Reality Check: People getting worried about this economy

posted at 8:01 pm on May 20, 2012 by Jazz Shaw

Voters this year will be treated to a pair of mutually exclusive pictures when it comes to the economy. What’s going to happen in the short term? What is coming our way further down the road? Obama will tell you that Bush wrecked the economy, but we are slowly but surely climbing back out of the hole. Romney will say that the “recovery” is stagnant and teetering on the brink of a relapse, largely due to current fiscal policy. So who is selling us the straight goods?

Business Insider tends to see things in a bit more of a dollars and sense kind of way, if you will. And they look at how investors are feeling on Wall Street. The current news is, to put it charitably, not good.

Having been writing about the economy for the last few years, one thing I’ve observed is this: The stock market tends to dictate the way people feel about the economy. When the market goes up, people get very good at telling stories about how the recovery is real. When the market goes down, they start believing the worst.

And so it goes that with the declines over the last few weeks, the worry is on…

Meet The Press had Jim Cramer as a guest. On the show he warned about imminent bank runs in Europe.

Is Europe’s situation that big of a problem for us, or is it all hype? If the nervous nellies on Wall Street are going into panic mode, does that mean that trouble is around the corner for us, or are we still somewhat insulated from their mistakes? I decided to ask the author, Joe Weisenthall, for his take on the optics.

The interesting thing is that the things people are talking about are completely not new: Greece, China, the expiration of the tax cuts and so on have all been on people’s minds for awhile. So in the sense that all these worries are real, yes, the concern is warranted. Still it’s a bit of a mystery what gets people to start taking seriously issues that aren’t new. Adding to the mystery is that some of the things people had been worrying about (like higher gas prices and imminent war) have been abating.

In terms of the real US economy, there haven’t been any particularly worrisome developments of late. Most of the data has been so-so, like it’s been for awhile.

So again, the big picture concerns are legitimate, but the increased intensity of worry over the past few weeks seems mostly to be about the undulations of the market.

So in economics, much like with politics, perception can often trump reality. If you give people something to worry about, they will worry about it and make real world decisions which can amplify the problem. If you scare the market enough, you can actually push the market downward.

But more to our point of discussion, how does it affect the political spectrum in the USA? If people believe the economy is doing worse, they will vote against the those they perceive as being responsible for it. Right now that’s the party holding the White House. It’s a tangled web to be sure.


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Lots of Barkie-O trolls here tonight. Fun watching them hallucinate.

Dopenstrange on May 20, 2012 at 9:51 PM

gryphon202 on May 20, 2012 at 9:49 PM

.
That’s two of us, even though I supported Newt early on. So maybe we can get a majority for Mitt right here on this little quorum in this thread on Hot Gas

ExpressoBold on May 20, 2012 at 9:52 PM

Their ignorance is intentional. They, ddrintn and his ilk are all alike.

CW on May 20, 2012 at 9:48 PM

Does it make any difference to you if I intend to vote for Romney or not? Because in that aspect, not all folks who criticize Mitt are the same. I’ve said it many times before, and it bears repeating: Mitt should be taking every opportunity to distance himself from Obama that he can, and I don’t believe he is. THAT is what is getting him in trouble with a certain segment of the GOP electorate. While I don’t believe that will make it impossible for Mitt to win, it will cut the election in November a whole lot closer than it should be given Obama’s atrocious performance.

I’ve made my peace with Mitt’s nomination. I don’t like it any more than I ever did, but I’ve made my peace. Mitt had better get damn serious damn fast if he really wants to prove to the un-believers that he has something really different to offer.

gryphon202 on May 20, 2012 at 9:52 PM

Elena’s a simple troll. Not much there. At least some of others like libfree seem to at least to have some ability to understand complex issues.

CW on May 20, 2012 at 9:53 PM

When push comes to shove, Jimbo Kramer will crawl uo into O’Bamas lap, like the true friend he is. Don’t trust this man – his best friends are Corzine and that fine example of virtue, Elliot Spitzer. I think he also liked that Weiner congressman. Bizarre CNBC anchor (that’s redundant I know).

