If I were trying to sell a $5 million dollar house in Greenwich…

I’d cut the price severely and get the Hell out from under it. Employment figures “unexpectedly” come in far below estimate, 115,000 vs. 160,000.  The unemployment rate actually dipped but that’s because so many job seekers are giving up and going on Social Security disability, the only growth sector in the economy. If Obama keeps this up he’ll have his 7.5% unemployment rate by November but no one actually, you know, working.

I keep harping on the word “unexpectedly” (something I stole from Glenn Reynolds) because month after month dismal manufacturing growth and employment keep surprising the so-called experts. If you listen to these people and think that things are getting better or even will get better, you’ll find yourself, like Mercutio, a grave man.

3 Comments

Filed under Uncategorized

3 responses to “If I were trying to sell a $5 million dollar house in Greenwich…

  1. Blogger WH Dossier has an article about this as well and his take, in the last paragraph, sums it up nicely: “Something is very wrong, and the president, who today will be speaking in Virginia about relative trivia like the student loan rate, has no idea what to do about it.”

    Could it be because Obama is busier welcoming athletes to the WH than actually working on details to improve the economy?? Here’s his hectic afternoon:

    4:55pm Welcomes the NCAA Champion University of Kentucky men’s basketball team to the White House; Rose Garden

  2. Cos Cobber

    The economy is now in waiting mode on the upcoming presidential election. I think we’ll bounce along with 50k to 200k monthly job growth until this winter, then who knows. Europe continues to be a major obstacle with no easy solutions while the US continues to avoid making any serious changes to our own structural problems.

    I continue to watch the local commercial real estate market and find there is virtually no leasing activity. Businesses continue to be very cautious in hiring, no need to add office space if you have no plans to hire.

    I think the recent spell of improve local real estate activity reflects a release of pent up demand since 2008 vs a vote of confidence on the future.

  3. Anon

    More bad news for builders.