The working man was supposed to be helped out by the stimulus package. The intent of the program was to pump money into the economy quickly to save jobs. Many members of Congress said at the time that speed was of the essence. Unfortunately very little has been spent and the economy has not been stimulated. It's just like the people stuck in New Orleans who wondered how it could take so long for the government to help them. So I guess Barry is doing a heck of a job.

Mirage? Or just the econo-punditry spin machine. Rich people wouldn't be able to take in that profit of theirs if that little red line on the Dow, Nasdaq and S&P just descended in a straight line. We're in the dealing players out stage of this poker game.

Didn't I tell you a while back to look at the jobs numbers and forget about everything else? For at least the next couple of years all other indicators are bogus for the US economy. And as long as they don't turn positive it will continue to get worse.

Like a 'fever' that needs to pass, or a flood that needs to go down, or a fire that needs to go out, not one entity in the government is actually lifting a finger for the foreclosed and evicted. Except perhaps attempts by the FDIC. There is a foreclosure moritorium in place on Fannie Mae/Freddie Mac houses, but I'm not sure it is still in place.

They don't really care. Reset price, start again! Bail out banks so banks don't need to negotiate over their house collateral.

Not until the actual pitchforks come out will they move in a serious way. And the American population is passive as passive can be. SNOOOOzzzzzzzzzzzzzzzzzzzzz. So far.

but that's the status quo democrats for you.

The Financial Times reported yesterday that GE is going to build a $100M battery manufacturing facility in New York State. According to the article:

"Commercial use of the sodium-based, high-energy density storage batteries will begin next year with the deployment of new hybrid locomotives produced by GE’s transportation division. The company said it has lined up launch customers in the mining, telecommunications and utility industries.

GE has also invested $70m in A123Systems, a startup that is developing lithium-based batteries used in plug-in electric automobiles and other hybrid vehicles. The conglomerate now owns more than 10 per cent of A123, which counts Chrysler and SAIC Motor among its customers. Mark Little, who heads GE’s research centre, is on the company’s board.

As sodium and lithium batteries advance and prove their worth in additional commercial applications, GE intends to develop."

This facility will only employ 350 people.

My industry saw some slowdown in layoffs in April but they are back in full force in May. My business volume is still pretty good but everyone wants steep discounts--and they are in a position to get them.

Kinds sucks if you're not one of them though. Oh well.

Regarding those foreclosures: Alan Greenspan talked yesterday about the housing market having hit the bottom. Methinks he has mistaken bumping into the cliffside for hitting the bottom. I guess when one has spent one's entire career hanging out with folks who don't rely on a job for income it is easy to forget how important jobs are. I wonder if he ever heard of FDR, WPA and CCC.