I think we really need lower interst rates, and so I'm still sniffing around for bad news in the economy... the President mentioned again today that we're in "pretty decent shape", and the economists are predicting that tomorrow the Fed will do a "one and done," signalling that fear of inflation is stronger than the worries about the economy slowing down more.
Well, I think there might be a flaw in that logic. Don't get me wrong, the weak dollar is undoubtably a leading cause of higher gas prices - but did you see the earnings reports from the GAS COMPANIES TODAY?? (BP LLC, Europe's second biggest oil producer, reported a 63 percent surge in first quarter net profit on Monday after crude oil prices soared to an all-time high and natural gas prices also rose). There must be OTHER contributing factors besides a weak dollar?!?
Other snap shots today indicate that Consumer Confidence is way down (guess those $75 fillups at the gas station bother other folks too!) and the Case Shiller report shows folks in most parts of the country are still "losing" equity (thankfully that's not happening in my little corner of NC!).
I read the reports about LandSource Communities and their partners, Kimball Hill Homes who filed BK. This is particularly noteworthy because "the California Public Employees' Retirement System, received the default notice Tuesday." Are we facing problems with PENSION funds while Gas Prices are going through the roof???
Maybe the President's right - and I'm not focusing on the real issues... But from where I'm standing... We have some problems in the Economy, and it's going to take more than a couple of "Dubbya Dollahs" in our bank accounts to fix it.
I'm still on the prowl for lower mortgage interest rates and cheaper gas... but I'm thinkin' it could be a LONG wait!
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