Man that's a lot of lost jobs, this is just getting ridiculous.
Here's my take on today. Most investors are already sipping cocktails in the Caribbean. So one might suspect that trading volume will be down. The problem with low trading volume is that there's more pricing volatility, higher ups and lower downs.
So, my great wish for America for today is that the market at least goes sideways so Thanksgiving can occur with minimum angst.
CNN: Stocks poised to rise
Readings on personal income and spending, jobless claims, consumer sentiment and new home sales are all due out Wednesday.Reuters: Futures up ahead of data
Initial jobless claims for the week ended Nov. 21 are expected to be 500,000, according to a consensus of economist forecasts compiled by Briefing.com. That would be down slightly from 505,000 the prior week.
According to data from the Mortgage Bankers Association, demand for U.S. home loans slipped last week even as mortgage rates hovered near record lows.
3 comments:
It seems to me the Obama economic team doesn't seem to care or doesn't have a clue @ how to reduce and then reverse the tsunami of job losses happening in this country. They've managed to prop up the 5 largest banks and other supposedly to big to fail Industries @ least temporarily @ the cost of trillions but they balk when it comes to trying create conditions for job creation in this country. One would have to ask them why? Don't they realize that if these nos. continue to rise through 2010 that their pres. will lose his majorities in Congress and end up with his hands tied or worse spending the rest of his Presidency as a place holder for the next GOP President like Clinton did. Clinton was lucky he rode the wave of the business cycle but he really did little to help the average person. In retrospect he did a lot to gut America with Nafta and the WTO and the gutting of the new Deal banking laws. All of these changes have come back to haunt us today BIG time.
I will play the role of the devil's advocate here.
Obama already has his hands tied. Here's a few of the reasons why.
From the point of view of job creation in alternative AKA green energy business creation, the deck is completely stacked to ride out oil until there isn't a single drop of the stuff anywhere. Look at Wall Street, if there's anything that I've learned is that oil is essential to Wall Street. How do you change that gigantic culture? The answer is you can't, Obama can't. All you can do is get a president in who gives them the tiniest mildest restriction like Obama or gives them the absolute green light like Bush, Palin, Reagan, Nixon etc etc.
Now look at corporations. They have laid off million of people. Many have figured out that they like the reduced workforce. They like the reduced payroll. They have already used the recession as a reasoning for relocating to China where labor is practically free for cripes sakes. The ones that remain have people working like lunatics because they are in fear of losing their jobs. So they are working like insects. This is the new America version 2009.shit.
Now lets look at the budget that Obama has to work with to create new deal jobs ala Roosevelt. His budget is what negative 20 trillion?
There's no money.
Now look at where the money that is there is going. Its going to the military, its going to corporate America to trickle (AKA piss) on the rest of us.
If Obama can create one miserable f-ing job, it will be a miracle.
Then there are the people who have jobs and trying to hang on for dear life to salvage whatever left after home prices are down and their 401K is now worth 33% less than it was 2 years ago. They are not spending so money. I live in an area where there's relative stability, only 7.5% unemployment (only!!) and people like me in construction are scrambling. And construction is on the forefront of the economy.
Where are the jobs going to be?
The thing is there is of course so much work to do that its unreal. City decay is huge, suburban decay is there. There's an amazing need for work. SO there's plenty of work but there's no money.
Yes, so it was in the Depression. $$ dried up and nothing was repaired and things degraded. The wealthy though were richer then ever and did next to nothing to relieve the misery. In fact like today they fought FDR every inch of the way just as the Gopers are now doing. Nevertheless, why are the Dems. still handing over trillions to these people? Why are they continuing the endless stupid war on terror and its bastard children the two crazy wars in Iraq and Afghanistan?
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