Posted on 02/21/2016 11:29:14 AM PST by SeekAndFind
I was talking to an elderly woman who works for Estee Lauder in an almost sweat shop. They are only allowed to work 4 hours a day and she has been there 19 years and is making a wopping $9 an hour. They keep their hours low so when the warehouse shuts down they don’t have enough put in for unemployment. I think she said they take out a couple of pennies each week. Ahhhh, Capitalism.
It’s the Obama recession. Well, if you want to get technical, it’s a depression. I know I have been for the last 7 years.
But let’s make sure to put a name on it, and make it stick.
1.59 is more indicative of collapse in demand at this point. Stay tuned. Economic indicators will be more obvious next qtr.
That restaurant number is scary given the plunge in gasoline prices...
That’s another category that you would think benefits from the gas/diesel price drop. Not good news.
I am by nature a contrarian, it has served me well. This would be the most predicted recession I can remember if it came to pass, so I don’t think it will happen.
Remember the last recession started with gas prices at $4+ and predicted to go higher.
Of course I could be wrong but with low interest rates, low energy prices, low commodity prices I am just not seeing it, sorry.
According to this:
http://www.snaprmp.org/faqs.html#3
The EBT restaurant program is currently only in Arizona, Michigan, and California. So the impact is probably not as widespread.
Many restaurants here in Oregon accept EBT. I think it’s more widespread than you think.
We need to get MooseChelle Obama crusading against that unhealthy fast food on EBT....
BTW, the food EBT cards here are called “Oregon Trail” cards. Amazing, isn’t it? A food stamp card with reference to a trail paved by self sufficient pioneers.
Bad name for sure.
Used to play that game (in DOS) on my early computer with my daughters...circa 1993.
They still refer to it occasionally.
Now you are seeing a lack of demand driving the show. Transportations and the Baltic Dry Index are both in trouble. Nor are low interest rates a positive. How do you promote capital formation for future growth with effective zero interest rates? Now there’s more talk of negative rates. These are not signs of economic strength. As an aside, these years of zero interest will destroy insurance companies and pension funds too.
watch your back on this one. ZIRP didn’t work for Japan either.
Like I said the market looks ahead, those numbers are all in the past. Nothing new, why is the best time to buy stocks in the depths of a recession? And the best time to sell is when everything looks rosy?
You’re right. I remember the RV industry being hit especially hard during the 2008 crash. I probably stop by PPL once a month or so. Yesterday they had 3 or 4 times the inventory they normally have. It’s a consignment site, so people are selling, but no one’s buying. With low gas prices it’s a doubly bad sign.
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