Feelin’ Groovy Open Thread

Hey, everyone. Did you know that the depression, which no one admitted we were in, is over, and the recession, which some people said never began, is ending?

I do not claim to be an economist, but I do try to use common sense. What this type of rhetoric reflects, in my view, is the extreme disconnect between the real economy and the stock market.

Many Americans have been fooled into thinking that the stock market IS the economy. If we pretend that’s true, then by that criterion, we’re in a depression. Remember 14,000, folks? The Dow Jones Industrial Average reached that milestone in July, 2007. Yesterday, the DJIA was at…7978.08. Last time I checked, 8,000 was a lot less than 14,000.

But it gets even more unbelievable. Adjust your rose-colored glasses and your Xanax dosage, people.

Jim Cramer is now saying that the recession started 18 months ago. That would be (counts fingers, toeses, noses) October of 2007. Any guesses as to what the Dow Jones Industrial Average was like back then?

Would you be surprised to know that it was at the same record-breaking height it had reached in July?

So if we were in a recession when the DJIA was at 14,000, what are we in when it’s at 8,000?

Does the word “depression” spring to mind? I know it does for me.

Jim Cramer is trying to have it both ways. By his logic, the depression is over because the stock market is rising. But he also says that when the stock market was approximately 43% higher 18 months ago, we were in a recession. So, Mr. Cramer, does the stock market reflect economic reality, or not?

The way I see it, the Dow Jones Industrial Average is simply a reflection of how the Powers That Be (the super-rich and mega-corporations) feel about certain sectors of the economy, most of which have very little to do with the lives of ordinary Americans like you and me.

Our Corporate Overlords may be feelin’ groovy because the G20 resulted in gonzo bucks for the IMF. But as for us 99-percenters, I’m with this guy, who, commenting on Yahoo, responded to Mr. Cramer’s rosy prediction thusly:

Hello Jim,

1. tell the 2 counties in my area, whose unemployment rate is 19% and 14% respectively, the depression is over.

2. Tell your neighbor Dave Cote from Honeywell I have email evidence in which his minions have ORDERED American project managers to refrain from issuing purchase orders to American manuafacturer’s and to issue purchase orders to the Indians and Chinese.

3. Tell the local owners of 2 mega malls the depression is over as they enter Chapter 11.

4. Tell the UAW the depression is over as GM declares bankruptcy and dumps their fat labor contracts and pension obligations.

5. The depression is over for a select group: the finanicla fraudsters, who, for a brief moment in time, actually feared prosecution for their deliberate fraud and fleecing.

6. When you see Mr. Cote, tell him I want my hedge clippers back.

Jim Cramer can declare whatever he wants, but it won’t put the food back on our tables, the jobs back in our companies, or the people back in their homes.

That, my friends, is the REAL economy.

There’s a war post coming soon, but in the meantime, this is an open thread. How are you feelin’ this morning?


24 responses to “Feelin’ Groovy Open Thread

  1. StateofDisbelief posted this below:

    Bruni backs off from Obama kiss

    Ha! Guess she doesn’t find him so irresistible or charming.

    Meanwhile, is Michelle wearing the Queen’s curtains in that picture?!

  2. well, mad, since it’s an open thread and you started it … 😉

    the Brits (Guardian.co.uk) think MO looked better than Bruni in her curta..ugh no I mean dress…angienc is going to pitch a fit..

    I didn’t realize the Brits were the authority on fashion..doesn’t Hadley Freeman write for the Guardian?

  3. catarina, the Guadian said that?? I couldn’t tell if MO’s dress was made of curtains or left-over upholstery fabric.

    Unemployment in my state was last reported as 10.5% and anecdotal evidence points toward an increase in that number. My husband’s company has a major lay-off underway and I’ve heard many reports on the news about local companies closing. Most of the school budgets are in a severe crisis. A huge local mall is facing debt problems. Sounds to me as if Cramer has succombed to the pressure of his Obot media colleagues.

  4. I have had items stolen off my front porch twice this week. I have lived in this neighborhood five years and have never had a problem. People are getting desperate. Our unemployment rate is in double digits and climbing.

  5. Chiming in here…The MTA is doing its best to completely screw New York’s subway, train and bus riders. The huge fare hike isn’t the worst part – it’s the decline in service that inevitably comes along with it that really pisses me off.

    Once again, the idea of “tax cuts” is just a dodge, because the state has no money to provide services for those who can’t afford to chauffeur themselves around in limos, so whoooops! State taxes go up.

  6. Jim Cramer is a tool. you know he is married to Karen Backfisch, who worked for Michael Steinhardt, the guy who wrote to Clinton for Mark Rich.

