Courtesy of Mark Perry:
Real GDP grew 3.3% in the second quarter.
" But...but....but....but real personal income is down!"
By what (and whose) measure?
"But EVERYONE knows that home values are WAY down!"
Not in 30 out of the 50 states.
"The way it gets reported in the media, you would think the entire national real estate is crashing, with home prices everywhere in 'free fall,' when the reality is slightly different: Over the last year, there have been significant home price corrections in only 4 states of between -9 and -16%, moderate price declines of between -2 to -5% in 9 states, and price increases in 30 states of between +0.56% and +4.93%."
There is so much more to talk about regarding the Doom and Gloom scenarios that certain people delight in talking about, but the reality is that all that type of hot air is designed to indoctrinate the voting public into voting for the now officially anointed messiah and his priestly contingent of congressional fools this November.