With all the talk of Mukasey, Pakistan and O.J., it seems like there is a much larger story missing from the MSM. Here is a chart of our stock market this week:
Our economy is looking at some serious trouble. Lots of news has fueled this, like retailers reporting very sluggish sales in October, forcing them to lower their forecasts for the holiday season. That is always bad news on the economic front, but nowhere near as bad as the declining value of the American dollar:
So it has come to this for the tumbling U.S. dollar: It dropped below the Canadian dollar last week and is barely hanging on to parity now.
Along the northern border, shopping patterns are reversing. Instead of Americans driving north to get cheap medicine and other goods, Canadians are traveling south for better deals. A ticket for the Maid of the Mist cruise at Niagara Falls still costs $14 in Ontario and $11.50 on the New York side, but with the currencies virtually equal, the New York ticket is a bargain.
We also reached a low level compared to the pound that we have not seen in 26 years. Add to that the fact consumer confidence is in the dumps and oil prices are teetering at the $100 a barrel mark, it clears a path for some very dark times in our country.
The most disturbing part of this was when fed chairman, Ben Bernake, told Congress this week they haven’t even thought about a recession. As typical with any Bush appointee, they never cover all basis when looking at short and long term goals. Instead they only worry about now.
Our economy is in serious trouble and that is being compounded by the media’s lack of attention to it. I guess they don’t want to worry the poor, frail Americans, but Americans need to worry. We need to worry about what our Congress and the White House is doing to correct these problems. Of course they all worry about the 1% club, you know the millionaires. Hell if they can put the hurt on for regular Americans then they can enter a new era of slavery, and that is what we are leading to. Are you worried yet?