Oh That Woeful Economy!

by Ryan on June 1, 2011

in Economy,Election 2012,Politics

Wall Street generally doesn’t like bad news and today it got some:  manufacturing’s down, the private sector only created about 38,000 jobs, and with new unemployment stats due on Friday, this could be a bummer of a week.

But I don’t worry about Wall Street so much anymore.  When a possible misprint of a “b” rather than an “m” plunged the Dow nearly 1,000 points last year, I lost any sense of the thing — the market will do what it does.

In any case, here’s an unsettling quote from the above CNBC link which tries to explain Wall Street’s frustration:

Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything.  We’re on the verge of a great, great depression.  The [Federal Reserve] knows it.  We have many, many homeowners that are totally underwater here and cannot get out from under.  The technology frontier is limited right now.  We definitely have an innovation slowdown and the economy’s gonna suffer.

Yes, that was market strategist Peter Yastrow openly using the “d-word”.  That hyperbole is more of the same though, which will be a difficult thing for Obama to run on next year, and a difficult thing for us to endure until that time.

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June 3, 2011 at 5:24 pm

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