lower state revenues = lower unemployment

[shunter]

5 reasons why I have been shorting the market for the last two weeks
1. lower state revenues - Phoenix has emposed a 2% grocery tax
2. 5 million out of 50 million mortgage holders under water- means more foreclosures - means less state revenue- means more layoffs (gov't)
3. sovereign debt issues
4. 2 trillion in short term US debt must roll over this year
5. China cut backs - means weaker commodity pricesgo to King World NEWS and listen to interview with John Williamshttp://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/2/6_John_Williams.html
ways to play the market for the next couple of weeks (or until corrrection is over) Short ETFs - SH MYY RWMand UUP while euro is in trouble I hope some of you find this useful. By nature I am fiscally conservative -I have silver bullion - tons (literally) of food for my family - I recently (nevered owned one before) bought guns and ammo - have stuff to barter with - cases of toilet paper + booze - house paid 4 - skeptic - paying utilities and phone and internet and taxes 1 year in advanced - have neurolgical diseases so typing difficult - I like itulipers - 1st time posting

[cjppjc]

Re: lower state revenues = lower unemployment

Thank you for making the effort. Please don't wait so long to post again. I did not know about the grocery tax. Is that tax on all food items?

[shunter]

Re: lower state revenues = lower unemployment

yes - see Mish Shedlock's page

http://globaleconomicanalysis.blogsp...ion-greed.html

[cjppjc]

Re: lower state revenues = lower unemployment

Well good news, in 5 years the tax will go away.;):rolleyes:

[ThePythonicCow]

Re: lower state revenues = lower unemployment

yes - see Mish Shedlock's page

http://globaleconomicanalysis.blogsp...ion-greed.html

From Shedlock's article:

“Why should I as a worker pay for the errors in policies?” he asked, in response to reports that the embattled Greek state will cut his pay and, by extension, retirement benefits. “The worker can’t be the scapegoat. So we have to defend ourselves.”

This is troublesome, though not surprising.

Our honorable(?) political and corporate leaders of years past lied to us. They promised us who are now pensioners a fine pension; but then they stole the money that should have been put aside for that pension, leaving it up to you who are still of working age to fund those pensions.

The only honorable and responsible way out, in my view, is for the present day pensioners and workers to essentially sit down together and agree that some lies and thievery of the past have put us in a bit of pickle. Elders should not be left to starve to death, and those of working age should not have all their wages confiscated to fund pension promises of the past.

Unfortunately, the troublesome part, it is likely that some rabble rousers, soundrels, liars and thieves of the present will find it profitable to pit one against the other, inciting pensioners to demand full pensions and workers (or those who would be workers if work were available) to object to paying one dime for the lies and misappropriations of the past.

It could get ugly.