Thursday, September 3, 2009

Is Banana Ben Doing Hallucinogenic Drugs?

I'm not sure where he gets off telling the world that he saved us all from global financial nuclear meltdown, he can't even diagnose the state of the U.S. economy.  Anyone see "green shoots" or "signs of recovery" in these numbers?  And don't forget, August is the heart of "back-to-school" sales for retail.  These were big retailer August same-store-sales released today:

Saks -19.6%, JC Penney -7.9%, Nordstrom -7.6%, Target -2.9%, Abercrombie Fitch -29.7%,
Macy's -8.1%,  Dillards -12%, Gap -3%, Limited -4%.

And don't forget that auto sales for August released earlier this week were much worse than expected, and were quite negative for GM and Chrysler.  The economy is still spiraling down, despite the $23 trillion in direct Govt/Fed stimulus and toxic debt guarantees.  The only thing Banana Ben Bernanke saved, with help from Obama, Geithner, and Larry Summers, was massive bonus packages for Wall Street.

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