Economic Report: "Biege Report" sees slowing in nine out of twelve Fed Reserve districts

[Omaha Steve]

http://www.laborradio.org/node/8353

Economic Report:

Nine out of 12 Federal Reserve districts saw economic growth slow in February. In 10 districts there were clear signs of a weakening consumer confidence with declining retail sales. The information comes from the reserve’s “Beige Book” which is published eight times a year by the Federal Reserve Board and collects “anecdotal information on current economic conditions.”

[JDPriestly]

1. And, if you consider the declining value of the dollar, the Dow is also down.

On January 2, 2001, the Dow Jones average was $9,878.78. As of April 1, 2008, it was $12,619.2695. I'm no mathematician, but I calculate the difference as a rise of $2,740.4895 or about 27% of the Dow's value on January 2, 2001. On January 1, 2001, the U.S. dollar exchanged for $1.0436 to 1 Euro. Today, you get $ 0.6276 for 1 Euro, a decrease of about 41% to 42%. So, if the stock market rose by about 27% over its value in January 2001, while the dollar dropped about 40% in its value compared to the Euro, what does that say about our economy?

To those who say, but the stock market has "gone up," I say, "Really?"

Even if my calculations are not accurate (and I repeat, I'm no mathematician), it's pretty obvious that every measure of the American economy indicates that we are in serious trouble.

Of course, for Europeans, our stock market is just one big bargain.