Friday, May 31, 2013

Oh, For God's Sake

Consumer spending dropped in April, after increasing less than expected in March. Unemployment claims rose in April, after being essentially flat in March. And bless the American public's little heart, consumer confidence rose in April, to its highest level in several years because home prices increased by 20% in one year and the stock market topped $15,000. My God, we are a stupid country.

Update, Friday evening: From Crain's New York Business news comes this, "The number of Americans filing for unemployment benefits rose and an initial estimate of first-quarter economic growth was revised slightly lower." The article goes on to say that, "The stock market rose Thursday after a pair of lackluster economic reports convinced traders that the U.S. central bank will continue to boost the economy with its stimulus program."

Aside from the insanity of the stock market being "encouraged" by "lackluster economic reports," consider the moronic conclusion that such bad news will assure that the Fed will "continue to boost the economy." What idoit puts "lackluster economic reports" and "continue to boost the economy" in the same sentence?

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