The World According to Americans-courtesy Barry Ritholtz

by Marilou Moursund on November 24, 2009

in Banks,Economic Indicators,FDIC,Residential Real Estate

This chart courtesy of made me laugh this morning.  However, this world view would not help you make money.  As we”ve discussed before, there are developing countries that are experiencing faster growth rates that the United States.

The crosscurrents in our economy continue to show up in the economic data.  Third quarter GDP was revised down to 2.8% from 3.5%.  However, in November as prices fell and buyers took advantage of the homebuyer”s tax credit.  The bad news for homeowners is that a on their mortgages.   This will continue to pressure the banking system and the FDIC as foreclosures roll through the system.

Consumer confidence climbed slightly in November to 49.5 from 48.7.  This is a positive data point given the continued high unemployment rate.

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