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Aug 04 2010

Tim Geithner Says Don’t Worry, Be Happy

(9 am. – promoted by ek hornbeck)

As Atrios pointed out, there was not one word about foreclosures or housing in Geithner’s Op-Ed in today’s NYT..

What’s Missing

What’s missing from Timmeh’s NYT op-ed?

The words “foreclosure” or “housing.”

Obviously HAMP isn’t in there either.

Pending housing sales for June dropped another 2.6%.

The number of contracts to purchase previously owned houses unexpectedly fell in June, indicating demand kept unraveling after the expiration of a homebuyer tax credit.

The index of pending home resales dropped 2.6 percent from the prior month, figures from the National Association of Realtors showed today in Washington. Economists projected a 4 percent gain, according to the median forecast in a Bloomberg News survey. The expiration of a government tax credit on April 30 caused the gauge to slump 30 percent in May, the most since data began in 2001.

To add to the economic quagmire Bloomberg reports to day that Consumer spending and Income is expected to “stagnate” for June, as well.

Consumer spending and personal incomes in the U.S. unexpectedly stagnated in June, showing a lack of jobs is hurting the biggest part of the economy.

Purchases were unchanged after a 0.1 percent gain the prior month that was smaller than previously estimated, Commerce Department figures showed today in Washington. Incomes didn’t increase for the first time since September and the savings rate increased to the highest level in a year.

At least it isn’t dropping. Perhaps that’s the reason for Geithner’s optimism. Just clap louder. I can’t my hands are bleeding

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