{"id":191690,"date":"2009-07-07T19:09:00","date_gmt":"2009-07-08T00:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/07\/07\/economics-update-185\/"},"modified":"2009-07-07T19:09:00","modified_gmt":"2009-07-08T00:09:00","slug":"economics-update-185","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/07\/07\/economics-update-185\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>So much for green shoots.  We now know that <a href=\"http:\/\/money.cnn.com\/2009\/07\/07\/pf\/consumer_delinquencies\/index.htm?postversion=2009070713\"><span>delinquencies<\/span> in loans and credit cards have hit an all time high<\/a>, and records for this have been kept for 35 years.<\/p>\n<p>We&#8217;re also <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aw0dqAmNRukc\">machine orders in Japan falling for the 3rd straight month<\/a>.<\/p>\n<p>So, we are seeing a continuing pullback in both <span>manufacturing<\/span> and consumers, so perhaps the focus on reviving the banking incumbents was a bit short sighted.<\/p>\n<p>In real estate, we have the <a href=\"http:\/\/money.cnn.com\/2009\/07\/01\/real_estate\/May_pending_sales\/index.htm?postversion=2009070110\">pending home sales rising slightly<\/a>, and <a href=\"http:\/\/money.cnn.com\/2009\/07\/02\/real_estate\/mortgage_rates\/index.htm?postversion=2009070211\">mortgage rates falling<\/a>, though it must be noted on all home sales reports that the percentage of distressed sales, <span>foreclosures<\/span> and short sales, has been increasing, so any increase in sales reflects this phenomenon.<\/p>\n<p>In any case, fears of a continued recession have <a href=\"http:\/\/money.cnn.com\/2009\/07\/07\/markets\/dollar.reut\/index.htm\">pushed up the dollar<\/a> and <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=adQAMJsA3SwI\">the Yen<\/a>, while <a href=\"http:\/\/money.cnn.com\/2009\/07\/07\/markets\/oil.reut\/index.htm\">depressing the price of crude oil<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So much for green shoots. We now know that delinquencies in loans and credit cards have hit an all time high, and records for this have been kept for 35 years. We&#8217;re also machine orders in Japan falling for the 3rd straight month. So, we are seeing a continuing pullback in both manufacturing and consumers, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1135,1004,1188,1088,1089],"tags":[],"class_list":["post-191690","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-energy","category-finance","category-japan","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191690"}],"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=191690"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191690\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}