June 26th 2009
HuffPo Readers Get Chilling News
Oh, they’d like to think the leader of the free world can give everyone a free lunch and still lead the economy out of recession, and Lefties turn to Huffington Post whenever economic worries overwhelm them, knowing they’ll find there reassuring blather to dope them back into a happy stupor.
But not today. Today they find a column by Dan Dorfman titled Everything Is Not Coming Up Roses. After running through the latest rosy scenarios one gets if one hangs around the Rose Garden too much, Dorfman settles in with one Madeline Schnapp, economic researcher at TrimTabs Investment Research,whom he calls “one of the country’s leading liquidity trackers.” Her view:
The labor market, as Schnapp sees it, is still in horrible shape. Granted, she observes, weekly unemployment and continuing unemployment claims have declined slightly, but they remain at high levels, while online job demand appears to have stabilized at an extremely low level. As for housing, she says the notion that it’s starting to recover is nonsense. Aside from the growing defaults in Alt-A mortgages, California foreclosures are up 156% since March.
Another big worry, according to Schnapp, is the huge government debt. Spendthrift Uncle Sam, she points out, has to sell $1.5 trillion of new debt every quarter just to finance the deficit and pay down existing debt.
Her worrisome economic bottom line: “How can anyone say the economy is out of the woods?” Taking that concern a step further, she feels the economy is unlikely to expand until well into …
Well into when? Well into when? Oh, that’s the news that bodes really badly for Uncle Barack “Sam” Obama. Schnapp, like many other economists the readers of HuffPo would rather ignore, believes there will be no economic expansion until well into 2010.
Like maybe November, sometime after election day. And it could well be GOP landslides in the House and Senate, brought on by frustration with Obama’s terrible bludgeoning of the economy, that finally spark the economy into recovery.
Art hat-tip: Red State Conservative
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