Tuesday, August 4, 2009

guns, seeds and chicks

Personal income was down again in June, this was the biggest single month drop in four and a half years. Wage income is down 5% from a year ago, falling monthly and accelerating in its decline.
Pending home sales are up again as bargain hunters attempt to buy foreclosed property at bargain basement prices. There are plenty of foreclosed properties and more every day; only 9% of eligible homeowners have received any help to avoid foreclosure. Why has Obama done nothing to help these people? Perhaps he doesn’t want to stand in front of an avalanche. Perhaps there is no point in trying to save people’s homes with runaway unemployment and no likelihood that they will ever have a middle-class job again.

According to the Wall Street Journal, Treasury Sec. Geithner in a closed door meeting with the heads of Federal regulatory agencies unleashed a profanity laced tirade aimed at them. The only quote they printed was "enough is enough". Regulators (appointed by Obama) have misgivings about turning control of everything over to the Federal Reserve, a private company. The Obama Adm.'s rational is that the Fed knows where the bodies are buried. The problem is, they buried them. I have a real hard time coming up with any scenario where Obama doing this makes sense.

GM is getting ready for another round of layoffs as not enough workers would take early retirement. The only growth areas in the economy are sales of guns, garden seeds and baby chickens. Survival tactics for the New American Century. I hope Obama has a plan, raising your own food is a lot harder than people think it is.