Industry NewsMarkets & Economy

Positive signs amid warning signs

Commentary: 'Little dominoes' are dropping

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In this last, drowsy week of summer, long-term rates were unchanged: the 10-year T-note held under 3.5 percent, lowest-fee mortgages about 5.25 percent. Summer has another three weeks to run to solstice, but it's all hands on deck next week before a late Labor Day to deal with the first August data, especially Friday's employment report. The change in payrolls announced that morning will clarify the dispute among the recovery camp, the stabilizing crowd, and the double-dippers. The media and stock markets are a steady stream of recovery spin. If I can't beat 'em, I'll join 'em, but the following positive spin is an odd assortment of curveballs, sliders, changeups and a knuckler or two. Federal Reserve Chairman Ben Bernanke got reappointed -- damned good news. However, reluctance and delay were obvious, and it's still hard to tell who is in charge. Most assume the shot-caller is Larry Summers, if only because ... has anybody seen U.S. Treasury Secretary Timothy Geithner? July...