Fuquay Steve on May 20, 2012 at 9:53 PM

That’s two of us, even though I supported Newt early on. So maybe we can get a majority for Mitt right here on this little quorum in this thread on Hot Gas

ExpressoBold on May 20, 2012 at 9:52 PM

Don’t hold your breath. I’m not about to even try. It’s Mitt’s campaign to win or lose. It’s his job to convince people to vote for him, not mine.

gryphon202 on May 20, 2012 at 9:54 PM

Does it make any difference to you if I intend to vote for Romney or not?

Where did I say it made a difference? This place is a house of straw.

CW on May 20, 2012 at 9:54 PM

Jazz, this has to be the most moronic and insipid article about imminent disaster I have ever seen.

Permit me educate you and perhaps some others:
The current US sovereign debt is approximately 16 trillion dollars. That is 16 thousand billion. It is rising at approximately 1.3 – 1.5 trillion a year under Obama. For every one percent increase in interest rate, the US must cough up about another 230 – 250 billion dollars to service that debt, depending on the type of bond/bill.

A mere 4 to 6 percent increase in interest rate due on our sovereign debt will CONSUME EVERY PENNY OF CURRENT US REVENUES, leaving NOTHING left to spend on Federal employees, defense, social security, medicare, etc. This is what will/is/has happened already to Greece, Iceland, Portugal, Italy, Spain and most of the rest of the EU.

You don’t need to worry about your 401K. You need to worry about a slow motion global economic disaster unfolding before your eyes at this very moment.

There is no solution – it will just happen and there is nothing to be done about it, nor any possibility of ANY government fixing it.

BioBob on May 20, 2012 at 9:55 PM

Elena’s a simple troll. Not much there. At least some of others like libfree seem to at least to have some ability to understand complex issues.

CW on May 20, 2012 at 9:53 PM

She’s best ignored, like angryed.

22044 on May 20, 2012 at 10:01 PM

Don’t hold your breath. I’m not about to even try. It’s Mitt’s campaign to win or lose. It’s his job to convince people to vote for him, not mine.

gryphon202 on May 20, 2012 at 9:54 PM

.
You’ll enjoy the benefits of a Romney presidency whether you try or not, that’s true. Will you have the same enjoyment of a second Ø presidency, or any enjoyment at all? That’s the flip side of being unwilling to be anything but spoonfed political positions of your preferred candidate.
.
Good night, and good luck.

ExpressoBold on May 20, 2012 at 10:01 PM

What economy?

profitsbeard on May 20, 2012 at 10:02 PM

Silly ole naive me… it really is skin off my azz if people are lazy and uninformed, Ø is re-elected and the country I used to take for granted is buckling under the weight of Sean Penn-style commie liberals.
.
I tend to lash out when my azz hurts.

ExpressoBold on May 20, 2012 at 9:49 PM

don’t be so hard on yourself. mitts a hard sell. good luck.

renalin on May 20, 2012 at 10:04 PM

Well I have lost about 5 years of any sort of growth in my 401K, so I would have to vote no, the economy is not good.

Johnnyreb on May 20, 2012 at 8:06 PM

Like me…not only are you where you probably were 5 years ago, but you missed out on the intervening growth had the Zero’s policies not put a massive brake on wealth creation. The reverse Midas is a wealth destroyer, to be sure.

I hate the morons who voted for this… words fail me…

freedomfirst on May 20, 2012 at 10:05 PM

You’ll enjoy the benefits of a Romney presidency whether you try or not, that’s true. Will you have the same enjoyment of a second Ø presidency, or any enjoyment at all? That’s the flip side of being unwilling to be anything but spoonfed political positions of your preferred candidate.
.
Good night, and good luck.

