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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: MJ who wrote (70117)8/9/2009 2:00:43 PM
From: Hope Praytochange  Read Replies (5) of 224722
 
So if the economy IS still in shambles, then why are we seeing the ongoing rally in the stock market? Could the employment report have helped? Definitely. We saw 247,000 lost jobs versus the expected 275,000 job losses, which was pretty much enough of a catalyst for stocks to work their way higher. Seeing unemployment actually fall from 9.5%, to 9.4% (versus the expected increase to 9.6%) was also a plus on Friday. Keep in mind that this is a government number, though, and the last thing the government wants is a tanking stock market!

The other “last thing” the government needs right now is to go absolutely broke, but that apparently is a policy goal solidly in place. The Bush Administration is in the spotlight of blame, but the Obama Administration appears to love spending just as much as the Bush Administration. Federal debt topped $1.3 trillion (yes, that is with a “T”) for the last month, which is $880 billion more than last year’s levels! Spending has risen $530 billion (21%), while tax revenue for the same period has fallen $350 billion (17%). This is the biggest percentage drop off in Fed revenue since the Great Depression, and it is a cause for deep concern since it is no way to run a business let alone a country!
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