Then it is NOT a "RECOVERY" at all, is it?
Also see: Government Can't Add When it Comes to Goldman Sachs (and related links within) and The Foreclosure Fight (and related links within).
Nevertheless, we get this s*** shoveled at us on a Friday morning.
Turns out, ALL the PROFIT NUMBERS are LIES!!!!!!!!!!
"Dow rockets beyond 9,000; Increase in profits, rising home sales propel market up" by Gerry Shih, New York Times | July 24, 2009
NEW YORK - The numbers are a bit breathtaking: In a little more than four months, the Dow Jones industrial average has leapt more than 2,500 points - nearly 39 percent - to close above 9,000 for the first time since January.
Related: Boston Globe Declares Recession Over
Behind that meteoric rise, capped by 188-point gain yesterday, is a growing belief that profits at many blue-chip corporations are starting to bounce back, despite the tough economy. In the past week alone, more than 100 major corporations, from the 3M Co. to Intel Corp., reported quarterly earnings that surpassed Wall Street’s predictions. Even one of the troubled Detroit automakers - the Ford Motor Co. - managed to beat expectations yesterday.
Wall Street remains wary. Many of the cheery earnings reports, analysts contend, mask fundamental weaknesses. At Ford, International Business Machines, Starbucks, and others, for instance, the latest results were driven not by a rise in sales, but by a decline in costs - in other words, by aggressive penny-pinching and, in some cases, big layoffs.
Yup, YOUR LAYOFF FILLED CORPORATE COFFERS, 'murkn?
You READY to REVOLT YET?
And no sooner did the Dow close above 9,000 yesterday than two of its 30 members - Microsoft and American Express - reported disappointing results, and stock futures promptly fell.
As if they HELD OUT on making the announcement until the market closed, huh?
So HOW BIG a DROP today for a SLOW SATURDAY report, huh?
“You’ve got to be kind of skeptical about it,’’ Howard Silverblatt, a senior index analyst at Standard and Poor’s, said of the apparent rebound. “What we’ve seen is just nice presentations and spreadsheets.’’
Oh, DON'T WORRY!
I STOPPED BUYING the BUSINESS BULLSHIT a LONG TIME AGO!!!!!!!!!!!!!!
Where stocks go from here will, of course, depend on the course of the economy. Some economists caution that the incipient economic recovery could falter, resulting in a double-dip recession that would snuff out the recent stock market rally.
Being planned as we type: Obama's 9/11
But for now, the optimists say that poking holes in recent earnings statements misses the point. Investors, as ever, are looking ahead, and they are bullish on the prospects of many companies.
Yup, CAN'T SMELL that SHIT PILE at their feet!
That's how we GOT INTO THIS MESS!!!!!!
David Kovacs, the chief investment officer at Turner Investment Partners:
“It does require some leap of faith.’’
Others point out that the improvement in the financial markets will help companies recover.
Many companies, including AT&T and Xerox, have managed to sell new shares to primp their balance sheets and raise cash. Others have sold bonds as the credit markets have thawed.
You just get sick of the lying after a while: Municipal Bond Milking
This is why they are LOSING MONEY right here!
PEOPLE NO LONGER want to READ SHIT!!!!
Ford and others have refinanced their credit lines - a feat that would have been difficult, if not impossible, to pull off only months ago. And big banks, though suffering from bad loans, have at least stabilized.
That last sentence is UN-FUCKING-REAL, sorry!!!!!!
See: Slow Saturday Special: Suffering Banks
Stephen Stanley, the chief economist at RBS Greenwich Capital, said that companies during this recession have cut back far more quickly and efficiently than they did in the past. “Firms are now much more nimble in terms of their payroll,’’ he said.
But given the deep cuts, Stanley said, the worry is that even though the economy might recover, employment could lag. “The fear now is a jobless recovery,’’ he said. “Firms have cut operations to the bone.’’
--more--"
Or read this:
"New unemployment claims rise to 554,000" by Christopher S. Rugaber, Associated Press | July 24, 2009
WASHINGTON - The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.....
They are INCREDIBLE!!!!
So WHEN is the UPWARDS REVISION, you scum-sucking liars?
Still, some economists saw positive signs in the report....
Sigh. Tired of the Economic Double Talk
--more--"Then why the need for this: Extended jobless benefits available
Of course, the CHUMP CHANGE is what is going to break the economy: Critics say minimum wage increase will delay recovery
Yeah, IGNORE the TENS of TRILLIONS in BANK BAILOUTS and WAR FUNDING!
Also see: The Costs of War: Part 1
And NEVERTHELESS we get MORE HORSE S*** from the BUSINESS AGENTS known as the Boston Globe newspaper:
Auto dealers hoping to see rush of bargain hunters
Unreal!
Related: The Globe's Sales Pitch