ExpressoBold on May 20, 2012 at 10:01 PM

That’s how campaigns work. If Mitt isn’t up to the task, he doesn’t deserve the presidency any more than I believe he deserved the nomination. Myself, I see the dethroning of King Barack as more-or-less a moral imperative. The big question is what do you do with folks who don’t see it that way? I think Mitt can win. I don’t know that he will or won’t at this point, but for some, “he’s not Obama” isn’t good enough.

gryphon202 on May 20, 2012 at 10:05 PM

But, back to Jazz’s point, if the world starts to perceive that collapse is coming, then the dominoes could most certainly fall.

blink on May 20, 2012 at 9:16 PM

Helllloooooooo!!!!!

The dominoes are falling!!!!

PolAgnostic on May 20, 2012 at 10:05 PM

Where did I say it made a difference? This place is a house of straw.

CW on May 20, 2012 at 9:54 PM

I asked you if it made any difference to you if I did? I didn’t say that it did. I’m just guessing that many of Romney’s knob polishers want me (and others) to ease off the criticism regardless of whether we actually vote for Mitt or not.

gryphon202 on May 20, 2012 at 10:07 PM

Our current leader is doing just fine

ElenaKagan on May 20, 2012 at 8:58 PM

That would make a great Obama campaign slogan!

OBAMA 2012- OUR CURRENT
LEADER IS DOING JUST FINE

Put that on you bumper and watch the looks you get.

Bemusement, incredulity, risibility, slack-jawed dumbfoundment.

profitsbeard on May 20, 2012 at 10:09 PM

It’s kind of cute watching you guys defend W’s fail.

ElenaKagan on May 20, 2012 at 8:53 PM

Wipe your chin off, Hon.

K-

Del Dolemonte on May 20, 2012 at 10:11 PM

Wow – don’t tell me that Cramer has pulled his head out of obama’s azz for long enough to see the sun! …

Pork-Chop on May 20, 2012 at 8:26 PM

Something like this was among my first thoughts. A rational finance guy would not be duped by Teh One. I don’t get it. I guess Cramer is not a quant guy. He’s one of those touchy feely sales guys.

Rick Santelli expressed what I thought all Wall Street really felt about this administration regime.

freedomfirst on May 20, 2012 at 10:12 PM

OBAMA 2012- OUR CURRENT
LEADER IS DOING JUST FINE

As ridiculous as Messina’s fundraising emails are, I just can’t see that phrase in one of them.

22044 on May 20, 2012 at 10:12 PM

DFCtomm on May 20, 2012 at 8:58 PM

I thought you Tea Party people were all about freedom – freedom of speech!

ElenaKagan on May 20, 2012 at 9:03 PM

You’re Dismissed.

E-

Del Dolemonte on May 20, 2012 at 10:14 PM

When the whole mess collapses, Conservatives will say, “This is what liberal spending on social programs has gotten us.” and liberals will say, “See! We didn’t spend enough like we told you we needed to!”. And so it goes…..

Storybec on May 20, 2012 at 9:04 PM

Sleeper Cell Activated!

Your problem is that you bring up “Conservatives” first.

Del Dolemonte on May 20, 2012 at 10:17 PM

Our current leader is doing just fine

That would make a great Obama campaign slogan!

OBAMA 2012- OUR CURRENT
LEADER IS DOING JUST FINE

Put that on you bumper and watch the looks you get.

Bemusement, incredulity, risibility, slack-jawed dumbfoundment.

profitsbeard on May 20, 2012 at 10:09 PM

Close actually. I’ve heard many of his supporters say “he’s doing the best he can.”

I guess that’s an outgrowth of the self-esteem movement, where everyone gets a prize as long as they are ‘doing the best that they can’.

slickwillie2001 on May 20, 2012 at 10:18 PM

ElenaKagan on May 20, 2012 at 9:03 PM

Liberal4Life?

