Thursday, August 20, 2009

It's like we didn't learn anything from the recession.

OMG Readers - wall street has the most ginormous balls on the planet. Did you see the stock market today? Oh sure - the market going up makes everyone feel happy. I'd be lying if I didn't say it made me feel super happy too.

There seems to be an odd feeling of relief everywhere you go. Even with people I'm pretty sure don't have a dime in the market. It just makes everyone feel a sense of relief somehow when the market goes up.

Having said that - I've noticed an odd thing lately. People don't want to hear the truth that things are going to get worse. And they are. Really, I can't blame them. It is nice to have a break from the crushing stress. Still, you'd have to be an expert at lying to yourself if you don't believe the shit will hit the fan - I don't know.. soon.

The banks are not selling as many houses. A one month blip notwithstanding. The ones they do sell, they don't make as much money on. They aren't giving credit cards to as many people and have cut their limits. Or the cards completely. You can't go anywhere and not see several retail spaces on every block up for sale. So how are they doing so well praytell? That's right. Government money.

A prime example of how people don't want to hear about the bad news coming our way is Peter Schiff. Don't tune me out yet. I'm not really a follower. Though I have been completely fascinated at how the analysts are making him out to be a nutter. A lot of stuff he says is actually correct. And so many people are freaking out about inflation, I can't even believe these analysts aren't shitting their pants about it.

22 states have depleted their unemployment funds and are now borrowing from the government. 22!

Just before congress went on vacation in July they provided 40 billion to shore up jobless benefits. Every week I hear about another states unemployment fund going broke. Today it was Florida. I believe last week it was Texas. California already owes 2.6 billion to the government for unemployment because our fund is depleted.

By the end of the year, 30 states are to have reported unemployment fund depletion's. I hear a rumor that welfare if turning people down because they are out of money. 34 million people on foods stamps ya'all. If all those people collected the average benefit of 133 bucks per month - it would be about 4.5 billion. Right?

Did you know you can collect 900 bucks a week in unemployment benefits in Massachusetts? The state by state rundown is here.

So, why wouldn't people be freaking out about inflation? It would be completely not sane - to not have a great deal of fear about inflation right about now.

And! Doesn't it freak anyone out that large companies like Deere and Co, are reporting they will barely make a break even quarter?

Yet, I guess the recession is over. We can all go home now. Ooooh wait. Some people can't go home. That's right.

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