"Green Shots": Fact or Fiction
:
Not as clear cut.....
As I have been assessing the state of the economy, I continue to be amazed at the "happy talk" going on. The happy talk is just happy talk.
This past week has seen Chrysler in bankrupcy. 789 Dealers will be shut down within the next thirty days. An average dealer employs around 30 people. That's over 21,000 people losing their jobs. GM is getting closer to bankrupcy. I have seen reports that they are accelerating payments to their suppliers. Walmart made money. But, their sales are down. Retail sales continue to slide. Unemployment continues to rise. Despite all the optimism and happy talk, there is no light at the end of the tunnel. I did almost fall of my chair in laughter when I read the reaction of the German Economy Minister to the stress test the Treasury conducted on the big banks.
Making matters worst, France is now officially in recession after a 1.2 percent drop in gross domestic product in the first quarter of 2009. Navigating through the minefield will continue to be treacherous for a while yet. When will it all end? Not for a while......
This past week has seen Chrysler in bankrupcy. 789 Dealers will be shut down within the next thirty days. An average dealer employs around 30 people. That's over 21,000 people losing their jobs. GM is getting closer to bankrupcy. I have seen reports that they are accelerating payments to their suppliers. Walmart made money. But, their sales are down. Retail sales continue to slide. Unemployment continues to rise. Despite all the optimism and happy talk, there is no light at the end of the tunnel. I did almost fall of my chair in laughter when I read the reaction of the German Economy Minister to the stress test the Treasury conducted on the big banks.
Making matters worst, France is now officially in recession after a 1.2 percent drop in gross domestic product in the first quarter of 2009. Navigating through the minefield will continue to be treacherous for a while yet. When will it all end? Not for a while......
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