Existing Home Sales Drop 27% plus tomorrow is Women’s Equality Day!

WOW. Scary number. I mean truly scary number for the US economy. This is the lowest number recorded in the series history! The main reason it seems was due the expiration of the homebuyer tax credit. Without a financial incentive to buy a new home demand collapsed. It truly seems like the US economy is going to struggle in this second half. The employment picture continues to be grim as well. This all plays in to how much people have to spend. Expect retail sales to be soft which of course feeds in to corporate earnings. Stocks have reacted with the DOW well off it’s recent (52 week) high of 11,309 to now below 10,000. Uhg….I jumped over to the PIMCO to see if investment guru Bill Gross had a comment on the continued houseing crisis, and YUP, he did. Better yet he recently presented to Treasury a solution to the Fannie Mae/ Freddie Mac disaster. GO BILL! I like his plan, and if anyone knows alot about the mortgage market, it is Bill. I met Bill a very long time ago when I ran the mortage pass-through desk at Goldman, and he truly is one smart, and uber intense, cookie. (can a cookie be intense?) I too recently went to Washington and had a meeting at Treasury and it is an incredible experience to walk in to that building to share ideas. It is awesome that Treasury is inviting the likes of Bill Gross to take part in solution building. Now will they listen? I hope so….Tomorrow is a big day. Well yes, it is the first day of school in our new town for my children, but that is not what I meant. It is Women’s Equality Day!!! I have co-written an OPED with the amazing Linda Tarr-Whelan, author of “Women Lead the Way” and former Ambassador to the UN Commission on the Status of Women. A MAJOR news source is publishing it!!!!! Go team. I will post it first thing. Please put on your girl power, Wonder Woman, or Rosie Riveter T-shirts and say, GENDER EQUALITY MATTERS and a more balanced world, means a better world for ALL!!!

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