The Economy Guy

Stocks jumped again today, up 47 points.  Bonds lost value, and increased interest rates a small amount.  The Dollar continues to lose value today against the Euro.  Gold fell $14 – I guess nothing can go up continuously forever.

Oil and gasoline are the elephant in the living room.  Their massive increase in cost if it continues will stop this economy in its tracks.

In the news today…..

Social Security – announced today that there would be no cost of living increase for seniors next year.  That’s because inflation, as measured by CPI, is negative.  President Obama, coincidentally on the same day, announced that seniors should get a bonus check for $250 each.  There is no source for this $13B worth of handout, so it just adds to the deficit.  The deficit is criminal, and if it continues to grow unchecked, it will destroy capitalism in the US as we know it.  Our Congress are acting like a bunch of teenagers having fun at a party – very irresponsible.

Here are the last numbers for today:
Dow Jones 30 Industrial – 10064 (up 47 points)
10 Year Treasury Bond – 3.47% (up 0.05%)
Euro – $1.4945
Gold – $1050 (down $14)
Oil – $77.79 (up $2.61)
Gasoline – $1.94 (up $0.09)