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Thursday, July 7, 2011

Quick Thoughts -- 7/7/11

~ "It's like a Jungle sometimes, makes me wonder how I keep from going under" - 'The Message'

Ah.. how nice, some true old-school rap to start the day.   Yes, its another day in the economic jungle; the baddies got a little bit richer and the masses got a little more screwed.  On the positive, there were no post Casey Anthony verdict riots on the streets like back in the day with Rodney King.  I guess middle aged people and seniors handle anger differently.   Since there was actually news somewhere in the world (Shhh!, don't tell CNN Headline News), here's a brief rundown...  3... 2...1...

NFIB Jobs Statement: June is a Bust (NCIB.com) -- "New jobs are not to be found on Main Street. For small firms, reported job losses per firm declined sharply in June... recent reports on consumer spending show continued weakness.. and housing starts show no hope for much job creation in construction."   Really nothing to add...

Auto industry, seeing new life, is on hiring spree (AP) --  Auto industry is (supposedly) adding jobs-- Yay!  But UAW had to agree to 50% pay cuts for starting pay ($14.50/hr) -- Boo!  But US is making cars again- Yay!  German and Japanese brands-  Yay?  Which most Americans will need 72 months of indebtedness to afford-- Boo!!

EU slams ratings agencies after Portugal downgraded (Reuters)-- First they won't let the ECB get away with their unethical Greek debt rollover plan (psst, its called a default), and now Portugal's credit knocked down to junk.  The EU is wondering when did credit agencies get so Ethical all of a sudden??


Banks sell consumers' shopping data to retailers (CNN Money) -- It is forecasted that this selling of your private data will give card issuers $1.7 billion in annual revenue by 2015. But at least you won't go away empty-- you'll get a Macy's coupon.

Obama to send condolence letters on troop suicides (AP) -- "Dear X,  Sorry I sent you off to war.  Couldn't be helped- so many threats abroad, you know.  You'll never be forgotten..."

Twitter comes to White House for Obama town hall (AP) --  Hope it goes as well as it did during the Rep. Presidential candidate debate.  I've always wanted to know if Obama prefers his pizzas thin crust or pan?

Asian markets rise, brushing off China rate hike (AP)  -- Earlier, US stock market shrugs off weak service sector report, and now this.   I guess if world markets could shrug and brush off Japan's tsunami back in March, they can ignore anything.

U.S. Rents Rise, Vacancies Go Down (WSJ) -- Yes rentals are getting popular- See, when you have to go bankrupt because you have no job, no more unemployment benefits coming in and mountains of debt, the court can't kick you on the street like an animal when you rent.

In Fiscal Skirmish, Code Words Provide Cover for Politicians (WSJ)  --  "Fat Cats" refers to wealthy Wall St. insiders; the ones not donating to Obama 2012, and "Fiscal prudence" is Republican-speak for gutting every social program and entitlement while not raising taxes on wealthy by one cent.

Greek police clash with austerity protesters (AP) -- I think if the protesters are to ever have a fighting chance against the thug police's batons, they may need to consider going on Amazon.com and keyword "Louisville Slugger"

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