No we’re not. Recovery is not possible until unemployment is first arrested and companies begin to hire again. Really, a “jobless recovery” is a oxymoronic lie. And anyone like Kudlow who buys into it is a fool. How can manufacturing be up if the RATE of unemployment continues essentially unabated. And this has not even taken into account the seasonal folks who will be without jobs come the end of September.
Moreover, IMHO, I don’t even believe the housing numbers are materially up for the same reason stated above—unemployment.
The more objective financial analysts are predicting a precipitous decline in the DOW for October. Yesterday’s plunge of 180 pts is just the beginning.
As soon as the elites are all cashed out they’ll let the dominoes fall. I bet thats going to happen between now and the next election in 2010