--the ozone layer; global warming
--garbage in the seas
--wars in Iraq and Afghanistan
--sanctioned torture policies within our government
--drug-related border violence
--nuclear developments in the mid-east and on the Korean peninsula
--theocratic developments in Pakistan
--oppression in Tibet
--treatment of women in orthodox Muslim societies
...so many hilarious things to choose from...so little time...
...with being "doomed." One is not usually permanent...the other is.
We have been grossly "f**ked over," and we'll be dealing with the adverse effects of that for a very long time. Are we forever doomed? Ummmm...no.
(Are some--perhaps tens if not hundreds of thousands or millions--people going to, literally, die from the side effects of these travesties? Yes. So, some are, in fact, doomed. Just ask anyone without healthcare, for instance. [Those that will be hurt most by financial-related delays in the implementation of a national healthcare policy, for instance.] The majority, however, are probably not "doomed.")
And, as for those that criticize, I say: You can criticize this place all you'd like. There are few environments around the blogosphere that tolerate and encourage multiple points of view moreso than MyDD. (People tend to take that/this for granted, IMHO.) So, when you're done ranting about MyDD, either STFU and post something constructive, or GTFO.
U.S. production falls 1.5% in March, despite bounce in autos and utilities
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- As businesses struggle to work down their inventories of unsold goods, the output of the nation's factories, mines and utilities fell 1.5% in March, retreating in spite of higher production of motor vehicles and a boost from utilities, the Federal Reserve reported Wednesday.
Industrial production is down 13.3% since the recession began in December 2007, the largest percentage decline since the end of World War II, when production of military equipment ground to a halt and production fell 35%.
In the past year, industrial production has fallen 12.8%. Output fell at a 20% annualized rate during the first quarter, and it's now at the same level as December 1998, the Fed's latest data showed.
Factory production dropped 1.7% in March. Factory output has fallen 15.7% during the recession, also the largest decline since 1945-1946.
Underscoring the trend in manufacturing, factory output has dropped 15% in the past 12 months and has fallen for five consecutive quarters.
"The huge declines in industrial production in the past two quarters reflect very aggressive cuts in inventories by businesses," wrote Nariman Behravesh, chief economist for IHS Global Insight. "We expect industrial production to contract 10.2% this year -- the biggest drop in the postwar period -- before bottoming in early 2010."
Pace of decline has slowed in some regions, Fed banks report
By Rex Nutting, MarketWatch
Last update: 2:06 p.m. EDT April 15, 2009
WASHINGTON (MarketWatch) - The economy continued to worsen across the United States in March and early April, amid scattered signs that the pace of the decline was lessening in some regions, the Federal Reserve reported Wednesday in its Beige Book account of the economy.
"Overall economic activity contracted further or remained weak," the Fed said, based on reports from thousands of business sources across the country. "However, five of the 12 districts noted a moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level."
The report, written by the economics staff at the Dallas Fed, generally agrees with comments by top policymakers that there are some signs that the economy may be getting worse at a slower pace.
The economy declined at a 6.3% annual pace in the fourth quarter, and economists are forecasting a decline of 5% in the first quarter and about 2% in the current quarter.
Almost all sectors were contracting or slowing in almost all regions, the Beige Books said. Manufacturing weakened, retail spending was "sluggish," the housing markets were "weak" and banks reported rising delinquencies and deteriorating loan quality.
And, it's bullshit because there's a history of over 18 month's worth of accurate reporting in diaries available to all that want to eat crow on this matter, too.
Furthermore, generally speaking, I'm merely reporting on comments of others, passing along news, although there's certainly some editorial commentary in-between.
The level of denial has reached new heights of late, however.
No, it's not okay to spend $2 trillion of our money with NO disclosure of any significance, whatsoever...to the point where the watchdogs and Inspector Generals that are supposedly charged with watching over this stuff are even creating a massive stink about this now, as well.
Read Simon Johnson, Joe Stiglitz, and Paul Krugman...recently villified Progressive leaders of economic thought...no longer respected by a large minority of late in the blogosphere.
So, I deal with it.
That's more than a concept, you know!
DEAL WITH IT! Or, cast aspersions at others when they report upon facts that fly in the face of lemmings' words now.
...over the past year...but, the bottom line is I'm reporting on what others are saying. And, that's the way it's been all along.
It's funny how there was a period where I caught a lot of crap...and then folks acknowledged accuracy...and then Obama got elected (and I support him strongly, still)...and then I started receiving crap again.
But, that's fine...even if these diaries aren't even about my "predictions" but merely reporting facts regarding market activity...the fact of the matter is the market's oversold right now...bigtime...and gravity prevails...sooner or later.
Here's a column from my local paper from about 6-1/2 mos. ago...and I do have permission to reprint the entire piece...the columnist just won the NY State Press Association for the third year in a row for best local commentary...
Have we hit bottom yet?
