New Data: The Economy Is In The Latrine

[Donnachaidh]

http://247wallst.com/2010/08/19/new-data-the-economy-is-in-the-latrine/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29&utm_content=Twitter

The economy is dying and the process is accelerating by the day now. The Conference Board released extremely weak data. The Leading Economic Index for the U.S. increased 0.1% in July to 109.8, following a .3% decline in June, and a .5% increase in May.

“The indicators point to a slow expansion through the end of the year,” says Ken Goldstein, economist at The Conference Board. “With inventory rebuilding moderating, the industrial core of the economy has moved to a slower pace. There appears to be no change in the pace of the service sector. Combined, the result is a weak economy with little forward momentum. The good news, however, is that the data do not point to a recession.” Goldstein not only states the obvious, but has not support for his contention that a new recession is not already underway or about to begin.

Further confirmation that the third quarter could post negative GDP was the announcement today of weekly jobless claims. For the week ended Aug. 14, initial claims rose 12,000 to 500,000. This is the highest level since the week ended Nov. 14, 2009.

It looks like a recession to everyone but the economists.

Read more: New Data: The Economy Is In The Latrine - 24/7 Wall St. http://247wallst.com/2010/08/19/new-data-the-economy-is-in-the-latrine/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29&utm_content=Twitter#ixzz0x3xVnnYl

[Lost4words]

1. But but I thought,......I keep hearing,,..........People yell at me

all the time its getting better,,,.... I really thought i was the only one suffering without a job, I guess not.

[Lost4words]

2. darn dupe, dang it!

do you know where your pets are?

[xchrom]

3. Recommend

[golddigger]

4. Well...how unexpected.

[Warpy]

5. I wonder how many hours Geithner et al. spend in the morning

practicing their look of outraged surprise. Since everybody with a functioning brain knows what happens when money is sucked away from the consumers and lavished on the rich hoarders, you know they have to feign it.

Economists and government wonks are the best feigners out there.

[quiet.american]

6. This certainly makes an excellent case for letting the Bush tax cuts expire.

The data had to be compiled based on current law and current law has the Bush $1.3 trillion-dollar-deficit-creating tax cuts set to expire at the end of this year. Can you imagine what the economy will look like if those who make the most money in this country are allowed to continue their tax cuts on the backs of the middle-class in this country?

It also makes for making Republicans pay at the polls for voting against every job creation bill, every bill that featured tax and hiring incentives for small businesses, and for holding up economy-bolstering measures such as unemployment insurance for as long as they could.

But public thinking doesn't go that deep. At the moment, there seems to be a deep strain of the Stockholm Syndrome running through this land if polls are to be believed, with voters set to vote back into power the same gang that not only caused this crisis, but who have "governed" by holding hostage as long as they could, chopping up, and even killing, every measure that would improve the economy.

[SammyWinstonJack]

7. K&R

:-(

[Javaman]

8. It will take the pancaking of society and the economy before

what really needs to be done to fix things to occur.

Humans only react in an emergency, they never prepare.

Until our lawns spontaneously combust, Climate Change/Global Warming will still be ignored.

Until there are breadlines again in the major cities, the lack of jobs, jobs being shipped over seas, a lack of a government jobs program will continue to twist in the wind.

What rolls around in the back of my mind on those sad days, such as today, when I read reports such as this is: if moron* only had been "elected" for a third term, all of our woes and misery would have been completely hung around his neck.

But because the full brunt of morons* stupidity didn't hit until he* was out of power, the right wing can continue to crow about this being "all Obama's fault".

moron* and his room full of dopes were trying to paint over our problems for a long time, but the peeling back of those coats of paint didn't happen soon enough for the morons of our society to see how he* completely fucked up.

So now we are caught in this media he said/she said bullshit. Every person with half an ounce of brains knows full well that this economy wouldn't be were it is today if it weren't for moron*. But alas, there is faux news pushing the opposite. And since their kung fu obviously plays well with the ever growing group of mouth breathers in this nation, the playing field becomes blurry to those who pay attention just long enough to be doubtful as to whom is to blame.

My real fear is this: we lose majority in the senate in November. For the next two long years we have grid lock. Whether Obama is reelected in 2012 or not, is almost a moot point, because I fear that the repukes will make a strong showing in the house in 2012, thus making Obama's second term the longest Lame Duck President in history. 4 long years of Sisyphean battles.

Along comes 2016, some empty shirt corporate controlled moron repuke waltz's in, because by this point, due to repuke platform of No to everything Obama, the economy is in shambles. They begin the total dissolution of any government programs for the middle class and the poor.

The long recession/depression takes a nose dive.

Desperate for change of any kind, a new era in American politics is born. The Social Democratic Party.

Yeah, I'm such a downer, yeah, I'm mr. negative, but honestly, given how everything is going, how does one be optimistic anymore?

:shrug: