"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Friday, September 2, 2011

I Don't Think Another Speech From Obama Is Going To Fix This

The August jobs report is out on this, the first Friday of September.   It's not good.  There were zero net new jobs added in the US in August: 

Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession.

It was the weakest jobs report since September 2010. The unemployment rate remained at 9.1 percent.

Stock futures plunged on the news. Dow futures fell nearly 100 points shortly before the market opened....

The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 58,000 fewer jobs added. The downward revisions were all in government jobs.

The average work week also declined and hourly earnings fell by 3 cents to $23.09.
I talked with a client yesterday who runs investments for a private investor (read: really rich guy) and he said that they are "hunkering down" until after 2012.   Funny that:  I've heard the phrase "hunkering down" a lot lately, usually from businessmen-types or investors who have skin in the game.

Forget about polls and projections and all the political consultant mumbo jumbo.   The people who make the American economy work are already voting, and they have come to the conclusion that Obama has been a disaster for business, and will continue to be a disaster for business until we get rid of him in 2012.   The last thing on earth they want to hear is another "soaring" speech from President Just Words.   The next political speech they'll tune in for is the Inaugural Address of somebody else, anybody else.

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