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The winds of hope and change swept our financial markets this week. The ‘green shoots’ were supposedly growing everywhere, I even saw one sprout up on Kudlow’s eyebrow. Alas it was just a booger as the reality of our economic conditions met the expectations and concerns of everyone around the world.
Somebody dropped a Hercules full of paraquat on Bernanke’s green shoots.
Don’t smoke the shoots boys and girls as America is about to witness the consequences of using scotch tape to patch a severed leg. It does not work. You can not ask the idiots who helped design this mess to repair it. That is why the consequences of designing and implementing the TARP, TALF and other government programs has not been measured nor anticipated. That is why the impact of the idea of a pre-designed bankruptcy of Chrysler and apparently soon General Motors has not been taken into account. When the disaster that strikes over the next 30 days the follow up disaster had best be prevented once and for all or the risk of a complete collapse of our economic and political system could occur. The Fed, Treasury and Obama administration get one shot and one shot only. A miscalculation could be a disaster from which the “West” as we know it will never recover in our lifetimes.
Yes, you’re reading that correctly; earnings adjusted for inflation are below 1937 levels. Anyone care to take a quick trip back into memory lane and remember that period being known as the “other shoe” which dropped and killed the American spirit until the war began? It was that bad then and it will be that bad here and now before you can say “Rooseveltian” or worse.
Originally posted by finemanm
Obama, and his pro-union communist minions, are doing everything they can to save the Unions and as a consequence, they are selling the automotive industry to Europe for nothing and giving the corporations to the UAW.
Originally posted by finemanm
The US automotive industry was one of the few Manufacturing sectors left on US soil. It seems almost everything else has been outsourced to South America and Asia.
SACRAMENTO, California (Reuters) - California Gov. Arnold Schwarzenegger said on Thursday the state "faces insolvency within weeks" and he will put new policies on hold until there is a deal to close the budget gap, which will top $40 billion over the current and next fiscal year.
"It doesn't make any sense to talk about education, infrastructure, water, health care reform and all these things when we have this huge budget deficit," Schwarzenegger said in his annual state of the state speech.
The Republican governor and Democrat-led legislature are at adds over how to fill the current year's budget shortfall and are poised for a struggle to balance the budget for the state's next fiscal year, which begins in July.
"The reality is that our state is incapacitated until we resolve the budget crisis," Schwarzenegger said.
"The truth is that California is in a state of emergency," he added. "Addressing this emergency is the first and greatest thing we must do for the people. The $42 billion deficit is a rock upon our chest and we cannot breathe until we get it off."
Schwarzenegger's speech stood in sharp contrast to his previous state of the state addresses. It was short, blunt and focused on the urgent task of balancing the state's books.
Originally posted by disgustedbyhumanity
reply to post by RolandBrichter
I can only laugh. Instead of focusing on all the doom and gloom you should be focusing on what those charts really tell you. We have hit bottom! Every valley on those charts represents a big turn in the economy. Since this dip is the largest (or so he says) then the ensuing recovery should also be the largest.
Also note how much higher our manufacturing base and productivity relative to historical norms even after accounting for the dips the past few years.
Don't let the doom and gloom keep you from benefiting from the largest recovery in our history.