Week End

Mercifully the weekend has arrived.

Even though the DOW and S&P have been more lively this week than in the past 6 to 8 months or more, the recession problems in some other ways are compounding.

Lots of managers and financial elites are talking about how the worst has past, and how the future is better. Even Roubini has said as much and that is something.

Still there are the little people on the ground. Unemployment is over 10% in fifteen states, and many more states are close behind the 10% mark including my state, New York.

There is a record number of foreclosures in process. Personal loan debt is defaulting at high numbers and we can partly blame that on the incredibly loose lending practices of just a few short years past. Ban the credit card, get rid of it.

Admittedly some corporate reports are better but exactly how is all of this going to pan out if unemployment continues. Are financial planners banking on a shrinking middle class to spend their money at a rate that will cover those left behind in this recession and then some. Consider that a first rate company like Harley is shedding a thousand jobs because people only want the requirements and not the bells and whistles.

There is a reshuffling going on. A great deal of wealth has been concentrated even further into the hands of the elite and many millions are paying dearly for this.