Thursday, November 15, 2012

Funny How All the Bad News Was Waiting Until After November 6

Just an amazing string of negative events that were held off until after November 6th:

1.  The CIA Director resigned due to an affair with his biographer who pilfered classified documents
2.  Horrible unemployment claims data (a 104,000 claim jump in one week) which include big increases in states unaffected by Sandy like OH and PA and even a reduction in claims in NY.
3.  The Philly Fed Index plunged to -10.7 after a miraculous runup to +5.7 last month.
4.  The Federal Housing Administration (FHA) is running out of reserves and will need a taxpayer bailout
5.  And of course, war between Hamas and Israel.  Hamas had been trying not to be too provocative before the election and Israel was also not terribly reactive

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