There are times in the course of human history that a ton of little bits of news come out, but none of them are really interesting enough to warrant a whole newsletter.Â This is one of those times.
Existing home sales rose by 7.2% nationwide last month, showing the greatest jump in the past two years.Â While this has many realtors dancing naked in the streets (and Iâ€™ve seen â€˜em), I am a tad less apt to party like itâ€™s 1999.Â Much of this phenomenon can be attributed to homebuyers trying to close before the rapidly approaching demise of the $8000 1st time homebuyer tax credit (only 101 shopping days left, kids).Â Also, home prices are still falling (significantly faster on the West Coast than here on the East Coast, thankfully).
I sincerely hope that last comment doesnâ€™t make me the victim of a gang-related shooting.Â Just reportÂing the facts, homies.Â Foâ€™ shizzle.Â
Cash for Clunkers, the amazingly well-received government program aimed at supporting the auto industry and reducing car emissions, will end on Monday.Â There just ainâ€™t any more money to throw at it.Â So, once that falls to the wayside, we will get a better glimpse as to just how healthy our auto sector (and hence the non-farming middle part of our country) really is.Â Maybe weâ€™ll have to bring in the new death panels to decide their fate.
Tee hee.Â I love topical humor.
Everyone and their mother is trying to call when the national economy will bottom and begin the long trek back to the financial heights of yesteryear.Â Even our glass-is-half-empty Fed Chairman Ben BerÂnanke is coming out with more upbeat language about the possibility for economic stabilization.Â While I will be the 1st to admit that there are some reasons to be optimistic, the sentiment on Main Street is still poor.Â That, and the mass amount of liquidity provided to the markets is like methadone to a heroin addict.Â Good, but not a long-term solution.Â I want to see our economy stand up and admit â€œHi, my name is America and Iâ€™m a debt addict.â€
And, to close on a positive note, convicted multi-billion dollar scam artist Bernie Madoff allegedly had (drum-roll, please)â€¦ a mistress!Â Awesome!Â Hey, at least the guy is staying true to the scum-of-the-earth motif he started with.Â Thereâ€™s something to be said for consistency.