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Greek Crisis Ain’t Over Till Fat Lady Sings

Well, the German fat lady (Chancellor Angela Merkel) did sing, but her song rang hollow, and she was unable to sustain the final note. That’s because Greek Prime Minister George Papandreuo, gave her a sucker punch during her final note. Papandreuo suddenly switched his part from leading man to playing the fool by doing something […]

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Last-Minute Euro-Crisis Update: Stock Market Ecstasy Has No Afterglow

I warned in an article posted here two days ago that the plan for the European Economic Crisis left a lot to be desired and that market enthusiasm for the plan, as it sent the market into convulsions, was as meaningless as … well, sex in a whorehouse. Such euphoria is just what happens there. […]

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Consumer Spending Returns to Old Deficit Habits

Not all the news was Greek. The U.S. consumer spending report this week showed that consumer spending is up even though consumer confidence is at its lowest point in two and a half years. GDP supposedly returned to pre-recession levels, too. That came with the caveat from Paul Ashworth, an economist at Capital Economics, that the rise […]

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The Greek Crisis — A Euro-Splitting Headache or The Greek Depression?

We have seen it many times before in the last couple of years: dark weeks of gloomy economic news day after day — nothing actually fixed in the economy — yet suddenly the bulls explode into the marketplace over a mere glint of sunlight. We have particularly seen the running of the bulls with respect […]

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DOWNTIME Part 14 – It’s Up, It’s Down for the Count

The fickleness of the stock market as a predictor of the economy versus just a responder to the economy played out clearly in the past week. On March 5th, CNN reported that the market had broken a five-day losing streak, bouncing off of twelve-year lows. “The markets opened higher and never looked back, following reports […]

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DOWNTIME Part 12 – Talking Stock Versus Taking Stock

Some people keep talking stock, whether they’re right or wrong, and stay with their pollyanna beliefs. Others take stock of their own predictions, ignore what they want to believe, and look at reality square in the face. We’re now at a perfect time for taking stock of some recent predictions. Talking Stock Two weeks ago […]

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DOWNTIME Part 10 – False Prophet of False Profits

Sometimes you have to take off the gloves in order to knock the empty air out of someone. In his February 6th column, National Review Online’s Economics Editor, Larry Kudlow, pointed out that stocks were trading high that Friday, in spite of a massive plunge in jobs. As one of the gurus of the old economy, […]

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