"Recession Seen Looming as Jobless Benefits End" http://www.cnbc.com/id/44019660
Really? Didn't we debate this unemployment thing and decide to dump them into the streets? Did I miss something? This was supposed to be good for America. The Dow is down 400 points now and it has everything to do with the gun to the head manufactured crises. And while the headline is correct about the government stopping unemployment compensation and what that means when lots of little individuals no longer have any money to spend, those individuals must be wondering why we see a "recession looming." To them, first it's probably not a recession but depression, and second, it hasn't ended and has been going on for years. We couldn't be going into another one, we are in one.
The difference is of course how we measure recession. Does it hurt the rich? No, big business is doing fine, record profits! Oil is doing great, and added to their record profits are the usual government subsidies!
I earlier posted a chart that shows our progress out of the worst dip of the depression, by the measure that matters to, well, the rest of us: unemployment. Progress has been highly overrated in the media. It's just not there in any strength, the downside was very far down, and now we are trending down again. Some of this is Obama's fault for giving in to the rosy scenario all presidents give us to boost our moral. This needs to stop now. Give them what they asked for. A depression that has a weak government to guide us out. But Wall Street, always pushing their product, has probably done a lot more to build expectations of investers and.... well, that's profitable for them. We buy, we sell, we pay a fee.
Now, it could all go up tomorrow but the panic is here now. If it falls less than 700, I'll be happy.