    Karen Backfisch was Steinhardts right hand woman at his hedgefund. Steinhardt is known as the man who brought the mafia to wall street. Steinhardt was the first Chairman of the DLC.

    Cramer was a protege of Steinhardt had an office down the hall from him. He learned all the ropes on how to naked short from steinhardt and Blackfisch who he later married.

    The guy is connected. He decided to get into “journalism” to manipulate the markets vs. just getting journalists to help you spread rumors about companies.

    It’s all a big trash heep! America is screwed.

  7. Three Wickets

    New word for today. ” Domo.” By far the most used word in Japanese conversation and interaction, though not in writing. In rough translation, “Domo” means “very” or “quite.” In usage, it most commonly means “hello” or “thank you” or “pardon” or “goodbye.” Quite a range. It’s a wonderful word because at its core it conveys a sense of “grace” or “graciousness,” the essence of Japan’s polite public society. You’d be surprised how much mileage you can get as a first time visitor using “Domo” along with just a half dozen other courtesy terms. Content matters in Japanese communications, but often the manner of that content matters more.

    That said, I find English to be more flexible, creative, nuanced. Probably because it’s my first language, duh. What’s that thing the scientists say, that 80% of interpersonal communication is non verbal or languaged based. It’s the voice, eyes, facial expressions, gestures, body language, etc. But with blogging, we make do with the 20% and guess or presume the rest. One thing I’ve learned the hard way, aggression is seriously magnified online. And interestingly, opinions and positions actually come across quite clearly. Maybe because the other 80% is not around to fog things up. Who knows.

  8. Also, did you know cramer was Elliot Spitzers roomate at Harvard…


  9. Ha!Ha! One has to compare that Bruni headline with the Daily News cover today

  10. Taggles – Wow, thank you! That is verrrrry illuminating. Although I must say, Eliot and Jim seem to have taken quite different paths in terms of fighting corruption. Too bad Idiot Spitzer could not keep it in his pants.

    TW – Hmmmmm. Something tells me you’ve visited that other site today.

    For your presence here, domo arigato.

  11. Cramer’s background is not known. he comes off like some sort of guy who wants to do well.

    He is a pariah. A hedgefunder, naked shorter and his show was the one to watch for the little hints on which company was going to get shorted next.

    He is a big part of the problem. Hence his sheepish apologies and testimony before congress and trying to make himself look good.

    He is a crook, imho.

  12. taggles – He works for our corporate overlords and regurgitates their propaganda.

    Anyone who believes he is standing up for the 99-percenters (that’s what I’m now calling the rest of America) is fooling him/herself.

  13. It is now April 3rd have the Obama’s gotten their two beautiful girls a puppy or doggie yet?

  14. garychapelhill

    Unemployment at 10.7 in my state, the 4th highest in the nation. Funny that because Forbes ranked Raleigh as the #1 city to do business in in the USA, with Durham coming in at #3. Raleigh was also the fastest growing city in the country according to recently published census figures. So we’re losing jobs at breakneck speed while New Jerseyians continue to emigrate in droves….

  15. cat — you got that right — Bruni definitely went conservative to not show up MO too much but MO looked like a sofa. Does anyone even believe the lies the press is spewing anymore? I’ll trust my lying eyes.

  16. Three Wickets

    What taggles said, totally, on Cramer. And MB, I agree with you on the markets. The stock market these days is a leading indicator of squat, maybe wishful thinking. Bond markets might tell a truer story, and jobs are everything.

    Since you’re playing feelin good music..

  17. garychapelhill

    Quick, grab your pitchforks!

    Google’s ambitious plan to offer a 3-D street level view of communities across three continents hit a snag when angry residents of a UK village blocked the search engine’s camera car from photographing their homes.

    “This is an affluent area. We’ve already had three burglaries locally in the past six weeks. If our houses are plastered all over Google it’s an invitation for more criminals to strike. I was determined to make a stand, so I called the police.”

    Taking a stand to protect your wealth. How noble. Poor, poor rich people….

  18. garychapelhill

    Iowa? Really???

    The Iowa Supreme Court struck down a state law Friday that banned same-sex marriage in the state, plaintiff’s attorneys said.

  19. Gary – NO WAY! That is incredible!

  20. Bella Napoli

    Bruni always goes conservative when on an official capacity, but it seems MO is back to wearing tapestry. Yuck!

  21. garychapelhill

    I just put up a post at my site. YAY IOWA!!!

  22. garychapelhill

    here’s a link 🙂

  23. Bella Napoli

    Re: Iowa, I was just going to comment on it, but Gary beat me to it. I am so glad! Going to read Gary’s blog. BBL

  24. New post up – about the war that is so thirty seconds ago.