Wednesday September 26, 8:39 am ET
By Martin Crutsinger, AP Economics Writer
The Commerce Department reported Wednesday that orders for durable goods, everything from commercial jetliners to home appliances, fell by 4.9 percent in August, the biggest decline since a 6.1 percent fall in January.
Well that was to be expected right? After all housing is crashing and when people don't buy new houses they also don't buy new fridges. Makes sense. Anyone with an IQ over 80 could figure that one out right? Unfortunately no.
It was far larger than the 3.5 percent drop that economists had been expecting and resulted from across-the-board decreases in a number of categories. The concern is that the steep downturn in housing and turbulence in financial markets could start to affect the economy more broadly, raising the risks of a full-blown recession.
Say what now? It is a concern NOW that housing may cause a recession? Uhm hello, experts, where exactly were you geniuses 6 months ago or more like 18 months ago? Once again the experts show themselves to be idiots to be rather blunt.
But but but the fed lowered by 1/2 a point, we can't possibly head into recession. CNBC, Cramer and Kudlow say so. They are experts after all and experts never get it wrong.