While every sucker except the Cat in the Rain seems pervesely cock-a-hoop over a dead cat bounce in the Dow as Ohbummer and gang massage public opinion to believe in disbelief that salvation is truly at hand, the real grist of the economy i.e, consumer spending continues to tank. In fact, it recorded a drop and coupled with the decline in the Producer Price Index which when wedded to the latest employment data:
" Throw in part-timers who would like to work more and unemployed workers who have given up their job search, and you come up with a jobless rate closer to 15.6 percent, according to one measure buried in the Bureau of Labor Statistics' monthly Employment Situation report. " (me: those are depression numbers, mind you) : http://www.msnbc.msn.com/id/30158105/
clearly reflect that things are not looking too rosy after all despite the spring thaw of the April snow . The coot humbly acknowledges that his earlier gung-ho trash talk was just that, trash! But that hasn't stopped the balding bearded one from once again prophesising that redemption is at hand to which the Dow reacts with gusto.
Elsewhere, as the wonder boy cloisters himself away from the stresses of life, the banks indulge in a bout of smoke and mirrors that make December and Christmas vanish into thin air much to the delight of a famished rabble long on illusions, short on dollars and even shorter on jobs but game for some Copperfieldian magic . It is the same old American dream bottled in a new decanter and labeled Ohbummer. So when the geraniums, cowslips, peonies and roses raise their fragile heads to sniff the warm scent of spring, rest assured that one part of the world is truly ensconced in a time warp, a wintry sleep that would would make even Mr Bear cringe in shame.........Oh, never mind, someone's got a dog to Bo(o) it for him. Meanwhile, more banks are going to put up them shutters as the cold icy winds have truly frozen Mr.Credit's gait at the starter's gate and its already too late............
Revert: Back home in Canland, the chickens that came home to roost have new hatchlings... remember the -2.5% contraction prediction I made here for 1st quarter and -4% for the whole year...well it just happened that Kenanga seems to agree for the first quarter at least. Anyway, in view of Singapore's meltdown, i have just turned a tad "bullish" and am predicting an overall contaction of -5 to - 5.5% for 2009. Bet, everyone, suckers included, must be in "shiver me timbers" mode now. And how is this for a good weekday read.