The corporate whores running the Obama administration would like you to think the economy is stabilizing and all will be well in no time at all.
You just have to close your eyes and trust.
Except they're full of shit.
Check out the headlines from the business pages today:
U.S. stocks reel as global economic worries return
Dow average sinks below 10,000 as session winds down; oil, gold dive
Investors sold off stocks in Portugal, Spain and Greece and the euro plunged on Thursday as market fears over the fiscal problems of debt-laden southern members of the euro zone widened.
The median forecast for nonfarm payrolls is for an increase of 5,000 after an unexpected 85,000 drop in December. The unemployment rate is seen rising to 10.1 percent from 10 percent in December. January's report will include the annual benchmark revision to payrolls data back to March 2008. The Department of Labor has estimated that the level of employment for the 12 months to March 2009 will be revised down by about 824,000, meaning the economy shed far more jobs than previously thought. Monthly payrolls from March 2008 to March 2009 will likely be revised.
In the week ending Jan. 30, the advance figure for seasonally adjusted initial claims was 480,000, an increase of 8,000 from the previous week's revised figure of 472,000. The 4-week moving average was 468,750, an increase of 11,750 from the previous week's revised average of 457,000.
And of course the option ARM resets about to occur in the housing market ought to keep foreclosures coming fast and furious and the commercial real estate market is pretty dismal too.
Heckuva job, free marketers!!!
Too bad President Obushma thinks these are the guys who ought to be running education policy into the ground just the way they've run the economy there...
UPDATE: On the plus, Attorney General Cuomo wants to hold Ken Lewis and the other Masters of the Universe at Bank of America accountable for fraud.
At least somebody is trying to hold these crooks accountable.
In Washington, the only people they seem to want to hold accountable is public school teachers.
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