Being The Numbers Are What They are
By Daniel at 3 December, 2008, 12:33 pm
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Services contracting at the worst pace ever
I remain decidedly bearish, and will be so for some time to come as I consider the fact that from the beginning of the crash in Sept., ‘29 in the Great Depression to the bottom in 1934 it took three-and-a-half years. If this is similar, that would place the bottom in mid-2010.
Beyond that, my greatest concern as a native-born U.S. citizen is the monstrous Federal Debt being added to daily by the billions that it can never be paid off, even in the lifetimes of my grandchildren and great-grandchildren.
You can’t solve a credit problem by borrowing more and more money, and you can’t maintain a stable economy by printing money and ultimately causing hyper-inflation.
The cause of all our problems to begin with, with all its economic meddling and mismanagement, is the Federal Government and they are doing nothing but exacerbating the problem it would seem to me folks.
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Worse Than Even Expected …
The US private sector lost 250,000 jobs last month, the biggest monthly drop in six years, according to the ADP employment report.
Job losses came across the board, with small, medium and large businesses all shedding jobs and the service sector losing jobs for only the second time since 2002.
The report was above analysts’ expectations of 200,000 job losses and comes two days before the release of the government report on the jobs market, which is expected to be very weak.
Economists are predicting total non-farm payroll losses of 350,000 or more – the worst in over 25 years. In October the economy shed 240,000 jobs and unemployment jumped to 6.5 per cent, the labor department said in its last report. The government report includes government jobs, and has shown higher job losses than the ADP report in recent months.
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U.S government is keep easing the credit market and boost bank liquidity but:
“The US credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending.” Tightening and limit reductions are increasing. ”
They keep tighten us up from low the limitation of the credit cards.
“Do not under-estimate the power of the dark side”
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