The market has already priced in the bad stuff, they say.
Multiple Listing Service: Sales of new houses in January fell 11%. Sales of existing houses fell 7.2%. Both were... unexpected by those who think unemployed consumers are rushing out to support the recovery, even while mortgage rates are on the rise.
Lottery: Q4 2009 GDP was revised downward to 5.7% (and would have been less than 2% without inventory restocking), and the year's figure is down2.4%. It's the worst full year contraction since 1946, when we were switching from making bombs to making babies.
Long/Short: There are a lot of reasons the IMF cannot (and will not) help Greece, but the main one is the Greeks and their insistence they get a share of the proceeds – while the IMF would insist whatever money can be found should go to the international banks.
Bank Shot: A chunk of ice the size of Luxembourg came loose from Antarctica and crashed into another big chunk and now both icebergs are bobbing in the ocean, melting away. Researchers say the two could lower the oxygen level of the adjacent ocean, disrupt ocean currents, and change weather patterns around the globe.
Promissory Shortfall: The UN has announced that not enough empty promises to cut CO2 emissions have been made to keep global warming below 2ºC even if, by some fluke, they were actually kept.
Asked and Answered: Do toxins cause autism? Quite possibly . It is likely something we have done to the environment that is doing this to us.
Oxymorons: In order to insure the security and safety of the public, US military intelligence found it necessary to spy on the activities of Planned Parenthood. And people wonder why Bin Laden is still at large – he doesn't go to Planned Parenthood meetings!
Perfect, Just Perfect: Senator Bunning (R-KY) single-handedly blocked extending unemployment benefits for those who have been out of work the longest. Senator Kyl (R-AZ) has estated better reasons.
Me! Chose Me! The head of the IMF wants to be given the power to regulate the world's financial systems. All of them. For our own good. Seen any flying pigs lately?
Expect The Unexpected: No, it's not a Monty Python bit, bad economic news is always unexpected. Except 'round here.
Pig, Poke: Moody’s - having blessed them when they were new – now says losses on sub-prime backed securities will amount to 19% on the 2005 vintage, growing to 48% write-offs for the 2007 vintage. Alt-A securities will do a tad better, with only a 14% loss on the 2005's growing to a 35% write-off on the 2007's. We hope these revisions haven't caused any inconvenience.
Lip Service: “Small businesses are the heart of the American economy.” Heard that one lately? Yet America is 76th out of the 77 richest nations when it comes to small-business ownership. Since 1960, non-farm self-employment has fallen by 50%.
The Wisdom of Crowds: A majority of Americans do not trust the government to protect the civil rights of citizens. Corporations' rights seem secure.
Porn O'Graph: The not-so-evil tax rates.