The Stock Market headed down today as the real world intruded into the fairyland of Wall Street. The number Jobless claims took a upturn again last week. Manufacturing was down and GM and Chrysler sales were off more than 40%. Wall Street’s numbers would have been off considerably more but were buoyed by Health Insurance stocks because they have the belief that not only will no meaningful reforms be instituted but that they will indeed be able to gorge themselves at the public trough.
Speaking of feeding the pigs on Wall Street; the subprime losses in 2007 were 150 Billion and the total aid from the government as of June this year has been 13.2 Trillion. That doesn’t include another 11 Trillion in guarantees, this according to the Inspector General for the TARP program.
These are really just meaningless numbers created with smoke and mirrors to obscure the rotting corpse of the American economy. It’s just new ledger entries to balance the red ink from 40 years of Republican policies but the damage from the lack of any real economy only continues to accumulate.
The top ten percent are now half of the economy and their share is growing, we live in a world of plutonomy. The economy now only exists to service the wealthy. What we little people think, do and say matters no more than the muttering of a flock of sheep. If seeing that bothers you, Fox will be happy to pull the wool down over your eyes.