Wednesday, January 27, 2010

Time to Adjust the Expectations, I'd Say

Over at Hot Air, Ed Morrissey has been diligently cataloging the lamestream media's unflappable sense of shock that the almost unbroken string of bad economic news continues . . . you know, in an almost unbroken string:

"Reuters falls back on its favorite adverb when delivering bad economic news, in one of the most expected events in economic journalism: 'Sales of newly built U.S. single-family homes fell unexpectedly in December, data showed on Wednesday, the latest indication that the government-led housing recovery might be losing some steam.'

How “unexpected” could this possibly be?  In the last four weeks. we’ve learned that:
  • US “unexpectedly” lost 85,000 jobs in December
  • Overall home sales “unexpectedly” dropped 16% in November
  • Foreclosures rose “unexpectedly”
  • New housing starts fell “unexpectedly” in December
  • Builder sentiment “unexpectedly” fell this month
  • Home resales “unexpectedly” plunged in December faster than ever before
Honestly, considering all of these other indicators, a rise in new-home sales would have been flabbergasting."

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