Wall Street Journal Questions Fed Beige Book “Rosy” Take on “Recovery”

[marmar]

from Naked Capitalism:


Wall Street Journal Questions Fed Beige Book “Rosy” Take on “Recovery”
Posted on June 4, 2015 by Yves Smith


Is the august Wall Street Journal hinting that the “recovery” has no clothes?

I receive Wall Street Journal e-mail alerts, and this showed up in my inbox yesterday afternoon:



Bear in mind that Wall Street Journal news alerts flag the stories they consider to be the most important during the day. Needless to say, that means the alerts have disproportionate impact, particularly since only a portion of the recipients click through to read the underlying story.

In all my years of blogging, I can’t recall a major financial news outlet, even in as mild a way as the Journal does, depicting the Fed as engaging in cheerleading in the title and opening paragraphs of a story. ....................(more)

http://www.nakedcapitalism.com/2015/06/wall-street-journal-questions-fed-beige-book-rosy-take-on-recovery.html

[NoJusticeNoPeace]

1. A friend lives in Marin County, was looking at a house listed for $1,100,000

Just a week or two ago.

He was likely unable to make an offer at that price but it was close to his price range.

Two days after he considered said offer with his realtor, it sold for TWO MILLION DOLLARS

The reason is the tech companies are paying their people gazillions, thousands of rich, young tech professionals, more and more each year.

Real estate is somewhat limited in the Bay Area and funds are not for these folks, thus driving the market up on certain price points.

It makes it impossible for someone not rich, who saved all their life, who has a few hundred thousand equity in their home, etc.

A correction is coming, a big one.