The Recession is Over! Plus Clunkers and Illegal Activities
Let's jump right into the top story..
Rejoice! It's going to be OK!
The economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.
But who cares? Most sure don't. Stocks are barely up this morning following this news. Given the 6% rally over the past two weeks, this new report didn't surprise investors. Instead, investors have been celebrating better than expected earnings announcements from companies, shooting the market up. Apparently, it's time to party like it's 2004. Do you think the recession is winding down or do you think we're headed for another dip in the market? Let us know below.
Bring out yer clunkers
Have you also been innudated with "Cash for Clunkers" ads? The program -- which is supposed to help stimulate the auto economy -- officially kicked off last week and was slated to run until November 1st. However, after less than two weeks, car dealers may have already surpassed the magical number (250,000) of cars to be funded by this program. It seems that America has a lot of clunkers. What's behind link #2? A new car!
Sad, sad, sad industry
Stories like this infuriate me. True, maybe users shouldn't be downloading music illegally, but the practice of illegally downloading music seems to be the accepted norm according to a report written by a 15 year old intern of Morgan Stanley. Music companies should stop whinning and invest their legal fees into something more meaningful. Enough already! Clearly their legal proceedings haven't been enough of a deterrent to the younger music consumers.
- Katrina (TMF Toast) doesn't own shares and actually still owns CDs. She's waiting for them to make a comeback like the cassette tape.