Don’t look now……
But unemployment claims went up, again. They were expected to drop to 460,000. But, they came in at a revised 480,000. That’s about 4% more than expected.
Obama, sensing there might be some bad news, cheerfully told people to not watch the “echo chamber”. That’s cable news to most of us.
Then, the House Democrats passed a $1,900,000,000,000 debt increase.
Then, the Dow Jones tanked. The psychological up of November 5, 2009 is gone, as right at 10k again. The initial report was that was based on European debt. I’m sure the US debt and job outlook didn’t help that much.
However, I don’t think too many people ignored the echo chamber.
I am expecting Obama to go on national television tonight to give a speech to both chambers of the House to blame it all on “a previous administration” and announce his recovery plan has saved another 6.3 million jobs and we should be very happy since it obviously could have been much worse.
And, I’m going to toss in the added factor of Obama being more than willing to piss off our largest borrower by meeting with the Dalai Lama.
That’s just one day. Obama’s got about 1000 left for sure.
[...] Yesterday the headline was jobless claims much higher than expected at 480,000. That helped lead to a sell-off on the markets, pushing Dow below 10,000, again. So, imagine everyone’s surprise when we get today’s headline: Jobless Rate Falls Unexpectedly to 9.7 Percent in January [...]