22044 on May 20, 2012 at 9:15 PM

crr7

Del Dolemonte on May 20, 2012 at 10:18 PM

Elena’s a simple troll. Not much there. At least some of others like libfree seem to at least to have some ability to understand complex issues.
CW on May 20, 2012 at 9:53 PM

Now that you mention it: haven’t seen much of angryed lately. Maybe I’m just hitting the wrong threads..?

affenhauer on May 20, 2012 at 10:21 PM

Now that you mention it: haven’t seen much of angryed lately. Maybe I’m just hitting the wrong threads..?

affenhauer on May 20, 2012 at 10:21 PM

Mister Ed went “Norman” on us in an Epic Thread where he went beyond Romney Derangement Syndrome into exposing a rather crude hatred of the US Military.

BTW “Norman” refers to the classic “Star Trek” (TOS) episode with Harry Mudd’s android of the same name. In the exciting ending, Shatner talks Norman to death.

Del Dolemonte on May 20, 2012 at 10:26 PM

Mister Ed went “Norman” on us in an Epic Thread where he went beyond Romney Derangement Syndrome into exposing a rather crude hatred of the US Military.

BTW “Norman” refers to the classic “Star Trek” (TOS) episode with Harry Mudd’s android of the same name. In the exciting ending, Shatner talks Norman to death.

Del Dolemonte on May 20, 2012 at 10:26 PM

I tend to forget ugly things that people post online, but I think I vaguely remember seeing him go berserk on a thread (or maybe just be more transparent). Probably the one you’re referring to.

22044 on May 20, 2012 at 10:38 PM

Business Insider is to the left of the New York Times. Many of their articles look like the talking points of the DNC.

There are a raft of people, in fact many of the same people who called the 2007-8 crash, who have been talking for a while about the coming recession or worse.

If you think the crisis started by sub-prime mortgages was bad wait till you see the crisis caused by sub-prime nations, aided and abetted by a half trillion dollar US tax increase at the end of 2012.

A few graphs for illustration. It would be easy to find a hundred.

Eurozone Manufacturing PMI negative (below 50 is negative):

http://4.bp.blogspot.com/-5jAHA5RtQe4/T6bhAZ4zjRI/AAAAAAAATJU/aSFCQGimg7Q/s1600/eurozone+manufacturing.png

S & P 500 breaks down through 50 day moving average headed towards 200 day moving average:

http://www.acting-man.com/blog/media/2012/05/SPX.png

World stock markets are way down and falling:

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/05-2/20120517_red2.png

US Debt:

http://www.usdebtclock.org/

Viator on May 20, 2012 at 11:08 PM

The big question is what do you do with folks who don’t see it that way? I think Mitt can win. I don’t know that he will or won’t at this point, but for some, “he’s not Obama” isn’t good enough.

gryphon202 on May 20, 2012 at 10:05 PM

..with every comment you make, I am coming to appreciate your thought processes more and more. I respect your “conversion” and your reasoning. Can’t find much to argue with you about.

Tangentially, I also think Kramer is a boob. Several years ago, I was taken in by his snake-oil, carney barker schtick. Didn’t lose money but was tempted to follow his crapsack kaleidoscopic “analysis” until he went schizo, manic-depressive on AAPL then I bailed on his program. Also read about the rift between him and the more reliable, conservative Kudlow.

That said, I saw a Gerri Willis show the other night — on Taxmageddon — that genuinely scared me to the bone. In addition to being able to stack the SCOTUS, the prospect of that asss-clown sitting athwart ANY congress and vetoing extensions of the Bush tax cuts or otherwise playing his idiot mischief in the furtherance of an ego-driven legacy is another reason to flush this turd.

THIS CLOWN MUST BE VOTED OUT.

The War Planner on May 20, 2012 at 11:35 PM

ElenaKagan on May 20, 2012 at 8:58 PM

Bbbwaaaahhhhhhhhhh! Why don’t you tell us how s’wonderful, s’marvelous it was when he drew a big crowd in Berlin, too? Then, I can pop that kool-aide balloon again.

