Obama tax and market implosion

Charlie Gasperino, the biggest republican shill in financial media, especially since he keeps claiming “I’m not being political, i’m just telling the truth”. This guy is the most biased, self important ass on US tv today, the fact that his article shows up on the NY Post pretty much proves my accusation (at least in my mind ) of how biased and non-factual his drivel is.

If you think this financial crash and upcoming depression has anything to with Obama, you are really out of the realm of reality. What’s happening now is pretty clear, easy money for too long let to excessive greed that inflated real demand, which created a glut, which eventually popped the bubble. Obama had about as much to do with it as I have had with making Tom Hanks a star! NOTHING

I’m pretty sure the market is reacting to bad earning reports more than Obama’s tax plan.

“Sony surprised investors Thursday with a sharp downward revision to its annual earnings forecast, saying the rise in the yen and weakness in core markets would hurt its results.”

“The current situation has no precedent,” Sony’s chief financial officer, Nobuyuki Oneda, said in Tokyo, where the company is based, Bloomberg News reported. “Although we have already implemented cost-cutting measures, we still have to consider further action to get through this difficult time.”

As an FYI a good leading indicator of how well the economy will be doing going forward are chip makers such as Intel, AMD, Sun, TI, etc.. If they forecast weakness expect most companies that use their chips to as well.

In any event the global recession is here – plan accordingly!