Green Shoots and Change We Can Believe In

One of my friends often makes fun of government economic reports and other news by repeating the numbers reported and adding some catchphrase the Obama administration, Geithner, or Bernanke has been spewing.   His favorite phrases are “green shoots” which references Bernanke’s report that the economy is getting slightly better and the ubiquitious “change we can believe in”.  He also likes to say “lols” at the news that are really stupid and refers to generally stupid things as a “clownshow”.   Here is an example of a reading of this week’s  news.

GREEN SHOOTS:

Unemployment rises to 10.2%, highest in 26 years – At least the pace is slowing!

JNJ cuts 7000 jobs. – Profitable companies found out that people are more productive in recessions, so they need less workers

Fannie Mae to allow borrowers in foreclosure to lease back homes – We are all landlords now.

CHANGE WE CAN BELIEVE IN:

Obama signs unemployment extension bill – 99 weeks of unemployment benefits available now in California

CLOWNSHOW:

Fannie Seeks Another $15 Billion In Emergency Capital

Fannie Seeks Permission to Sell $2.6 Billion in Tax Credits – This is just oxymoronic.

LOLS:

Fannie Mae Files $15.8 Billion in Claims in Lehman Bankruptcy

We are also making some guesses on what the yield of today’s Bank Failure Friday will bring.

In all honesty, I don’t think things have improved much in the past 12 months.  Sure, the stock market has regained ground, but it is mostly due to the fact that the US dollar has lost value.  That is not really a good thing for those who get paid in US dollars.   Unemployment and foreclosure are still going up so it is no time to celebrate the end of the recession yet.  The good news is that there are a lot of shopping, restaurant, and travel deals for the consumer this holiday season because everyone is trying to sell something to someone out there.  This is definitely a good time to save money on the things you need and enjoy.

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