In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
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In re Griffin Trading Company, Inc., 98 B 41742
Leroy G. Inskeep, Trustee v. Farrel and Roger Griffin, 01 A 00007
Opinion: In an Adversary case stemming from the Chapter 7 bankruptcy of a futures broker, judgement for Trustee is reversed due to lack of sufficient causation following remand from the District Court.
Opinion Issued October 30, 2009
By the Honorable Bruce W. Black
View and download the opinion in PDF format here
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This morning I noticed on Yahoo’s front page that “Worst recession since 1930s hits end.” Let’s just say I’m still skeptical. Unemployment still hovers at 9.9% and that just doesn’t feel like a party. The actual article to which the link refers contains the more subdued headline “Economy growing but recovery could be at risk.” I thought so.
Look, the GDP has grown 3.5% this quarter. That’s good news. According to a New York Times article, this growth rate is on par with average annual growth rate that the U.S. has enjoyed for the last 80 years. Nice. But before we get too excited, this increase in consumer spending (a major component of the U.S. Gross Domestic Product) is driven by the exorbitant expenditure on government programs. And as soon as such programs as Clash for Clunkers end (and they will eventually), economists predict that this recovery may not last.
Basically, the economy grew by 3.5%… but in the long term, it may or may not matter. Does a current quarterly increase in consumer spending mean that consumer spending has actually increased for good? It’s just too early to say.
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