{"id":190679,"date":"2009-11-03T21:18:00","date_gmt":"2009-11-04T02:18:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/11\/03\/economics-update-131\/"},"modified":"2009-11-03T21:18:00","modified_gmt":"2009-11-04T02:18:00","slug":"economics-update-131","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/11\/03\/economics-update-131\/","title":{"rendered":"Economics Update"},"content":{"rendered":"
Click for full size<\/p>\n
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<\/a>
The Misery Index Continues to Rise
H\/t My Budget 360<\/a>
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Today will be a slow news day, because everyone is waiting on the Federal Reserve Open Market Committee’s (FOMC) statement tomorrow afternoon.<\/p>\n

I think that the big news is that Warren Buffet’s Berkshire Hathaway has bought the Burlington Northern-Santa Fe Railroad<\/a>, betting on recovery while further reducing his stake in Moody’s Investors Service<\/a>.<\/p>\n

Warren Buffet does not invest in things that he cannot get his head around, which is why he missed the dot com implosion, he couldn’t figure out how they could make money.<\/p>\n

So now, he is dumping a financial company for rail, which implies to me that he sees a lot more trouble ahead for the banking industry, even as the economy recovers, and the demand for goods and services increases.<\/p>\n

This is further reinforced by the September new factory orders rising by 0.9%<\/a>.<\/p>\n

Also the numbers for automobile sales were remarkably good, considering the “cash for clunkers” sales hangover.<\/p>\n

There was strong sales growth for and strong October sales numbers from Ford, GM<\/a>, Nissan<\/a>, Hyundai and Kia<\/a>, while sales for Toyota and Honda were basically flat<\/a>.<\/p>\n


Bummer of a birth mark, Chrysler<\/span><\/div>\n

As for Chrysler, well…..”Bummer of a birthmark, Hal<\/a>.<\/p>\n

BTW, if you’ve been reading the financial press, you may not that they are touting a 4.4% increase in the MIT Center for Real Estate’s transaction-based index (TBI) index for the 3rd<\/sup> quarter<\/a>.<\/p>\n

One should note, as Calculated Risk does<\/a>, that this is not the But this isn’t the monthly Moody\u2019s\/REAL Commercial Property Price Index (CPPI), which actually showed a drop.<\/p>\n

This is an index of, “commercial properties sold by major institutional investors,” and these institutional investors are likely avoiding the distressed properties like the plague.<\/p>\n

It should be noted that things are still bad, with business bankruptcy filings rising 7% in October<\/a>, a change from the drops in filings in August and September.<\/p>\n

Gold surges to an all-time high – Nov. 3, 2009<\/a>: “<\/p>\n

Here’s a bonus for the gold bugs, gold hit a new high<\/a>, $1,084.90\/oz (troy) after the Reserve Bank of India announced that it was bought 200 metric tonnes of gold from the IMF. (What’s up with this? Really, I have no clue.)<\/p>\n

In energy and currency, both oil<\/a> and the dollar<\/a> rose today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Click for full size The Misery Index Continues to RiseH\/t My Budget 360 Today will be a slow news day, because everyone is waiting on the Federal Reserve Open Market Committee’s (FOMC) statement tomorrow afternoon. I think that the big news is that Warren Buffet’s Berkshire Hathaway has bought the Burlington Northern-Santa Fe Railroad, betting …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,1080,973,1135,1004,1088,1089,1035],"tags":[],"class_list":["post-190679","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-currency","category-economy","category-energy","category-finance","category-real-estate","category-recession","category-transportation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190679"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190679"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190679\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}