Jessica Alba, who dissed Zac Efron of High School Musical as a kid with makeup said she's never used her body or looks to get business. "Contrary to how people may feel, I've never used my sexuality. That's not part of it for me." Anyone remember any of her lines in any of her movies? (Tan lines don't count.)
Goldman Sachs today said we would have 1% negative growth in the 2nd and 3rd quarter, and that the fed funds rate would be down to 2.5% by the third quarter. Unlike the Fed, they already recognize the forthcoming rate cuts. And unlike Alba, they recognize reality.
Last night in New Hampshire, Hillary beat the polls, the pundits and Obama. Perceptions in markets and politics can change quickly. When Reagan, spoke at a Teamsters luncheon in 1980, he spoke of the Carter "depression." He was called on the carpet for misidentifying a depression. His response? "As far as I am concerned, the line between recession and depression cannot be in the strict economists' terms, but must be measured in human terms. When our working people-including those who are unemployed-must endure the worst misery sine the 1930s, then I ought to recognize it that they consider it a depression."
And Wall Street is definitely in a funk worthy enough to be called depression.
Last night, Jim Cramer said that if Bernanke would quit the Federal reserve, the DJIA would go up 1500 points. So, with kudos to Reagan I have a new Wall Street definition: "A recession is when your neighbor loses his job. A depression is when you lose yours. Recovery is when Ben Bernanke loses his!"