Double-plus ungood economic news…
…for the Obama administration.
And, I might add, for the American people.
[NOTE: Here’s a roundup from Instapundit.]
The New Neo
A blog about political change, among other things
…for the Obama administration.
And, I might add, for the American people.
[NOTE: Here’s a roundup from Instapundit.]
Yikes. How much of the country still *hearts* Barry? 48%?
Not all of the American people get my sympathy.
Alright, maybe in a kind of Greek tragedy, hubris/nemesis, sense I can sympathize. It’s humanly sad when the furies strike. To quote the famous Bambi supporter George Clooney in “From Dusk Till Dawn:” I may be a bastard, but I’m not a f***ing bastard.
This bad economic news (and it IS terrible) dropped Obama’s chances to win the Nov. election a couple of percentage points to 54.7% on intrade.com…the lowest I’ve seen in recent months.
So far, Romney is running a very effective campaign with lots more fight than many expected. This time, Obama is an easy target and Romney’s campaign is taking advantage of it.
Bill Clinton is heading to WI to campaign against Scott Walker. Starting to earn some chits for a 2016 Hillary bid? In “The Amateur”, it is related that he urged her to primary Obama THIS time.
Oh…and Bill Clinton said very positive things about Romney’s record at Bain. Hmmmmmmmmm…….
It’s getting pretty scary. Europe is trying to stop the bankruptcy of the PIIGS, China is slowing, India is sputtering, and things aren’t good in South America. The dominoes are lining up and a global reset looks to be in the cards. What will happen? My guess is major deflation as debts are repudiated and wealth vanishes. The question is where to hide? Gold and silver? They’re up today, but are no defense against deflation. Cash, if it is a in a strong currency might give some protection. What currency is still strong? Canada? Tied to deflating commodities. Australia? Tied to China and India. Norway? Maybe, but they are also heavily dependent on oil. Switzerland? Not enough Swiss Francs in circulation to accomodate a flight to safety. By a process of elimination that leaves the dollar. Europeans are diving into both the dollar and U.S./Canada for property for safety. I hope they’re right.
It bodes well for the Republican electoral possibilities, but if we get Romney and a Republican Congress, they better be ready to hit the ground running. A massive injection of business confidence with a 180 from the anti-business Obama environmental and industrial policies is required.
It’s bad… but it almost needs to get worse. People need to wake up. While I’d much prefer people do their thinking and avoid disaster, sadly, sometimes disaster is all that makes people think.
While presidents aren’t in a position to create jobs–few politicians are–two issues remain. One is that they claim they can and will and the other is that they can certainly destroy jobs.
Wrt the first, if you claim it, you own it, since you tried to get people to believe it.
Wrt the second, Obama has certainly ruined jobs. Along with the dems, the regulators, et al.
“The dominoes are lining up and a global reset looks to be in the cards. What will happen? My guess is major deflation as debts are repudiated and wealth vanishes.”
I agree that the situation looks like dominoes lining up. This can teeter along for another 6 to 18 months with more QE and LTRO; but 1 trillion dumped down the money hole in the EU over the last year has not corrected any of the insolvency problems of the PIIGS. IMO its simply made the eventual correction all the more costly and prolonged. And, we have to ask when will the panic start? We’re seeing lots of cash withdrawals lately, first in Greece and now Spain. It will take only a spark of panic to turn this into a full blown bank run.
All the equity gains since 1/1/12 have been wiped off the board. Gold today was up nearly 4% and silver nearly 3% but oil fell almost 4%. The falling oil price as we head into summer is good news for consumers but may be a signal that the economy is slowing down even more than the official estimates. Plus, the debt ceiling debacle will commence before November. One thing is certain and that is that the season will be ‘hotter’ than usual.
i wish hux would come back and explain how this fit his predictions/..
What is value?
There are, of course, objective standards and they must be consulted. However, there are subjective standards as well. In extreme cases, subjective rules dominate and that is not good and why peace and order are needed so people can be assured where they may invest.
Obama has destroyed that peace and order, hence value. The average value of the American household has decreased under Obama. He has stolen from us. Liar. Cheat. Imposter. UnAmerican.
That is the simple banner which should be hung above his head: Destroyer of peace and order.
Don’t forget the lawlessness of the Chrysler bond holder situation. That was the first time (after the election) that I wept openly and loudly. When there is no law, there is no liberty. Gee, I wonder why the economy is stagnating. Such a mystery.
Indeed the good old days are long gone Economy