WASHINGTON (Reuters) - President Barack Obama warned on Saturday it would take "many more months" for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter. Obama, who has defended his young administration's economic policies in recent weeks in the face of worsening unemployment numbers, said jobless figures next week would still show that too many Americans were losing work. "It will take many more months to fully dig ourselves out of a recession - a recession that we've now learned was even deeper than anyone thought," the president said in his weekly radio and Internet address. "And when we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country. As far as I'm concerned, we will not have a recovery as long as we keep losing jobs," he said. http://www.reuters.com/article/topNews/idUSTRE5700R620090801
And the stock mkt has already discounted 30-40% earnings growth in 2010 up from 2009's down 25%. Talk about forward looking. Hell its so forward looking i need a hubble telescope to see it. And when th mkts wrong no big deal they'll tank the mkt and millions more chasers will be wiped out. wall street witht here unmatched hype machine could care less who they destroy.What has me puzzled is even if the best case scenerio happens over the coming 3-5 years you're looking at so little growth that i really thought p/e's would contract big time and isntead they're expanding back to levels near the hay day in 2005-2007 when profit margins were at all time records. those days are gone forever and the mkt is in such a denial phase here.
It doesn't matter what any of us say or do this this obscene levitatation just keeps going and going like some sadistic energizer bunny. We all know it will end. Hell, even the bulls know this has gotten beyond insanity but they just keep manipulating this nonsense higher and higher. The thing that really makes be sicker then anything is the nonstop drumbeat of supposedly good news you get all day on the business news stations. Its amazing how coordinated this cruelty is. I honestly have never hated a market more then I hate this one. Yeah, yeah I know dont get emotional about markets and I know it shouldn't make a difference to a trader. Last year till this march were just so wonderful with so much beautiful volitility. I was so hoping for atleast few more years of such action. Its just gotten to a point I can't look at my screen without an overwelmning desire to vomit. APPL at 165 again, what more can you say. :eek:
wall street is a business,to stay in business they have to advertise, cnbc, morgan,government # releases, when they merged with the banks , we became their product and they scammed everyone, now they are backpeddling as fast as they can to keep the boat from whooshing down the drain, trillion dollar bailouts, tarp failures, it aint working ,the only thing they can do for now is ppt and cross there fingers,the dutchboy is holdng his thumb in the dike