Thursday, June 11, 2009

Sailing on the SS Latvia

Latvia is the next domino expected to fall in the global meltdown. Not a big deal compared to other world events but as our ship slides along the iceberg it is yet another rivet popping from the hull plating and there aren’t enough lifeboats. Oil prices are climbing as the Dollar sinks. US Consumer spending is up, but mostly on higher gas prices.

The number of jobs lost per month is down, but still at a high number. The number of continuing unemployment claims is down, but the number of people unemployed is up. This means people who were getting unemployment on the extension Bush signed last fall are running out of benefits. This will be another big drag on the economy and job losses will pick up speed again.

News reports are that the right-wing terrorist that attacked the Holocaust Museum was living hand-to-mouth. As more of the formerly middle-class realize that the American Dream is gone for good the messengers of hate from the right will find more and more willing listeners that will step over the line. Hitler recruited his Brown Shirt thugs from the soup kitchens.

Obama has to start talking about bringing back the middle class jobs and stop worrying about China’s desire to keep those jobs over there. Of course the real problem isn’t China but rather the Republicans who want to keep the middle-class jobs over there. China could cut us off any day, fear of panic at home is the only thing that stops them. If things start to get out of hand, branding us as the enemy might suit their needs better. Imagine the stores without out all the things that are made in China or dependent on parts from China. Latvia will probably be much better off.