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An Indian-born economist once explained his personal theory of reincarnation to his graduate economics class. "If you are a good economist, a virtuous economist," he said, "you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist." —Paul Krugman, "Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations" (1994, page xi):
Macro Notes
Housing Starts a touch better as crucial spring selling season just aheadPeter Boockvar
Weather impacted Feb Housing Starts totaled 575k annualized, 5k above estimates but down from 611k in Jan which was revised up by 20k. Permits totaled 612k, 11k above expectations but down from 622k in Jan. With both starts and permits, single family and multi family categories fell. Single family construction fell in the Northeast and South but rose in the Midwest and West. Weather notwithstanding, builders have been getting ready for the spring selling season and the last hope, for now, for people to take advantage of the upcoming expiration of the home buying tax credit while mortgage rates remain...
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