Obama and others freaked out yesterday at what came in as worsening US economic data and the lowest stocks on record for any January in the stock market history. The “fresh U.S. economic blow” is a “disaster”, Obama says. The Dow Jones Industrial Average dropped another 148 points (a 500-point drop is what happened in mid-September with Lehman).
Worse, the “bad bank” bailout strategy has come to a bit of a standstill, and new strategies are about to be proposed, which doesn’t look good because it just seems to put more of a stall on getting things to improve.
All I can say is that they better darn improve, at least for the US’s sake, because consumer spending became 70% of the US economy (a bad idea), and the US already had a really huge economic problem going into the whole credit crunch (though it was quietly miring beneath the carpets….).
All I can say is that I hope things really fix themselves up by 2012, because that’s when the real demographic problems are going to hit in the US, and if you think things are bad now….
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I am really worried about our country. We keep spending money with no regards to how it could affect us in the future. We also keep bailing out companies that should have gone out of business because of their risky practices. Let’s just hope we get out of this mess soon.