05.21.10

Wall St. Power Suits Discuss Obvious

Posted in Stumble and Fail, Why the World Doesn't Need US at 9:48 am by George Smith


Good news, lads! Good news! Some Wall Street prognosticators have identified the symptoms of an American economic collapse!

From earlier this week, a crew of power suit Wall Streeters issue this hilarity:

Macro economic data suggest the great recession is over. But the gap between the haves and the have-nots is growing, thanks, in large part, to a jobless recovery. Wall Street Cheat Sheet’s Damien Hoffman says the growing underclass now accounts for about 10% of the U.S. population.

Ya don’t say, boys!

You really have to see the clip of them here. Or you can take my word they deserve an astoundingly painful beating for being obvious and enthusiastically unselfconscious.

“In this clip, [Damien and Derek], who jointly run the Wall Street Cheat Sheet website, point to several signs America is turning into a two-class society,” Yahoo ‘news’ informed readers.

These findings include:

– Unemployment. The official rate is 9.9% but the wider measure of under employed and those who have given up on their job search is more like 17%. That’s more than 24 million Americans out of work.

– Record numbers using food stamps. The Agriculture Department said a record 40 million Americans, or 1 in 8 Americans, may not be able to eat without government assistance. “This is the ultimate sign of an under class,” the Hoffman Brothers say.

– Take a look at Dollar Tree Stores. The discounter’s stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.

1 Comment

  1. Joao Mourato said,

    May 21, 2010 at 3:57 pm

    >
    >- Take a look at Dollar Tree Stores. The discounter’s stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.
    >
    Cheaper goods probably all made in china… I see the same trend here, just across the Atlantic, many people loosing their jobs as small and medium businesses keep closing in a steady rate.
    We might not be that deep, but we sure are sinking, as you say, Good news, lads! Good news!