I turned on CNBC this morning to see the markets are headed for a sharply lower open this morning. European turmoil continues. However, the move accelerated downward upon the release of the jobless claims figures for this week, which rose 25,000 to 471,000.
Yesterday, it was also reported that mortgage applications have fallen off a cliff since the expiration of the new mortgage tax credit on April 30th. Gee, no one expected that to happen!
Isn't it now clear that the bailouts and the stimulus have not worked? Unfortunately, now that the debt has been run up so far, there won't be any room for new tax cuts. I wouldn't be surprised to see the economy post a negative growth quarter again some time this year.
Thursday, May 20, 2010
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