Photo Credit: Mark via Wikipedia; Picture of the Septic Tank Alarm System taken on July 17th, 2007
...leaks again and his warm feces is being caught by the waiting mouths of Dumb Money representatives around the globe who think he has to contribute anything of value to the financial markets or the economy.
Bernanke is one of the prime examples of monetary idiocy and fiscal stupidity and now he endorses Barack Hussein Obama's stimulus plan (Bernanke: Obama stimulus would lift economy; AP). This is a harsh defeat for BHO as you do not want unqualified sources such as Bernanke to endorse your plan.
The Septic Tank turned into a media-attention whore who would endorse any plan as long as he will get any coverage at all. He also endorsed all other plan since he took office as Fed Chief and even before.
Not one plan worked and all back-fired. His support is yet another signal that BHO will hit a concrete wall face first once it is too late and the money is wasted. Even those who have an IQ below that of a stone would not pay attention to what Bernanke has to say. Miss Teen South Carolina has more insight about the economy than Bernanke (I know you have seen this video over and over again but it may make you laugh just as much).
Another sign that the economy is at the start of a deep recession (while BHO's team works hard around the clock to ring in the next Great Depression) came in the form of the sharp drop in the trade deficit (Nov. trade deficit drops to lowest level since '03; AP).
Please do not get this wrong, a drop in the trade deficit for the right reasons is a very positive development as no developed country should run a deficit but the drop in the November trade deficit was due to the recession and therefore for the wrong reasons hence it has a negative connotation attached to it.
The news on the employment front, or rather unemployment front, are bad and they simply get worse (Unemployment rate hits 7.2%; The Path to the Pegasus Letter). Dumb Money hopes that the worst is behind us but Dumb Money has always been wrong. Boeing (Boeing to cut 4,500 jobs as airline demand falls; AP) as well as Alcoa (Alcoa to cut 13 pct of global work force; AP) offer just two of the latest job cut announcements with plenty more in the pipeline.
Job losses will continue well into 2010 and thanks to BHO's pathetic stimulus plan which is another plan destined to fail while it offers plenty of counter-productive measures the job losses could escalade. The more stupidity and ignorance you throw at the problem the greater the problem will be.
Quick Update on the Russia-Ukraine Natural Gas Dispute:
Russian resumed to pump natural gas through Ukraine into Europe but Ukraine has closed their pipelines amid what they call unacceptable transport routes. Russia pumps gas through a pipeline which does not allow Ukraine to 'borrow' natural gas for their own purpose. Both sides trade blame as the EU monitors are not allowed into control rooms on both sides (Russia, Ukraine trade blame as Europe sees no gas; AP).
Posted by Apollo on January 13th 2009.
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