Resist We Much on May 20, 2012 at 9:04 PM

She swallowed one of those “baloons” on a Lufthansa dope courier run back in the seventies. The organism survived but not the brain.

arnold ziffel on May 20, 2012 at 11:51 PM

This Cramer jackass sold his soul for the camera long ago. Anything he says is suspect to the extreme. He is nothing but an Obama plant. How did your solar buys go?
And yes. I am a trained economist and he is a another Krugman.

pat on May 21, 2012 at 1:36 AM

So it is spelled KRAMER. It should be spelled WORTHLESS.
Anyone who can abide listening to this fool must watch MSNBC… Oh wait.

pat on May 21, 2012 at 1:39 AM

Cramer’s latest advice:

“Buy rats! Snatch up as many rodents as you can now because they’re going fast! Buy big rats, small rats, just buy rats!

Lourdes on May 21, 2012 at 6:15 AM

If Romney loses, you’ll be blaming me whether or not I actually voted for him. (FYI, I do intend to, but I’m just one person)

gryphon202 on May 20, 2012 at 9:49 PM

Romney won’t lose, so STFFU about what you imagine others will say.

MJBrutus on May 21, 2012 at 6:15 AM

Our current leader is doing just fine
ElenaKagan on May 20, 2012 at 8:58 PM

Elena, dear. The German word for “leader” is Fuhrer. Here in America we elect representatives.

Cleombrotus on May 20, 2012 at 9:07 PM

Cleonbrotus, that’s a winning comment!

Lourdes on May 21, 2012 at 6:37 AM

Are we about to see the emergence of that final fourth beast of the Book of Daniel?

Cleombrotus on May 20, 2012 at 9:19 PM

Quite likely we already have seen such: Islam.

Lourdes on May 21, 2012 at 7:24 AM

Tom Servo on May 20, 2012 at 8:49 PM

Thank you. This is exactly the explanation I was looking for. It seems the author of every article I’ve read about this has been afraid to connect the dots the way you just did. Well done.

mrsknightley on May 21, 2012 at 7:41 AM

If Romney loses, you’ll be blaming me whether or not I actually voted for him. (FYI, I do intend to, but I’m just one person)

gryphon202 on May 20, 2012 at 9:49 PM

Romney won’t lose, so STFFU about what you imagine others will say.

MJBrutus on May 21, 2012 at 6:15 AM

I said IF, not WHEN, douchebag. Honestly, I don’t think it’s very likely that he will either — but it’s a possibility that he and his supporters are fools to ignore, particularly given the zeal Obama’s supporters have for him versus the utter lack of enthusiasm coming from many, such as myself, who have said they will vote for Romney anyway.

gryphon202 on May 21, 2012 at 8:39 AM

“I have no opinion on the matter [indeed], but I do note that the US Federal budget deficit has been flattered by 2.4% of GDP a year over the last ten years by reporting it on a cash basis rather a more comprehensive accrued basis (the latter includes in the total expense of federal hiring, for example, accrued pension obligations rather than just cash salaries.) So all we know about the size of US Federal Government debt is that we don’t know how big it is. And that it’s likely to be much bigger than we’re told.”

http://ftalphaville.ft.com/blog/2012/05/17/1005211/dylan-grice-on-sovereign-comeuppance/

Viator on May 21, 2012 at 9:14 AM

But more to our point of discussion, how does it affect the political spectrum in the USA? If people believe the economy is doing worse, they will vote against the those they perceive as being responsible for it. Right now that’s the party holding the White House. It’s a tangled web to be sure.

Are you better off now than you were $5T ago?

Happy Nomad on May 21, 2012 at 9:18 AM

“TRAYVON!”

“FLUKE!”

“BIRTHERS!”

“MARRIAGE EQUALITY!”

“ROMNEY PUT SEAMUS ON THE ROOF OF HIS CAR!”

And of course…

“BUSH DID IT!!!!!!!!!!”

MidniteRambler on May 21, 2012 at 9:23 AM

People should be worried. The government is not being truthful about how many people are out of work, real inflation or the GDP.

One day Obama talks about recovery and the next he talks about forgetting how bad the recession is.

If Kramer had any brains at all he would investigate the propaganda stats put out by the government and discover exactly how the fed is manipulating the economic data.

