You really have to stand in awe of how incredibly messed up our financial system is.
Take a look at the headlines:
1) New single-family home sales dropped to their lowest level in four months, 7.1%.
3) US Consumer confidence declines.
OK, that isn’t great news, is it? Now check out this headline:
Stocks rise more after confidence, home-sales data
If you read that headline you probably would be left with the impression that the confidence and home-sales data was pretty good, but it wasn’t. The one explanation I can find? Analysts had predicted the numbers would be slightly worse. Since the analysts were wrong, everything is great. Sure the data sucks and the economic recovery that everyone has been claiming has been happening for the last few years, doesn’t actually seem to be occurring. But hey, bunch of analysts who are always wrong made a prediction, were wrong, so buy some stock!
Our entire economy is essentially built on gambling, government money and expectations set by people who seem to be consistently wrong about almost everything. I fear we haven’t changed much since the days of our mortgage woes and are headed for another steep cliff.
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Tags: Fiscal Conservative
