Bloomberg reports the economy is worse than previously thought and, indeed, the worst since the Great Depression. Wow, I am simply shocked. Not shocked at the news but shocked that this is just now coming out. Anyone who can fog a mirror should know this already. The fact that official stats are just catching up is what is shocking.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5_5Vq2hV3EQ
So why is the market at a point where the P/E on the S&P is 24? You tell me.
And Another One (or Five) Down
Five more banks down for the count. That makes 69 (no jokes please) this year. That is more than in all the years the last decade combined. It does not compare to the S&L crisis in terms of number of institutions but comparisons in terms of $ are becoming significant. What's a few billion here or there after the trillions in support we have just had?
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3KVKk_i5_cM
Cash For Clunkers
Okay, I cleaned out my 1995 Ford Explorer with 171,000 miles on it last weekend and accidentally threw away the registration. While I am in the process of replacing it, so I can do the cash for clunkers deal, the deal is stopped. There are rumors it will resume and have more money, which I hope happens - for personal reasons. While I acknowledging my personal desire to take advantage of it, I must say I am disgusted that we have back stopped AIG for many tens of billions that could have been spent on this worthwhile program that reduces gas consumption and pollution while helping car companies. This is simply disgustipating that we have spent our money where we spent it. By the way, billions of the AIG money flowed directly to Goldman Sachs on CDS obligations (Paulson's company) and they are giving out good bonuses with our money. Like I said - disgustipating.
Disclosures: I have a clunker.
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