"It was a pretty shocking number," JPMorgan economist Helen Kevans said of the retail sales figures.
"Part of it is pay back for the strong January result and it's the result of a big fall in discretionary spending.
"Looking at these numbers I think there's reason for concern ... the RBA will get to its meeting next week and weigh the strength in the housing market against the weakness in the consumer."
Housing approvals down
CommSec economist Savanth Sebastian said the building approvals figures came as "no surprise" given the exit of first home owners from the market and rising interest rates.
"It's a clear sign that the economic recovery isn't set in stone,'' Mr Sebastian said.
"The Reserve Bank will need to take that in context.
"We've seen house price data that shows that property prices are rising but we all know that interest rates do have a lag effect on property prices."
Property prices were coming off a low base from 12 months ago, Mr Sebastian said.
Property prices were coming off a low base from 12 months ago, Mr Sebastian said.
"The building approvals data highlights, in terms of the housing sector, (that) it's likely to consolidate over the next few months and interest rates will not rise next week, especially given the uncertainty over the economy."
More here..
U.S. Companies "Unexpectedly" Cut Payrolls More here..
More Here..
March 31 (Bloomberg) -- Ireland’s banks need $43 billion in new capital after “appalling” lending decisions left the country’s financial system on the brink of collapse.
More Here..
USA vs. Eurozone
ReplyDeleteIt's a race to the bottom.
Got to read the full article folks! The headline story here is about Australia, not the USA.
ReplyDeleteAfter the staged 9/11 attacks Cheney was actually grilled by a real reported about what would happen if Washington DC was wiped out.
ReplyDeleteDick answered without a hiccup and said don't worry sir, there is an entire underground government that would take over within minutes. Literally underground.
That interview was never repeated. It was a taste of truth. The entire political progress and the stage show mean nothing. The real decisions are made by the Oligarchs. Politicans are just there to give you the impression for have freedom of choice. You don't. You have owners, they own you.
I went to pull cash out of my bank yesterday and got the 'are you crazy?' treatment. Have to laugh. Like .05% interest is worth leaving money/debt with scumbags that are loaning it back out at 7%. 14x profit. Ahh, to be a bankster.
ReplyDeleteI'm a realist as much as the next survivalist/end of the world/prepper BUUUUUT sometimes you have to walk away from all this bad news and smell the roses, walk on the beach, drink a cold beer with a friend and smile.
ReplyDeleteToo many of us are in a panic over something we have no real control...Ride the wave my friends just get prepped...But don't be that bitter, angry person that becomes "The Weird One."
We are so screwed.
ReplyDeleteNoodles123 is right. Keep your feet on the ground, and your head in the clouds I believe the saying goes.
ReplyDeleteYou got things to do, places to be, people to see.
You want some good news? Make some.
The weird ones are our own long shot chance. The apathetic types that believe ignorance is bliss are the ones that are killing us.
ReplyDelete"I think there's reason for concern"
ReplyDeleteYa, no shit.
Here's some good news, tents and sleeping bags are on sale at the local Army surplus. Already have more ammo than I can carry.
10:53 I'm not talking apathy...Trust me I am well stocked...But also what good does it do me to be constantly reading, worrying and pulling my hair out and the latest bit of madness by the repubs and demos?
ReplyDeleteI chat with a few preppers and those guys are almost "consumed" and I find it very sad to watch good men go mad that comes from knowing too much.
Sometimes it's like the Red Queen said:
“It takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!”
I see - and agree - don't get consumed and miserable by all of this - how true. Misunderstood.
ReplyDeleteMore good news: 3/31/2010-Gold up $7.40, Silver up $0.14
ReplyDeleteRemember when you could get in on the action and become a realturd and start flipping houses for fun and profit? Remember how you could earn 5, 10 , 15, 20, 30 40 50 grand a deal and do 5 or 10 deals a month packing away all that amazing hard earned dough to blow on blow and cars and fine threads to saunter around in? Did you ever think it would end?
ReplyDeleteHow did you think it would end?
In 3000 words or less, describe why you as a realturd don't feel in any way culpable for helping destroy the economy of your country.
Australia is booming on the back of Chinas commodity purchases .
ReplyDeleteThe question arises why is China driving prices higher with stimulus spending when world demand for export commodities has fallen?
How long can that last before the U.S.
"recovery" gets real?
Housing costs in ausralia in U.S. dollar terms are way above Americas. Is that a bubble or what?
Payback will be a bitch as the Interest rates go up to 'normal" usury rates as the Australian reserve banks say is necessary.
The Ausralian bank monopolies are raking in every penny the can extort.
They blame the high cost of money .
Yet americas Fed is handing out free or no cost money that is flowing into the "carry trade" for re-investment in countries like Australia and China for higher interest returns.
Free profits courtesy of the U.S. Fed.
While american banks cut own their lending to americans and american business.
The FIRE economy creates froth and irational exuberance in the Dollar Hegenomy heartland and in australia .
Bubbles bubbles everywhere and not a real economy in sight .
"Double, double toil and trouble; Fire burn, and cauldron bubble." -
(Act IV, Scene I Macbeth).