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Tuesday, June 23, 2009

The greedmeisters have their knives at the goose's throat
Posted by Jill | 12:09 AM
So for a precious few minutes, things were starting to look just a bit better. Yes, unemployment is still terrible, but becoming more terrible at a slower rate. Retirement plan balances were starting to bounce back. People were starting to feel that just maybe, we weren't headed to economic Mad Max territory anymore.

Then Wall Street realized that a recovery might happen under a Democratic President. And that must not be allowed. So despite all the sucking up to Wall Street that Barack Obama has done with the naming of his Wall Street-friendly financial team, it isn't enough. Wall Street wants Newtie or Jebbie or Mittster in 2012, and besides, there's the mortgage on the Hamptons mansion to pay. So it's time to stuff the old pockets again, even if it means putting the brakes on the recovery:
The price of oil, which is rising too fast, and long-term interest rates that are beginning to creep up are likely to suppress a budding recovery, famous economist Nouriel Roubini, also dubbed "Dr. Doom," told CNBC Monday.

"I see even the risk of a double-dip, W-shaped recession… towards the end of next year," Roubini told "Squawk Box Europe."

"Oil could be closer to $100 a barrel towards the end of this year, this could be a negative shock to the economy," he said, adding that other dangers come from long-term interest rates and big budget deficits.

In the next few months, unemployment may reach 11 percent in the US and around 10 percent in Europe.

Because of bad macroeconomic data and poor earnings prospects as companies have weak pricing power and demand is still subdued, the surprises will be on the downside, he said.

"That's why I believe there's going to be a significant market correction for equities, for commodities and even for credit," Roubini added.

Nothing every stops these people from indulging their worst instincts.

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