Is the WSJ going-soft?
In late 2008 every time then President Elect Obama spoke he said we were heading into the worst recession since the depression. Although he was right he intensified the fear. Small businesses do not like to layoff people, but the president was swaying their decision. People put off purchases and there was a fear in the air grew then peaked in February of 2009. The market hit bottom in March 2009 about that time Bill Clinton criticized then President Obama for discouraging Americans. President Obama got his major bill passed and then changed his tone. He even said it might be a good time to get into the Stock Market. The market ran up for 9 months and the president kept saying how much better everything was getting. The wall Street Journal even was re-wording reports to down play the negative and emphasize the positive. If a company lay off 30% of their employees and used old inventory for stock they emphasized that their profit went up. The stock market has done very well even though on Main Street the store owners would disagree. There isn’t the fear like there was; it is more like acceptance of worse. If you know any landlords ask how many tenets are paying their rent on time. The business owners may look like their doing ok but if you dig deeper they are doing with out. They may have held up through last year but how long can they hang in there. Yet you won’t here that form the President or from the Wall Street Journal.
There seems to be a campaign of up beat talk in hopes it will do the opposite of what the down beat talk did.
Over All I am seeing a few more new cars, more people remodeling their homes, so in a way things are better then last year. At the same time I am seeing more people at the end of their rope and no longer able to hang on.
Disney just reported that their Movie business did very well but park attendance was down 12%. That’s 12% lower than terrible 2008. The after-market is down 3%. Let’s see
what the WSJ headline is.
This is a late night post and I don’t expect many to read this.