Friday, April 30, 2010

The 3.2 Percent Recovery

There is no real recovery. Normally at this stage of a recession as the economy begins to chug upward, the rate of growth is between six and eight percent. Not this one. Instead we're looking at 3.2 for the first quarter of 2010.

That is a disaster. You can't make any progress on unemployment with these kind of numbers. What is the Administration's reaction? Start bullying Wall Street!

The stock market can read all of this and, since the announcement of the government's war on Goldman Sach, has been dicey at best and down in direction. The markets will probably, from here, get much worse. The problems in the Eurozone are simply a precursor of problems that will, in time, cross the Atlantic.

There is no Obama Adminstration economic strategy. They've run out of bullets. And they are rapidly running out of scapegoats. Demonizing American business is not a recovery strategy.

Hunker down. Things are not going to get much better unless good things happen in November.