Employment Reports and Paul McCartney
These remain low. A 30yr fixed is in the low 5s, ARM rates in the low 4s, my parking tickets for the year is 3, number of times I’ve thrown up this decade is 2, and number of good hair days this year remains at 1. Economists/my barber expect all of those numbers to stay the same thru December.
Love Quote of the Day
“And in the end, the love you take is equal to the love you make.” – The Beatles (from the song The End)
This Friday at 7:30 CST the Employment Report comes out for the month of October. The unemployment rate is expected to rise slightly to 9.9%. Many, many people think this will hit double-digits even while the economy recovers. The Fed has called this a ‘jobless recovery’. I’m not kidding. Could be the greatest oxymoron since jumbo shrimp or working vacation. Should we hit 10% or more on Friday, expect rates to drop. If the employment numbers come in better than expected, rates will go up.
In last week’s blog I wrote about how Illinois leads the country in bank closings. Apparently California felt left out as the FDIC swooped in and closed four of their banks (although they were divisions of a bank holding company based in Oak Park, IL – so we should still get some kind of credit). The FDIC will continue to flex its muscles, but we are still light years from the record. The FDIC has closed 115 banks this year, but in 1989, during the savings-and-loan crisis, the FDIC closed 534 banks (about ten a week). Back then I had no clue what was going on as I was involved in the report-card crisis of ’89.
Love Quote of the Day 2
(Chris Farley on an episode of SNL to Paul McCartney) “You remember, like, on Abbey Road, how umm you sang ‘and in the end, the love you take is equal to the love you make’? Umm…is that true?”
Timeout for Trivia
Congrats to all of you who correctly guessed Julia Roberts as the answer to last week’s Who Am I? question. Answer today’s question correctly and you will be entered into a drawing for a $20 Starbucks gift card. Good luck: “I turn 48 today. In my early days I played Jeremy on Eight is Enough. Later I starred in a movie with all of these people before they were big-time stars: Tom Cruise, Rob Lowe, Emilio Estevez, Patrick Swayze, and Matt Dillon. In my most successful movie, (which came out in 1984) I got beaten-up so much I dressed up like a shower/ shower curtain at a Halloween party to avoid being seen by the school bullies.