Posted: November 21 2009
October CPI rose 0.3%, up mom from up 0.2%, as inflation moves up again.
October housing starts were 529,000, building permits at 552,000. Starts fell 10.6% to the lowest level in six months.
Aetna will cut another 1,250 jobs.
Mortgage applications fell last week, with demand for home purchase loans dropping to a 12-year low even as interest rates fell to their lowest level in six months. Mortgage apps, for purchase and refi loans fell 2.5%.
The recently extended $8,000 first-time buyer includes those who didn’t own a home in the last three years and added $6,500 for homeowners buying a new residence. They increased income limits as well.
There is now no question that the Fed is in the process of massively devaluing the dollar, which is an insidious and subtle way for them to tax and confiscate your dollar-based wealth. This will lead to a much higher cost of living and diminish purchasing power as foreign imported goods rise in cost. That means higher inflation. That of course leaves the idiots like Gartman and Prechter wrong yet again. This ongoing deliberate dollar devaluation makes bonds, CDs and money market investments sure losers. That is why they have to be sold and switched into gold and silver related assets.
The new GCC unified currency may not be pegged to the dollar, but to a basket of currencies said Al-Watan quoting the finance and foreign ministers of Kuwait.
It turns out the Chinese are kind of curious about how President Barack Obama’s healthcare reform plans would impact America’s huge fiscal deficit. Government officials are using his Asian trip as an opportunity to ask the White House questions.
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