Tuesday, January 20, 2009
Pbama's Economic Meltdown Begins
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.
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.
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.
* 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: Key Indices, PbamaNomics, Prednint Pbama, The Market
Six months from now the only one that will be any better is the unemployment number, well by better I mean fucking scary high.
It is the same in fact, but today counts, even with closed markets.
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?
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.
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.
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