Should anyone be surprised at these figures? These figures beat the whisper numbers of -5.5%.
But let's look at what's happening in the news today.
Remember the long term time horizon of the sovereign wealth funds? A little more than a year ago, Istitmar, Dubai's fund, bought Barney's for $950 million. Now they already want to sell it, but instead of asking today's market price of about $400 million, they still think they can get $950 million.
Who pays more than oil sheiks? Even "working" girls know that.
The telegraph is reporting that 40% of the wealth of the world has already evaporated.
Now we see that credit card payment rates dropped by the most on record. Analysts say it shows that consumers are altering their buying habits.
Altering their habits? No they are preparing to default! Does anybody think that the consumer that has lost his home, or his job, or has ruined his credit or any combination thereof, now is losing sleep at night because he's not going to pay his revolving balance?
This is Super Bowl XLIII weekend, and it's apparent that this is the Recession Bowl. Tampa has 43 strip clubs to go along with the party, and the Tampa Tribune even had a section in their paper devoted to the clubs. Now it's apparent that the stimulus plan isn't what it was cracked up to be, even in Tampa!
Has anyone been to the Victoria Secret party? Oh that's right, it was cancelled this year. So go to the Playboy party. Oh that's right, it was cancelled this year. So go to the Sports Illustrated party. Oh that's right, it was cancelled this year. Heck, go to the GM junket. Oh that's right, it was cancelled this year. At least you have the ESPN or Maxim party. At least there you won't have blogging from the http://www.dabagirls.com/!
What it means though, is that the Obama stimulus plan, is going to be changed a bit in the Senate, with more stimulus, and less pork.
Because even in Tampa, during the Super Bowl, in this "foxhole" economy, the stimulus business is suffering!
Unless everyone just decided to go to Kurt Warner's bible study!
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