cur-mud-geon: anyone who hates hypocrisy and pretense and has the temerity to say so; anyone with the habit of pointing out unpleasant facts in an engaging and humorous manner
Finally it appears there is some good news on the state of our country’s economy. The Chief Market Strategist for J. P. Morgan funds, David Kelly, said “It is very hard for these sectors to collapse when they’re already in the basement”.
Mr. Kelly was speaking at a seminar in Waukesha this week about the potential for a ‘double dip’ recession. The sectors of our economy to which he referred were auto sales, home building, business equipment investment and inventories, and he said these sectors are so low there is nowhere to go but up. Obviously unemployment rates are driven by this bleak economic picture.
Good news indeed! (Note: My tongue is firmly placed in cheek in case you thought I was applauding the efforts of the Obama Administration.)
This statement was occurring as Federal Reserve Chairman Bernanke was telling news reporters that he and the Reserve Board were “stumped” and were caught “off guard” by the recent signs of continuing deterioration in our economy. “The headwinds may be stronger and more persistent than we thought”, he said.
Now we all likely have a real ‘warm and fuzzy’ feeling.
The ‘shovel ready’ jobs thing was the subject of President Obama’s joking reference this week. He said something along the lines of ‘the shovel ready jobs may not have been as shovel ready as we thought’.
We elected a man as president who had no experience in politics, except learning how to vote ‘present’ while an Illinois Senator, or any real experience in business. He hadn’t led or managed anything well other than for selecting the right people to manage his campaign. He was an eloquent speaker and rode that pony all the way to the White House touting himself as a vote for “change”. We seem to be getting what we deserved as the result of that election; we certainly got change.
Will we re-elect President Obama? I really hope that we’ve learned a lesson, a ‘hard knocks’ school of learning lesson, but a valuable lesson nonetheless. Meanwhile our economy is so bad that it can’t get any worse according to one market analyst. That is what has to pass as ‘good news’ at this point.