Wednesday, October 15, 2008

NOT OUT OF WOODS YET?

AP report on retail sales this AM

>>>The government's report that retail sales plunged in September by 1.2 percent — almost double the 0.7 percent drop analysts had expected — made it clear that consumers are unlikely to reach for their wallets in the coming months as they worry about a shaky economy.
The Commerce Department report is sobering because consumer spending accounts for more than two-thirds of U.S. economic activity. The reading comes as Wall Street is beginning to refocus its attention on the faltering economy following stepped up government efforts to revive the stagnant credit markets.
"Even though the banking sector may be returning to normal, the economy still isn't. The economy continues to face a host of other problems," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com. "We're in for a tough ride."<<<

So many running on CNBC calling for a bottom, even after all the selling and the STARK NEW REALITY smacking us in the face, Governments NEW and EXPANDED role, it is all rather troubling.

Even ROubini agrees the sellout I mean bailout was necessary because at this point not much else could be done, had they been listening to him back in 2006 many things would have been obvious and not a surprise.

Those trying to fix it are complicit in this situation and many have conflict of interest.

We are in for one rocky frustrating and painful road back to some kind of normalcy and I dont know what that is anymore.

We are moving to a resolution, and the voters are in the stock market.

Duratek

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