Existing home sales are down for the sixth straight month with September sales the worst in two years. Housing starts are down 5.3%, the most in three years.
Daimler (DDAIF) , the gigantic automaker with huge sales in the U.S. and 23, 000 employees, gave you a second profit warning today for 2018 and its stock sunk to a hideous number, a five-year low. There were some faults particular to Daimler, including diesel emissions upgrades, but the sales environment is awful. How else do you explain why Ford's (F) stock is hitting a multiyear low ahead of when it reports next week. The darned thing yields 7%. That hardly inspires confidence.
We've seen the regional bank figures this week and they wreak of loan deceleration with 2% being about the average growth, anemic and going the wrong way.
So you know what we need, a series of good solid tightenings. Wouldn't that be the answer to those less-than-hearty numbers. Wouldn't that be exactly what the doctor ordered?
This morning in my video with Katherine Ross I finally said it. I want to address the Fed. I want to talk to them about how imprudent their judgment is based on these figures. I think I earned it after being the laugh line at one of their meetings where I predicted the economic apocalypse.
They won't do it. In fact it is probably the last thing they want because it would totally conflict with their dogma.
What a slow motion economic tragedy they are causing. They will save the village but only by burning it down, of course.