• Durable Goods up 5.9% in July - not my definition of increasing economic weakness.
• New Home Sales up 2.8% in July - not my definition of increasing economic weakness.

Like any data, it can be spun and parsed in as many ways as you need to prove whatever point you want. Case in point - it was interesting to see and hear uberbulls tell you that this positive data was great for the markets. Nevermind that they were screaming how terrible the economy was a week ago and how the Fed intervention was so critical to save the markets. But not every bull wants to like this data because it might interfere with the Fed Funds Rate cut. So we get the inevitable - “ya buts.”  Ya but that was through the end of July, not mid August. Ya but new home sales is still 10% off last year. And on and on with the usual stuff.

For the record, I like the numbers. I don’t want a rate cut. I don’t want a recession. I don’t believe the Fed can save us from recession simply by cutting rates. I have this odd traditional view of capitalism that focuses more on free market participants like producers and consumers and employers and workers than I do on the government. So I don’t like to see foreclosures or layoffs or poor retail sales. I won’t cheer for them so they can justify a rate cut. It just makes no sense to me. I guess I’ll leave all that up to the people that call me negative.