The Economy Guy

All markets moved sideways today as once again the markets play it safe going into a weekend.  Happy weekend.

In the news today…..

97th Bank closed – this year.  The FDIC is busy doing their job – and good for them.  Unfortunately, they have run out of money, and are actively addressing that problem too.  Make sure your bank is solvent.  Talk to competitive bank presidents in your neighborhood to find out.

263,000 jobs lost – last month.  This brings the unemployment rate to 9.8%.  Feel happy yet?  Do you see all that stimulus making your world more comfortable – I don’t.  The better measure of unemployment is 17.8% across the US of A.  This number includes those people who have been kicked off of unemployment insurance, and are still looking for a job, part time workers, and folks who have just given up looking.

The Political Corner…..

You all heard that Obama’s trip to Denmark to get Chicago picked for the Olympics failed, and failed big time.  The US was the first of 4 nations thrown out of the competition.  THE FIRST ONE.

Why would the President risk this humiliation to his presidency and to the USA by going to a meeting where he didn’t know beforehand what the outcome really was going to be???  President’s of the past just don’t act that way.  Another question of equal importance is “Who is advising the President?”  They should be fired, and fired this weekend.  I don’t want my President to be humiliated like he was today whether or not I agree with his policies.  He represents this country, and all of us.  He needs better support than he is getting in areas like this one.

Now all of that diatribe is political.  What are the economic decisions behind his going to Denmark?  All of the Olympics in my lifetime have lost money, and cost taxpayers (both national and local) a bundle to make up the difference.

The question for you to answer is “Who would stand to gain from the Olympics going to Chicago?”  Follow the money always in these situations.

Here are the last numbers for today:
Dow Jones 30 Industrial – 9488 (down 22 points)
10 Year Treasury Bond – 3.22% (up 0.03%)
Euro – $1.4569
Gold – $1003 (up $4)
Oil – $69.95 (down $0.87)
Gasoline – $1.74 (down $0.02)