Monday, June 30, 2014
So the upshot is still that we cannot look to home sales to carry the recovery forward into 2015.
Construction takes a while to peak and fade, so 2015 is the danger point.
Hobby Lobby/Conestoga decision is out, holding that closely held corporations do have religious protection under RFRA It seems to be about what I expected - a narrow ruling. The fun is going to be in the concurrences and dissents.
Perhaps the next Obama legislative initiative will be to mandate that anybody above a certain net worth must buy a car? In that case, and in that case only, the Hobby Lobby decision might have a national impact.
I find it shocking that government would simply not change their operating practices when property tax compliance falls below 90%. With Detroit below 40%(!) how can anyone even consider it a going concern anymore? Detroit is literally taxing itself out of existence.
Forecasts drop of 1% in 2014 and 3% in 2015:
Companies only spend when they can make money off of it.