Friday, October 30, 2009

The Recession is Over...Not so Much

"The recession is over" clowns lasted a lot shorter than even I thought they would.

Stocks tumbled 250 today.

Drops in key barometers of the health of consumers — what they're spending, what they're earning and how they're feeling — fanned worries that an economic recovery celebrated by the market only a day earlier won't last.

The huge reversal in market sentiment reflected how desperate stock investors are to reach conclusions about how the economy is doing, and how quickly they are willing to abandon those convictions.

The about-face from Thursday to Friday in the S&P 500 index, the benchmark for many mutual funds, was the sharpest swing for since February.

"I think you have a market that is ultimately looking for its direction," said Bob Froehlich, senior managing director at Hartford Financial Services.

They're looking for direction are they?

Ask the working slobs who always have our fingers on the pulse of the economy. We are not going to be fooled by the false indicators of economic "recovery" engineered by the taxpayer infusion of cash -- buying people cars and mortgage write offs for irresponsible people whose incomes could never afford the houses they bought.

Those things are are phony blips on the screen.

For starters, let's chat about the emptying commuter rail, people discussing layoffs in their corporations, furloughs, their lack of cash flow, the credit they can't get, several states creeping towards bankruptcy, how much groceries, gas, oil and staples are costing us.

If they actually think this is the road to recovery, they're stupider than we imagined.

Add trillion dollar bill presented to taxpayers to buy insurance for people who can't afford it themselves to this mess and see how it pans out.

The United States couldn't fare worse than Obama if they elected a man who is intentionally bankrupting and sabotaging the United States.

A day after a euphoric rally pushed stocks up the largest amount in three months, on Friday investors fretted that strapped consumers won't be able to carry on a recovery in the economy that has been driven by government spending and companies boosting profits through cost-cuts.

What will they do now.

Obama better hook up with Dorothy and the TinMan on the Yellow Brick Road to ask the wizard for a brain.

The recession is over.


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