.comment-link {margin-left:.6em;}

Tuesday, January 20, 2009

Pbama's Economic Meltdown Begins

Click here for the financial snapshot post that I published on Friday, November 7, 2008, a few days after the Presidential Election was stolen by The Man Born in Kenya.

These will be the key indices and data on which we will judge The Affirmative Action, Illegitimate Prednint-In-Training Barack Hussein Pbama, Junior.

Here is an update on these indices, a snapshot of where we are one day before The Corrupt Pbama Crime Family occupies the White House.

The below was written on Monday, January 19 but published on January 20.


* U.S. Price range for one gallon of gasoline as of January 12, 2009: $1.78 is the National Average range: $1.98 (California) to $1.81.(Minnesota). - Source: U.S. Department of Energy, Energy Information Administration.

* Price for One Barrel of Oil: $34.40; - Source: N.Y. Mercantile Exchange

* U.S. Unemployment Rate: 6.1%, "in December, and the unemployment rate rose from 6.8 to 7.2 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment fell by 524,000 over the month and by 1.9 million over the last 4 months of 2008." - Source: U.S. Bureau of Labor Statistics

* U.S. Mortgage Loans, National Averages: Low - 4.38%; Average - 5.10%; High - 5.88%. - Source: MSN Money

* U.S. Auto Loans, National Averages: 36 month new car loan - 7.03%; 60 month new car loan - 7.13%; 36 month used car loan - 7.78%. - Source: BankRate.com

* Gold: $836/ounce. - Source: Monex

* Cost of one U.S. Gallon of Milk: around $3.50; - Source: Wiki Answers from the November 7 post. NOTE: I didn't locate a reliable site reflecting today's average price of a gallon of milk. Since I don't drink it - I hate it, actually - I have no idea what today's price for a gallon of it is unless I make it a point to make a mental note of it when at the grocery store.

However, there is
this story from the Cattle Network noting:

    2009 prices will average well under those experienced in 2008. Milk production may increase less than one percent as cow numbers decline and milk per cow remains below normal increases due to relatively high feed prices and unfavorable returns over feed costs. But, the down turn in the U.S. economy and the world economy will dampen milk and dairy product sales in the U.S. and U.S. dairy exports.

* The U.S. Stock Market Big Three Indices closed for January 16, 2009:

Dow Jones Industrial Average (DJIA): 8,281.22
NASDAQ: 1,529.33
S&P 500: 850.12

Source: Nasdaq.com

NOTE: The U.S. Markets were closed on Monday, January 19, 2009 due to observance of Martin Luther King, Jr. Day. The number for the market close above reflect Friday, January 16, 2009.

Other notes of market interest:

The outplacement consultancy Challenger, Gray & Christmas notes the following dire assessment for 2009. From Midwest Business.com:

    Despite planned job-creation initiatives by the new Barack Obama administration, job market conditions are expected to remain bleak in 2009[.]

    Job cuts are likely to surpass 1 million again in 2009 as employers continue to adjust payrolls in light of weak consumer and corporate spending.

    [...]

    Some economists are anticipating that unemployment (which currently stands at a national average of 6.7 percent) will reach as high as 9.0 percent before it starts to retreat. If that happens, it would be the highest jobless rate since 1983.

    The number of Americans unemployed for at least 27 weeks is already at its highest level since 1983. In Nov. 2008, the U.S. Bureau of Labor Statistics counted 2.2 million people who have been seeking employment for six months or longer. This doesn’t include the millions who have simply given up and left the labor pool.

* From Bloomberg:

    Consumer prices and industrial production tumbled in the U.S. as a record slide in retail sales destroyed companies’ pricing power and idled more than a quarter of factory capacity.

    The cost of living fell 0.7 percent in December, capping the smallest annual increase since 1954, the Labor Department said today in Washington. Industrial output shrank 2 percent, and the capacity-utilization rate slid to 73.6 percent, the Federal Reserve said. A private survey showed consumer sentiment little changed in January.

