The point is we still have massive unemployment, conservatively at 9.1% and it has to be much higher, we still have deficit and debt issues galore in Europe which will affect American business, we still have a rabidly dysfunctional political system where the leaders of Congress are calling for extreme austerity measures directly contradicting what any economist worth his salt says, and we have a tax system which allows the wealthiest people in this country who own almost everything to pay little in taxes, not to mention intensely resource draining wars that most people forget about. We are still on a disastrous decade long recession or depression with the potential for even greater unemployment and more contraction.
So fears of a recession easing are drugged words designed to dope up the American public. Enjoy the rush, its bogus.
Get real.
Reuters: Recession fears recede as factories show growth
The Institute for Supply Management's index of national factory activity edged down to 50.6 from 50.9 in July, confounding economists' expectations for a fall to 48.5.
A reading below 50 indicates a contraction in the nation's factory sector.
2 comments:
"So fears of a recession easing are drugged words designed to dope up the American public. Enjoy the rush, its bogus."
So true!!
I think headlines are designed to sell product using strong emotion as the catalyst. I would bet that a whole lot of people bought equities yesterday and today they are regretting it. Throw away the emotion around the economy. Its nuts and bolts not a frigging soap opera. However if like most of us you end up on the shit end of the stick, it does get personal. Its hard to be objective when the bills pile up and there's no food on the table.
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