Reality Check

Its starting to become apparent that Barack Obamas so called GREEN SHOOTS in the economy have been sprayed with economic weedkiller, in the form of REAL numbers. The lack of common sense strategies is beginning to rear its ugly head. We all know that its impossible to spend your way out of debt, and throwing TRILLIONS of dollars at toxic assets does not make sense. CONSUMER SPENDING fell 0.5% in April, when economists expected it to be flat, this indicates a much deeper recession than previously projected. Imported PETROLEUM is up 15.4% in April, while EXPORT prices are down 6.8% from last April. BOND prices rose, while a startling 342,000 notices of default were sent out to homeowners nationwide. MORTGAGE APPLICATIONS slipped to the lowest level since March even when interest rates are the lowest in decades. Banks hoarded a record 1.1 Trillion dollars of cash even after the Treasury and Central Bank made emergency injections of capitol, and set up special lending programs to ensure lenders extend credit to households and businesses alike. The only problem was the government forgot to install regulation to ensure that loans would be made to those of intention. The net result is the government gets its power grab, while the taxpayer picks up the tab.