Uncommon Sense, by Jeff Morris
Way back on March 6th--and yes, that does seem like ages ago, though it's a mere seven months--I expressed concern about the fact that the economy had become the number one issue among voters. It was my contention that people shouldn't lose sight of the importance of the continuing war in Iraq, and the role that our spending $720 million a day on that war played in our economic woes.
It seems almost quaint to remember that now. Indeed, it kind of feels like those were the "Good Old Days," back when worries about the economy first made it to the top of the charts. Ten days after that column appeared, Bear Stearns was bought by JPMorgan Chase for $2 a share. A kind of nostalgia starts to set in; any day now I expect an "Early March 2008" oldies music channel to pop up on Sirius-XM Radio. (Yes, there used to be two satellite radio services, remember? Just like there used to be more than three banks.)
If you recollect that column, you may also recall the local Lewisboro financial services guru--we'll call him He-Who-Prefers-Not-To-Be-Named--whose prescient comments the previous fall had tipped me off to what was coming. I quoted from his September 2007 e-mail: "Bottom line: if you're spending a trillion bucks on a war abroad, then your kids aren't going to have shoes to wear." How quaint! Of course, nobody around here took that seriously. Although, now that we apparently have to spend another trillion bucks on top of that to prop up the financial system here at home, some people are actually beginning to think about cutting back on their shoe purchases.
What I didn't mention back then was that my source had made predictions that were much more dire. I'm not sure if I chose to keep them to myself because I was afraid you'd think I was crazy, or because I was hoping he was crazy. (The important thing is that I chose to keep them, which is why my e-mail box is so full it is about to explode.) Here are some "highlights":
November 27, 2007: George Bush is about to make Herbert Hoover look like Albert freakin' Einstein... This is a MAJOR event, of historical proportions [and] it's still playing out. The rule of thumb is that EVERYONE (who's anyone) in government and the financial services sector is doing whatever they can to avoid panic. SOME observers overseas, however, ARE looking at this and SEEING IT FOR WHAT IT IS, and for what I'm telling you it is right now, too. That is the truth. By November, 2008, there will be much more reportage about this... Without question, this is certainly one of the most significant recessions of the past century, if not THE most significant recession of the past century, perhaps rivaling or exceeding the long-term effects of the Depression in the early 30's. It just isn't being called that--YET--by too many people within the country. But, the facts are there, plain as day. And, there are people that should be held accountable. With all this will come more and more pronounced finger-pointing in coming months, too.
December 10, 2007: Here's the Cliff Notes version of the very best piece on all of this, by Sean Olender in the San Francisco Chronicle:
--It's outright fraud, sanctioned at the very highest level of our government;
--Former chief of Goldman Sachs (Paulson) becomes Treasury Secretary in
2006, just when Goldman dumps/sells off virtually ALL of their mortgage-backed securities (the ONLY major investment house in the U.S. to do so at the time; and, essentially, the only major U.S. investment house left unscathed by all of this);
--Mortgage industry tanks, with much of this paper held by foreign investors;
--The only "satisfaction" these investors...will get is if they prove that out-and-out fraud was prevalent in the industry; with fraud being demonstrated in these portfolios, the foreign investors (actually all investors), according to law, may then FORCE the issuers of these mortgage-backed securities to buy them back at face value;
--If the U.S. banking industry were to honor the law, and payout face value to these investors of these now-considered-fraudulent instruments, the liability would be equal to considerably MORE than all the assets of all of the major banks in the U.S., combined;
--Enter Paulson, proposing that they add a clause to the "mortgage bailout bill" which prohibits all foreign investors from suing the issuers of these securities, in the first place;
So, the fraud, essentially, comes full circle, and is sanctioned by the Treasury Secretary, hidden in Paulson's proposed bailout. Don't let the spin fool you. Looks like it's going to be very, very ugly, no matter how you spin it...and the Bush Administration has, more or less, been directly responsible for all of this. When you see...Attorneys General coming out with indictments relating to this fraud over the next few weeks and months, it'll be good to have all of this as a reference. [NOTE: It was reported on Sept. 23, 2008 that the FBI is investigating potential fraud by Fannie Mae, Freddie Mac, Lehman Brothers, and AIG.]
March 17, 2008: [You] may have had the false impression that I was being an alarmist over the past few months. It would appear, very regrettably, that I was right...perhaps even underestimating just how bad it's now going to get. The general consensus is Lehman Brothers is next...personally, I really don't see how Citibank and Merrill can be far behind. The reality is the government and the mainstream media are out-and-out lying to us about the severity of this matter...
March 31, 2008: Unfortunately, I fear greatly for all of us. We are being misled even farther off the mark and deeper into this abyss than we realize. I think it will continue to get uglier for quite awhile.
So don't say I didn't warn you. Okay, I didn't--but don't say it.
So, while I take crap from others for merely bringing reality to the attention of some who have problems with certain facts, that's fine...it's all part of my reality-based reporting on our economy...something I've been doing for over 18 months...so, again, checkout my diaries...from a year or more ago...and read some of the naysayers' comments...
This stuff is NOT rocket science. There's nothing special about what I'm doing with this info either. The only "problem" with it is that some people don't like being informed about it.