This morning, I will visiting with Dylan Ratigan & Co. on MSNBC’s Morning Meeting at 9:15 and 10:00 am. We will be discussing Housing, and possibly Bernie Madoff’s first prison interview (Madoff: Can’t Believe I Got Away with It). As I noted back when Bernie was arrested, the I worked alone story Smells Funny.
The most recent Housing data has been grossly exaggerated — its been mediocre to poor at best — and is not remotely the proof of a bottom its been portrayed.
It it important to note that many of the same analysts and reporters who missed the warning signs of the Housing collapse are now very keen to declare a bottom. If they lost you money missing/ignoring the top, is there any reason to buy into their bottom calls?
The sad truth is that many media reporters who cover Housing and the Economy are innumerate — mathematically illiterate — and simply do a poor job of sifting thru monthly statistics (I do try to highlight the exceptions here all the time).
Anyway, MSNBC at 9:15 and 9:45/10:00 am
Why Economists Missed the Crises (January 5th, 2009)
Madoff Story Smells Funny (December 14th, 2008)
Worst June New Home Sales Since 1982 (July 29, 2009)