Then he would REALLY be scared.

Before the GDP estimate was lowered recently from the “official” 2.2, I posted a link article that show it was in reality only 0.08% and that Zero’s ministry of good facts had tweaked the numbers.

Hewlett Packard is laying of 30,000 people on Wednesday.

dogsoldier on May 21, 2012 at 9:38 AM

Del Dolemonte on May 20, 2012 at 10:26 PM

I remember that thread – epic indeed! Banned? Or still off licking his wounds..?

affenhauer on May 21, 2012 at 9:50 AM

…So can it stop there? No, because guess who has about 150% of their capital tied up in Spanish, Italian, and Portuguese debt. The French. (yes, about 150%, I’ve even heard 180% for some) So if they go down, the French financial system goes down. They will no longer be able to pay what THEY owe.

Who backstops the French? The Germans, of course. Who backstops the Germans? The British.

Who backstops the British and the Germans? Why all of our New York banking houses, of course.

Remember how it took $1 trillion in TARP money to keep things together in 2008? If this all blows apart, and it could do exactly that very quickly now, then we could be looking at a $100 Trillion dollar hole.

And nobody, not the Fed, not the EU, has any idea of how to deal with a problem that big…

Tom Servo on May 20, 2012 at 9:17 PM

I know a French born U.S. citizen who just flew to France for a few weeks to arrange his family’s finances. I’m not exactly sure what that means but I’m guessing, anyone in Europe with the means is moving money out as quickly as possible.

Fallon on May 21, 2012 at 10:03 AM

In early March 2009 just a couple months after the election, Cramer made some unflattering remarks about Obama. He said Obama was bad for the economy and that there was “fear” in the air which was hurting investments.

At the time, this frankness was looked at by conservatives as confirmation that even Dems like Cramer could see that Obama was a scary radical. Yes, our thinking went, moderates had somehow been fooled, but they were speaking out. That was encouraging.

Liberal columnists, pundits and operatives, though, suddenly teamed up against Cramer and gave him a verbal beating, and that was a little scary, because it suggested criticism wasn’t going to be allowed.

Then Cramer went on the Jon Stewart show and Stewart eviscerated him, pounding him with questions about why Cramer had advised investors to hang onto Bear Stearns stock, etc. He made mincemeat of Cramer. After that, Cramer made a quick and complete turnaround and became a good little puppy. This was all around the time that Steve Rattner was threatening and intimidating anyone who opposed Obama’s takeover of GM. It was a scary time.

Apparently, times have changed, and Obama has lost some of his clout, since Cramer, Lovitz and some others are now speaking out. God help us if he’s elected a second term, though.

Burke on May 21, 2012 at 10:10 AM

Is the European bank “jog” turning into a bank “run”?

Euros are leaving EU banks to buy gold, Swiss Francs, dollars, to be redeposited in German banks and to stuff mattresses. How long can this go on?

http://1.bp.blogspot.com/-tEnNyExC-As/T7nSG9J2kpI/AAAAAAAAPOk/FZ1j__xw8vw/s1600/Target%2B2%2Bbalances%2B2012-05-21.png

Viator on May 21, 2012 at 10:16 AM

This is real simple. The people in the private sector who have big government contracts are doing fine and government employees are sitting fat. Absent any government connection, you are struggling to pay the bills. The power to borrow unlimited amounts of money and tax the sheeple to the max is what this entire economy is running on. The patient is on life support and has been since 9/18/2008. No politician, Democrat or REPUBLICAN, can stop it. If they do, they won’t be a politician very long. Like the European Union, all of this is going to run off a cliff. Prepare for things to change in a radical way.

newpine on May 21, 2012 at 11:21 AM

Just so I’m clear, when Romney wins in November is he inheriting Obama’s economy or will it still be Bush’s?

roy_batty on May 21, 2012 at 11:34 AM

Just so I’m clear, when if Romney wins in November is he inheriting Obama’s economy or will it still be Bush’s?

roy_batty on May 21, 2012 at 11:34 AM

Assume nothing.

gryphon202 on May 21, 2012 at 11:41 AM

Elena’s a simple troll. Not much there. At least some of others like libfree seem to at least to have some ability to understand complex issues.