    The figures indicate a deepening threat to earnings at businesses from manufacturers to retailers. A survey of chief executive officers today showed the lowest level of confidence in at least three decades. Further declines in prices would raise the danger of deflation, which would deepen the recession by making debts harder to pay off.

You know what else will deepen and prolong the Pbama Recession? More stimulus packages and bailouts that we can't afford and Pbama's promise to increase taxes on capital gains. Anyone wanna make a bet Pbama reneges on his promise of "taxing the rich and capital gains?" When he reneges on this, his Little Cultists are going to scream like stuck pigs and it will be a sound that will be music to my ears.

* From Business Mirror: Economists see gloomy picture for years.

The Market fears Pbama, and I don't blame it one bit.

The Market is not, and has not been, reacting to the Bush Administration - not for at least the past quarter. The Market - especially the post-presidential election, is reacting to Pbama, a Democrat Congress and their Marxist policies.

Pbama owns this meltdown. It's all on his shoulders. Get ready for a fast and furious economic crash and meltdown.

Bookmark this post so that in 2010 or 2012 - or in the middle of next year - you can ask yourself the following question, and you can refer back to the above data and answer it honestly: "Am I better off than I was before Pbama's economic policies?"

©2009

Labels: , , ,


Comments:
Before we get to far into this David, you gotta change the date on your market prices. Those are the benchmarks TODAY and you have the date of the 16th on them. Today is the 19th. Turn that number upside down and you got it right.

Six months from now the only one that will be any better is the unemployment number, well by better I mean fucking scary high.
 
Uh, I am confused. The market numbers are from Friday's close. There was no US market today because of MLK Day.
 
True enough, but open of business tomorrow is based on today's numbers, even though today's numbers are from Friday's close.

It is the same in fact, but today counts, even with closed markets.
 
Well, maybe I will redo the numbers in the post - - JUST FOR YOU ;-) - -
at the close of the market tomorrow.

The numbers reported today from NASDAQ.com are based on Friday's close. Tomorrow's numbers will be based on Friday. Yes?
 
You must remember that no one else in the entire world recognizes today as a holiday. All of the trades posted for the entire day today are sitting there waiting for open tomorrow. Our numbers from Friday are actually today's numbers in the real world waiting for the open tomorrow.

Eight minutes into tomorrow's trades will set the stage for the next fours years. We will see completely the confidence that the world has in Obama. (When I say "world," I mean the people that matter.)

I so hope that my idea to get out in October 2007 was right.
 
Oh, I entirely agree no other market recognizes MLK day as a holiday but the US.

Okay, I see what you're saying, that the rest of the world will take Friday's numbers as Monday, yes, I agree. Which means that Monday's numbers are/were Friday's close.

I think we are in agreement just a difference of semantics.
 
Get your money out of your 401k before Congress has a chance to steal it.
 
Scaramouch, honestly, those fuckers will raid anything with a dollar sign by it and - as we learned from Gary Condit - fuck anything that has or had a pulse.
 
Post a Comment

Links to this post:

Create a Link



<< Home

eXTReMe Tracker



Web Site Traffic Counters
Alabama Internet

Listed on BlogShares

This page is powered by Blogger. Isn't yours?

This site uses photographs and material from other sources in strict
accordance and compliance with Fair Use Section 107 U.S. Copyright Code.
All other images and content © 2005-2009 David Drake.
Not responsible for content contained at linked sites.

Policy on commenting:
- Anonymous comments have little chance of being published.
- Comments made on posts 60 days old or older have little chance of being published.
- Published comments do not necessarily reflect the views of this blog author.
- Discretion of publishing or rejecting submitted comments rests solely with the owner and creator of this blog.
- Comments that egregiously "plug" (i.e. advertise or promote) another site or blog will be rejected. This doesn't mean you cannot include a link to your story, blog or to another site, but don't go overboard.
- Profanity is not a disqualifying factor, but profane rants solely for purposes of profanity are unlikely to be published.
- The owner and creator of this blog is not liable or responsible for the opinions of those who comment.