http://money.cnn.com/2003/03/07/news/economy/unemployment/index.htm CnnFn - Friday, March 7th - 308,000 Jobs Gone article mentions: " Friday's report means the 12-month net change in private payrolls has been negative for 20 straight months, extending the longest stretch of labor-market pain since 1944-46. Private payrolls are now 2.5 million jobs lower than they were in March 2001, when a recession began. " This is some serious stuff. Hope we can get this turned around in a hurry.
Won't get any better when the oil fields in Iraq are burning and crude stays at $40/barrel, but it's all for the sake of "world peace".
As traders we all suppress emotions to maintain that steely image and sharp eye on "the trade". At times, we take a look up and feel for others. The potential that all these 20 consecutive loosing months of job losses has on the economy are more than sufficient to collapse the housing market; tank auto sales; stiffle productivity and product growth, and we're all to familiar with the Airline woes due primarily to a lack of pax seeking seats. hey, this is some tough stuff...
When the local Dodge dealer is selling 4x4 Durangos which have a MSRP of 32-34K for 23-24K after incentives, that tells me the economy is strong........ yeah right!!!!!!
dont worry new bull market is going to start in the middle of a recession. *in sammy davis voice* "Its going to be crazy man". im joking of course. but clearly nothing matters right now or will matter till all the geniuses holding long for the great war rally get supremely disappointed. or sell to the next greatest sucker waiting to time the market perfectly.
The current environment is eerily reminsicent of the 1930s Post Bubble Warmongers and Crazies Rates lowered 15 times to no effect Great Depression Shaping up as a great decade no? Tuff price to pay for the mass financial irresponsibity of the 1990s. It's our turn folks. Buckle up. BTW, read in the paper the other day that the number of homless people seeking shelter is at 1930s levels. On that note, time for a Makers Mark on the rox. Best to all, David
You missing one major ingredient, jobs weren't threatened as they are now http://www.theinquirer.net/?article=8182
I see a lot more homeless in the Keys for sure. Snowbirds are not spending money. And are the nastiest they have ever been. No one is renovating their rental properties. Real Estate is not selling. Not many jobs in the paper. Prices are skyrocketing. I think this is one really bad ass recession. Yup, something is wrong.
No way to the homeless levels. During the Great Depression, unemployment was like 25%! My grandpa told me how a relative made a fortune buying foreclosures on the steps of City Hall for five bucks each. We've got a long way to go to get to that level. Nice choice on the hooch, I love MM. Except I get red wax all over when I break open a new bottle.