Cavuto: The Thing About Double-Dips


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I don't know if the economy is going into a double-dip.

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I do know housing already is.

Here's the deal.

Housing ain't the deal. And looking at the Dow's 134-point drubbing today, stocks ain't much of a bargain either.

Despite credits to get folks buying houses, which was supposed to get them buying lots of other things too..

Impossibly low interest rates to get borrowers borrowing.

And home prices the most affordable in a generation to get the most cynical sniffing.

And for all that … this.

The biggest one-month drop in existing U.S. home sales … ever. Ever.

A stunning 27.2% nosedive that saw sales of single-family homes falling to the lowest rate in 15 years.

And nothing Washington does seems to reverse the slide.

Credits bring out some, but not enough, and take those credits away, not any.

Record low interest rates entice some to shop, but clearly not buy.

Which is why homes still go begging.

And retailers still keep limping.

And this despite mortgage relief programs that provide no relief.

And buyer incentives that provide, at best, limited incentives.

Is it any wonder corporations are piling up cash?

And is it any wonder that those corporate bosses who are putting that cash to work, aren't hiring workers for their companies, they're buying other companies.

The absurd high tech bidding war for a company called 3PAR tells you just how sub-par the alternatives for that company dough are.

And now we've entered the flailing stage.

Where vice president Joe Biden today insists stimulus is working.

And House Minority Leader John Boehner says Tim Geithner and Larry Summers should stop working.

And we wonder why faith in Washington, period, is dropping.

This is bad stuff, my friends.

Because all the king's stimulus, and all the king's men can't get this economy right again.

In fact, they've made it worse.

With the Dow officially in correction mode, off ten percent from its recent high.. flirting once again with the ten-thousand mark.

And now we're left to be grateful for an economy that we're told is certainly better than it was.

I'm not so sure about that.

And it's pretty clear a growing number of Americans aren't remotely buying that.

Because here's the thing about double-dips.

They make dips of those who insist they're not dips.

What do you think?

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