CW on May 20, 2012 at 9:53 PM

She’s best ignored, like angryed.

22044 on May 20, 2012 at 10:01 PM

No way, angryED is too easy. Sometimes a guy has to troll a troll, nomesane?

libfree seems to want to be converted, she might only be 36 months out

WeekendAtBernankes on May 21, 2012 at 1:23 PM

Back in the Michael Moore Sicko days I knew a guy that was full on liberal. One day he accusingly badgered me with the “America is only #28 on the best healthcare in the world.” I shot back with “Name me three other countries you’d go to for brain (heart, whatever it was I said) surgery… [a long silent moment elapses] Name me one other country.”

Within 9 months he was a 9/11 troofer Paul-bot. A few months after that he was a full blown classical-liberal and has been ever since. A successful conversion. It was easier then, without all the rainbow halos floating around. Now we have to wait for Obama to push them to us.

WeekendAtBernankes on May 21, 2012 at 1:28 PM

Now we have to wait for Obama to push them to us the truth.

WeekendAtBernankes on May 21, 2012 at 1:28 PM

FIFM

WeekendAtBernankes on May 21, 2012 at 1:29 PM

Hewlett Packard is laying of 30,000 people on Wednesday.

dogsoldier on May 21, 2012 at 9:38 AM

linky???

orbitalair on May 21, 2012 at 1:42 PM

This is real simple. The people in the private sector who have big government contracts are doing fine and government employees are sitting fat. Absent any government connection, you are struggling to pay the bills. [edited]

newpine on May 21, 2012 at 11:21 AM

Well we are as they say an ‘off the shelf company’ we design products that we ‘think’ the military can use and then get them into the COTS catalog.

We are down to bare bones, last person deep in critical knowledge areas, type of bare bones. And the major defense cuts have not even happened yet. I see people doing excessive paperwork for trivial tasks trying to spread it out, thats not good.

I agree gov employees, they are only ones I see in new cars (they all get special car stickers on the windshield to get onto base.).

orbitalair on May 21, 2012 at 1:49 PM

linky???

orbitalair on May 21, 2012 at 1:42 PM

http://www.huffingtonpost.com/2012/05/17/hp-layoffs-looming-compan_n_1525304.html

There you go.

Check out this one too:

http://www.dailyjobcuts.com/

dogsoldier on May 21, 2012 at 1:52 PM

Markets are driven by fear and greed. On any given day, you will find plenty of people predicting the end of the world while others are predicting Dow 50,000. The overall direction of the markets is driven by the consensus position, which (due to political uncertainty in Europe) has been fearful. If the 2008 collapse had not happened, it is unlikely that the possible Greek exit from the Eurozone would be causing the worry it is, but this is where we are. Volatility in the markets only increases this fear. Mr. Weisenthall is on target in his assessment.

TouchdownBuddha on May 21, 2012 at 1:52 PM

Most of us haven’t had a real pay increase in years. Many of us have watched the value of our investments decrease. Many of us have not had a real job for many months or many years. Yet we watch the national and state debt spiral beyond imagination, while the money just seems to evaporate. Unemployment actually went down in my little town, but the empty houses tell why.

I’ve never had such a low opinion of the federal government. Nor have I ever felt the degree to which the fabric of our society is shredding. Our foreign policy is crumbling. There is diminished respect for our institutions. There appears to be an ongoing, unacknowledged race war. The world markets are on the edge of a cliff.

Other than that, things are pretty good.

claudius on May 22, 2012 at 1:29 AM

Cramer’s statement about the stock market being a reflection of how people feel about the economy is usually accurate, except that in this market, retail investers are not the ones doing the buying. It’s all hedge funds and big traders.

eyedoc on May 22, 2012 at 9:46 AM

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