Today’s WSJ (A2, no link) says the “surprisingly” disappointing durable goods report , coupled with the continued rise in new home sales , sends mixed signals about the economy.
Sorry, but to a non-economist like me the data sounds more like confirmation of a market bubble—weak fundamentals having little or no impact on asset prices. (Yeah, I know home prices, as opposed to sales, were down in July, but the WSJ buries that fact.)
And doesn’t this possibility call even slightly into question the encomia
being showered upon Mr. Bubbles himself as he finally nears the end of his seemingly endless term as Fed chairman?
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