The Economy Guy

Stocks were volatile again today with the Dow down about 100 points.

Everything else went sideways today.

In the news today…..

New Unemployment Claims – stayed steady at 505,000.  At this level, it means that more jobs are being lost than being gained – so unemployment is continuing to go up.  But, you know that anyway.  The continuing claims fell – actually fell – wow, do you believe that, it fell.  It fell because people drop off the end of benefits and aren’t counted any longer.  I guess they don’t count.  You know from what’s going on around you what’s really happening in our economy – so use your eyes and ears to know.

Mortgage Delinquencies – hit an all time record in the 3rd Quarter.  This should be no surprise as more and more people are losing their jobs.

Obama says Double Dip Recession – is possible if we keep our very high budget deficits.  What a hypocrite.   He wants bigger deficits and the next one is Health Care at $1 TRILLION totally unfunded Dollars.  Remember that Obama is in China and he just placating the Chinese who buy our (soon to be worthless) Treasury notes.  Also, when the double dip actually hits, Obama can say he “told you so.”

Goldman Sachs – was slammed by a government report today saying that when the crisis occurred, Goldman Sachs would have had a hard time liquidating its AIG positions (even at a discount) and helped inflate the crisis so that government intervention would save the money that Goldman would have lost.  One word summarizes them: Scumbags.

Here are the last numbers for today:
Dow Jones 30 Industrial – 10,332 (down 94 points)
10 Year Treasury Bond – 3.35% (down 0.02%)
Euro – $1.4919
Gold – $1144 (up $3)
Oil – $77.85 (down $1.83)
Gasoline – $1.97  (down $0.04)