"The beginning of a golden era of economic prosperity."
I'm sorry, but something here hit a nerve.
The U.S. manufacturing sector has been in a documented recession for 7-8 months, Xmas sales were horrible, layoffs across nearly all industries are setting records, and the Fed is cutting interest rates hard and fast. If I hear of another Fed governor or Wall Street luminary say something like, "Well, of course, a recession is defined as ...," I'm just going to puke.
In fairness, home sales and refinancings are doing well, but sales of everything else, from PCs to cars to advertising, are awful.
This is a golden era? Now, I live in the Midwest, and the only thing setting new highs are the heating bills. A major local manufacturer is laying people off, supposedly because of high natural gas bills (and the fact that a customer, Chrysler, is closing six plants).
Sorry to vent. But enough is enough.
PB
P.S.: Still waiting for the "plain talk era" from Washington to begin. |
