Definitely a Duck

(Image: source.)

If it looks like a duck, swims like a duck, and quacks like a duck, then it's probably a duck, right?

Then consider the following [italics mine]:

"U.S. Commercial Real Estate Prices Decline to Post-Crash Low, Moody’s Says" (Bloomberg)

U.S. commercial property prices fell to a post-recession low in March as sales of financially distressed assets weighed on the market, according to Moody’s Investors Service.

The Moody’s/REAL Commercial Property Price Index dropped 4.2 percent from February and is now 47 percent below the peak of October 2007, Moody’s said in a statement today.

The national index has fallen for four straight months as sales of distressed properties hurt real estate values. Investor demand is strongest for well-leased buildings in such major markets as New York and Washington as vacancy rates decline and the economy grows.

...

The overall index shows “no sign of recovery,” Moody’s said.

"Homebuilders See No Recovery" (Associated Press)

ECONOMY: The recession may be over, but foreclosures and a credit squeeze are keeping construction sluggish.

For homebuilders, it hardly feels like an economic recovery.

Nearly two years after the recession ended, the pace of construction is inching along at less than half the level considered healthy. Single-family homebuilding, the bulk of the market, has dropped 11 percent in that time. And there's no sign it will improve soon.

Builders are struggling to compete with waves of foreclosures that have forced down prices for previously occupied homes. The weakness is weighing on the economy.

"Wal-Mart: Our Shoppers Are 'Running Out of Money'" (CNN Money)

Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they're "running out of money" at a faster clip, he said.

...

To that end, Duke said he's not seeing signs of a recovery yet.

"No Recovery Yet for US, Europe - Reckitt CEO" (MarketWatch)

Global growth in the consumer industry has slowed and talk of recovery in the U.S. and Western Europe is premature, Reckitt Benckiser PLC (RB.LN ) Chief Executive Bart Becht told Dow Jones Newswires.

"Where Are the Jobs, Mr. President? The Jobless Obama Recovery Continues" (Fox News)

There has been no recovery in the job market during the Obama recovery. Despite all the cheerleading by the Obama administration and the media, job creation has been horribly sluggish. The jobs created recently are noteworthy only in comparison to the lack of jobs created during the rest of the “recovery.” In contrast to other recoveries over at least the last half century, job creation has never been more anemic.

There you have it: it's a duck -- er, a non-recovery.

(Looks like even stock traders are beginning to take notice.)

Comments

[Fugazy Inc.]

Go Bank Lobbyists....

Last year, Bondi and The Republican Party of Florida received $453,000 in campaign contributions from Banking and Real Estate Lobbyists. $126,500 came from the Florida Bankers Association, who last year unsuccessfully lobbied the Florida legislature to make Florida a non-judicial foreclosure state. The Republicans also received $65,000 from American Bankers Insurance Company. Bank of America who is one of the targets of the 50-state investigation gave to the Florida GOP $10,000 with a meager $500 going to Pam Bondi. The Florida Realtors was definitely attempting to buy influence with the Florida GOP, between the Realtors PAC and the Florida Association of Realtors, they gave $290,000 to the Florida GOP.

The Florida GOP also help bankroll Bondi’s campaign by giving her $800,000 to cover consultants, phone banks, office rent and campaign staff. Part of this money came from the $448,000 that was given to the GOP from the above mentioned groups. Groups like the Florida Bankers Association or the Realtors PAC often give money to the various state or national parties or both with the intent that it will be used for a specific candidate. This is done to prevent an appearance impropriety because it helps create a cloud of mystery over who gave what to whom and when. Unfortunately for Pam Bondi, its pretty apparent where the money went.

http://www.mfi-miami.com/2011/05/is-pam-bondi-living-in-a-barbie-world-paid-for-by-bank-lobbyists/

[kevinearick]

So, some of the big companies in isolated areas are announcing fairly large hiring, to draw the rest of the small businesses to load up, expecting the economy to start up again. They are going to get wiped out in short order. There is 40% more housing than the population needs. The perps have 2,4,5,10, X houses that they cannot defend …

Think of those bonds the central banks are carrying for each other like the paper silver promises. Build your algorithm accordingly.

[Jim A]

I'm glad to see that the liberal media finally got their story straight about why the US economy is "slowing". Its not Obamas fault its Eurozone credit problems, its China slowing, its Japan, its etc, etc. As you correctly note there was no recovery. The slowing is the liberal media changing its story, facing reality, and agreeing with you.

[Tim]

Fugazy,: Real estate interests have controlled Florida since they stole the place from the Seminoles.
Jim A. : It's not a "liberal" media. It's a corporate media and they're switch hitters. The bat both right and left. .

[Ray Butlers]

What exactly do you want? Back to inflated housing markets? Irrational exhuberance? Recreational shopping on home equity credit? Really?

[Doable Finance]

It doesn't look like recovery has started at all.

[multi layered fraud]

did you say cover up or recovery?

In Praise of Sorkin’s Praise of Lowenstein’s Praise of Financial CEOs

This is the first of a multi-part response to Lowenstein’s column. The remaining columns will address why control fraud drove the current crisis and respond to Lowenstein’s strawman arguments. The sources of the quotations used in this column, from Messrs. Lowenstein and Sorkin, are provided below.

Roger Lowenstein has just taken the brave step of praising the failure to prosecute elite financial managers for fraud as a demonstration of the greatness of America. Lowenstein declares (1) that Blankfein was right – Goldman really was doing “God’s work,” (2) virtually no financial elites committed crimes, (3) any crimes they may have committed were trivial and played no material role in causing the crisis, (4) those that wish to hold fraudulent elites accountable for their crimes are (a) financially illiterate, (b) paranoid conspiracy theorists equivalent to those claiming the U.S. attacked the twin towers on 9/11, (c) a threat to our democracy and constitutional rights, and (d) engaged in “punishing profit,” (5) the prosecutors who refuse to bring criminal charges where they find elite frauds are the heroes safeguarding our democracy and constitutional rights, (6) the FBI is conducting a “serious” investigation of the elite financial frauds (despite points one through four above), and (7) the crisis was caused by “society” – because we’re all guilty no one should be held accountable – except those paranoids who want to destroy America’s greatness by prosecuting financial CEOs on fraud charges.

http://www.ritholtz.com/blog/2011/05/in-praise-of-sorkin%E2%80%99s-praise-of-lowenstein%E2%80%99s-praise-of-financial-ceos/

[Spent]

Definitely sucks....

Richmond Fed: More Bad News

The internals were NASTY on retail traffic and sales:

Retail sales cooled in May, as shopper traffic fell sharply. The revenues index slashed twenty-one points from last month’s reading, ending the survey period at 3. The index for shopper traffic plummeted from 34 to -29 in May. In addition, falling big-ticket sales remained a drag on overall sales revenues. The big-ticket index faltered once again, finishing at -27, compared to April’s -31.

That's outright contraction and not in a small way either.

http://market-ticker.org/akcs-www?post=186783

[Thomas Barton, JD]

I hope that you will greatly expand the trumpet call you sounded when you said, Where are the jobs, Mr. President ? I hope you devote a recurring segment of your blog to this call for actual results for actual people. The War on Terror succeded for a decade because the clarion call of Fear was repeated endlessly and in endless iterations.. Keep repeating the clarion call for JOBS... Give us JOBS..