Posted on 11/10/2009 12:38:56 PM PST by blam
FedSpeak Translation - There Is No Recovery
Tuesday, November 10. 2009
Posted by Karl Denninger in Federal Reserve at 15:04
Yet more BS Fedspeak, this time in the mainstream media:
In separate speeches, Janet Yellen, president of the Federal Reserve Bank of San Francisco, and Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that rising unemployment could crimp consumers, restraining the recovery. Consumer spending accounts for about 70 percent of economic activity.
That's because there is no real economic recovery at all.
So why is the stock market up so much?
More than happy to show 'ya.
Two charts should suffice:
That is an overlaid chart (as close as I can easily get them to register) on the dollar and The S&P 500 from the March lows to today.
Notice the near-perfect inverse correlation. The Dollar goes up, the market goes down. The Dollar goes down, the market goes up.
Now today, literally minute-by-minute:
Same correlation - near-perfect.
Folks, you don't have to engage in any sort of "conspiratorial" thinking on this whatsoever. You only need examine the facts.
[snip]
(Excerpt) Read more at market-ticker.denninger.net ...
Economics / Recession 2008 - 2010
Nov 09, 2009 - 01:02 AM
By: Mike_Whitney
This is bad. Double-digit unemployment. In October, unemployment soared to 10.2%. 16 million people are out of work. The average work week is down to 33 hours. Payrolls have contracted 22 months straight. The "real" jobless rate (underemployment) is now 17.5% and rising. These are Great Depression numbers. The country is in a Depression. So, why is there no talk of federal work programs? Why no WPA?
The dot.com boom fizzled and the housing boom is kaput. There's no driver for new jobs; no more bubbles. Personal bankruptcies are up, foreclosures are soaring, the food banks are maxed out, and the homeless shelters are bulging. Everyone is poorer and the economy is broken. People need jobs, good paying jobs with benefits. Government jobs.
Where's Obama? Preparing his next speech?
No more speeches. No more grand oratory or gibberish about "change". Think: debt relief. Think: targeted stimulus. Think: jobs. And, then, get on with it.
[snip]
“So why is the stock market up so much”
My theory is with the banks and other institutions with such low interest rates you can get decent interest with stocks.
don’t recall who posted this on FR, but I think it’s a good observation:
“There’s one difference between the Great Depression and our modern economy —In the beginning of the Great Depression, they were not starting with a significant percentage of the population already conditioned to being ‘entitled’ to dependence on the Government.”
“Stimulus” is the new name for the WPA/NRA/CCC
Karl is a present-day historian, documenting the looting and intentional economic destruction of the USA, in real-time.
His blog is a daily must-read for me.
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