Tired, poor, been kicked out of your home? You just didn’t have the right job, Bunkie! You needed to have a federal job because I’m reading where the average is now up around $71,000 a year. I keep wondering how this concentration of taxes will eventually end for the private sector, but I think I already know the answer.
But wait! Santa is due on Wall Street. With yesterday’s 68 point gain, and the early futures buoyed by overseas gains, the only question is what about those retail figures due out this morning? The envelope please…
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for November, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $352.1 billion, an increase of 1.3 percent (±0.5%) from the previous month and 1.9 percent (±0.5%) above November 2008. Total sales for the September through November 2009 period were down 2.1 percent (±0.3%) from the same period a year ago. The September to October 2009 percent change was revised from +1.4 percent (±0.5%) to +1.1 percent (±0.2%).
Retail trade sales were up 1.4 percent (±0.5%) from October 2009 and 2.2 percent (±0.5%) above last year. Building material and garden equipment and supplies dealers were down 9.3 percent (±1.8%) from November 2008, but gasoline stations sales were up 8.9% (±1.3%) from last year.
OK, lemme see: Inflation’s up 4-5%, retail is up 1.9% compared with a year go not accounting for price changes so…hmmm…some recovery, huh? Gold collapsed from around $1,142 to the $1,153 area upon release. Happy talk headlines like “November retail sales rise more than expected” oughta rally the sheep.
Meanwhile, Santa’s trip to Goldman Sachs exec homes will be a little unusual: He’ll be delivering bonus stock which can’t be cashed in for 5-years. Leave a “Come back for a cookie in five years” note and powder milk out for him, maybe?
Still, between now and Christmas, the market has a pretty good chance of setting a new high for the year. Normally, that’d be good news, except this year has been pretty crappy. Any close over 10,549 would be a new high for the year and I think there’s maybe one of those on the sleigh.
Gotta wonder if Santa’s got a couple of jugs of ink and a lot of pulping trees chopped down for the U.S. Treasury: “Democrats to lift debt ceiling by $1.8 trillion, fear 2010 backlash” says Politico.
What!!?? From people like me screaming “Throw ‘em ALL out ‘except Ron Paul!”? No reason for congressional hearing scores to improve now, especially in mid-bidding from the special interests that will bankroll the slick 2010 media campaigns…
Silver Screen, Golden Reviews
I always find such things interesting; a kind of social commentary mixed in with marketing, cross-promotions, and product licensing. A whole phenom to behold in seasonal wonder.
Been talking about plans for a Stability Policy Force in the USA – and while you’re pondering that report from Thursday here, consider the latest on how private security contractors are behaving in Afghanistan and Iraq according to this MSNBC/NY Times report.
Seattle setting record lows again. As goes Seattle, so too may go much of the country by next week. Wonder if software over in Redmond runs slower because of it? has to be an excuse in there somewhere…
Don’t know what to make of the headline that “Oxfam says additional funds needed if Climate Change Conference is to succeed“. More in today’s “Coping” section…
Our Simple Minded Solutions Award goes to Gordo Brown and Nicolas Sarkozy this morning after the headline in the Times Online reported that “Gordon Brown and Nicolas Sarkozy: banks should pay for climate change.“
Someone would need 10 pounds of lard between the ears not to figure out that banks aren’t going to print up a solution – they will pass it on to who? Us retail customers – of course! And if Gordo and Sarkozy are trying to point out what callous political hacks they are, well to me this does it in spades. Free (climate) lunches – step this way. Gimme a friggin break.
Once again it becomes clear: Gordo and Sarkozy are all part of the elite globalist club that’s trying to come up with a workable scam to set up a system of global taxation beyond the direct control of an electorate. Thanks, but no thanks. I still hold to this thing called a Constitution that’s about representation and recall for mis/malfeasance and such. But what would gold-seller Gordo know of such things; sovereignty in particular? Their EU is busily replacing the Magna Carta and woe be to those who question the agenda….