less unemployment and more green for goddess Earth. Perfect.

Mojave Mark on September 27, 2009 at 1:12 AM

This admin needs a new motto.

Old motto “Yes we can

Needs to be replaced with

I reject your reality and substitue my own!

DSchoen on September 27, 2009 at 5:39 AM

Obama uses the media as a “Re-Education camps”.

DSchoen on September 27, 2009 at 5:53 AM

Gerald Celente, who would qualify as an apocalyptic nutjob on the mainstream neocon HA, has predicted that when the systematic looting of the Treasury is complete, the new oligarchs will take us to war. HA seems to be a website where the Right can be recruited to support these aims. Ron Paul’s “isolationism” may be anathema to the chest thumpers who think we can control the entire chessboard, but just be aware of your own ability to be every bit as manipulated as the brainless left. The left/right ‘war’ actually is part of the playbook.

“Give me control of a nations money, and I care not who makes its laws”

The Rothschilds knew how to exploit populations long before you were sentient.

rhodeymark on September 27, 2009 at 8:02 AM

Here’s another sign of economic recover. Unemployment rate of 52% (no that is not a typo) for 16-24 year olds.

http://www.nypost.com/p/news/business/the_dead_end_kids_AnwaWNOGqsXMuIlGONNX1K

angryed on September 27, 2009 at 8:30 AM

This is not a Democrat/Republica fight…this is a freedom vvs slavery fight…the Government wants to enslave us all. SSlowly at first but gradually we will lose our freedoms…

Are you gonna stand for that?

PierreLegrand on September 26, 2009 at 1:35 PM

Is PierreLegrand a pseudonym for Rush Limbaugh? I do enjoy your incisive dialog.

Cybergeezer on September 27, 2009 at 10:12 AM

Joe’s adopted the name “Osama Bin Biden” for his Arab fans.

Cybergeezer on September 27, 2009 at 10:15 AM

Ed, stop making sense…

CliffHanger on September 27, 2009 at 10:17 AM

Housing will go lower.

Already seeing it here in CT, I had to laugh at an agent when she told me 6 months ago the market was on the bottom and starting to rise.

I just watched a house that sold for 240k 2 years ago get sold by the bank for 80k last week.

Business are starting to close here because they can’t pay the rent or mortage.

The second wave of bad news is almost apon us as those business closings start to ripple through the nation.

gdonovan on September 27, 2009 at 11:19 AM

When will Americans learn NOT to vote for absolutely worthless, corrupt and incompetent Democrats?

Unbelievably weak in foreign policy.

Hostile to business, means they are economy killers at home.

Democrat politicians are a weapon of mass destruction and their proliferation must be ceased.

NoDonkey on September 27, 2009 at 11:39 AM

While Joe Biden tells Americans that the stimulus has worked “better than we hoped,”

A true statement, if you are hoping to bring down Capitalism and usher in Communism.
Biden tends to tell the truth “unknowingly”.

IowaWoman on September 27, 2009 at 11:44 AM

The thing that’s scary is that 80% or or work force (arguably 90%) is service sector. 2% of the US labour pool is in agriculture. And, yes we produce over 22% of the world’s crops with that small group of hard workers. And that is the point, because, 20% of the labour pool produces all domestically manufactured durable goods.

Out of that pool probably 20% actually do most of the production. These people provide a great deal of leverage in the economy. The vast majority of the service sector exists off their productivity. So a minor contraction in the goods production segment of the economy has a large negative synergistic effect on the economy as a whole. It’s like Ross Perot said “You have to build something!”

Durable goods are a leading indicator to the direction of the economy; and, the durable goods numbers keep going down, down, down (aside from the uptick Cash for Clunkers momentarily provided).

trollkiller on September 27, 2009 at 12:29 PM

Joe’s adopted the name “Osama Bin Biden” for his Arab fans.

Cybergeezer on September 27, 2009 at 10:15 AM

I think a more fitting name would be “Biden Bin Lyin” or “Baghdad Biden” just a thought…

Liberty or Death on September 27, 2009 at 12:55 PM

Tax revenue to the Govt must be quite low right now.
-
Haven’t heard anything about this.
-
Not working = not paying FIC or SS or Fed unemployment tax.
-
Not spending = not paying sales tax.
-
Who’s got the skinny?

esblowfeld on September 27, 2009 at 3:06 PM

Who’s got the skinny?

esblowfeld on September 27, 2009 at 3:06 PM

The most up-to date one I saw was CHART FFO-A.—
Monthly Receipts and Outlays, 2008-2009 in http://www.fms.treas.gov/bulletin/b2009-3.pdf

Don’t think the magnitude of the difference in receipts and outlays is covered in that report. Lots of scary numbers, just not charted out.

NaCly dog on September 27, 2009 at 5:06 PM

Here is a chart comparing tax receipts up to April 2009, 38.6% lower than the previous year. http://www.bizzyblog.com/2009/04/25/going-galt-got-going-last-summer/

NaCly dog on September 27, 2009 at 5:14 PM

Biden tells Americans that the stimulus has worked “better than we hoped,”

Yes, but worked better at destroying the Republic. That’s been the “hope” of Marxists like Joe, Barry, and the rest of their ilk.

oldleprechaun on September 27, 2009 at 6:39 PM

IowaWoman on September 27, 2009 at 11:44 AM

Sorry. I missed you post. Mine was redundant.

oldleprechaun on September 27, 2009 at 6:41 PM

Tax revenue to the Govt must be quite low right now.

Currently a story over at Drudge citing the whining by New York and Maryland because “rich people” are leaving those states. Gee, I didn’t know high taxes would make you take your act on the road.

oldleprechaun on September 27, 2009 at 6:43 PM

NaCly dog

Good links. Went Gault last year myself. You can’t get blood out of a turnip if you don’t plant any.

trollkiller on September 27, 2009 at 6:46 PM

Instead of quoting a commonly used metric like GDP or unemployment, Ed is alarmed that “orders of durable goods” are declining, suggesting Ed had to cherry pick a bad looking stat.

e-pirate on September 26, 2009

No cherry picking required.

Pick any stat, there all BAD!

DSchoen on September 27, 2009 at 10:21 PM

Excuse me! Hat tip to Ed instead of AP.

trollkiller on September 28, 2009 at 12:50 AM

Comment pages: 1 2