Initial unemployment claims are up by 4000 for last week, but down a 100,000 from this week last year. You remember this time last year, when the 'collapsing' economy made the Republicans certain that Obama would be a one term President, and Herman Cain would save us all with the 9-9-9 plan.
Jack Lew will be the next Sec of the Treasury. On Capitol Hill he's know as the 'negotiator from Hell' from his years in the Clinton Administration budget negotiations with Congress. Newt said that the economy would collapse as a result of the deal Lew got, it boomed instead. On Wall Street he's strikes the sort of fear that an Archangel does among the wicked.
Speaking of the Wicked on Wall Street, it seems the Red Chinese have been running a Ponzi scheme in the hundreds of billions, many hundreds of billions. Forty or more China based companies listed on the several New York stock exchanges have been simply stealing investor money, mostly from pension funds and small investors.
How do you get a company that has no assets and does no business to have their stock listed on the Dow and Nasdaq exchanges? It appears that lavish bribes will do the trick. All of the major US auditing companies that have branches in China appear to be implicated, as well as all the other so-called 'gate keepers' that are supposed to keep the barbarians on the other side of the wall. Even officials of the exchanges themselves are likely in on it, or are just incredibly stupid.
So far this doesn't seem to be having any effect on the markets, but at some point pension funds will need to raise cash, and the losses they took accounted for. I noticed today that the price of canned goods is up, just say'n.... www.prairie2.com