the fabulous recovery continues

The most recent survey of the National Association of Home Builders showed an uptick in confidence. This correlates positively with the Architectural Billings and Inquiries indices and points to a more positive environment for the economy as a whole in the months ahead. I'm still maintaining caution. Household debt and borrowing is still high, Washington is in a state of gridlock, and Europe continues to implode. I'm not sure to what extent the U.S. is decoupled to European finance markets. I'll float the theory if that investment money can't find a home overseas it will come back here to finance the next bubble in............what exactly? The green energy and technology revolution seems to be a bit less exciting than some people hoped. We could use a sustained infrastructure boom, but there's that issue in Washington and at the state level. Could we start to see private investment in infrastructure? I doubt it, although I could sell you lots of bridges.