LK’s Economic Briefing; 10/28/09

Posted by LK on 10/28/09 • Categorized as Blog

From the WSJ this morning:

1. GMAC needs another lifeline from the good ship USA, which itself is rapidly taking on water.

2. Pay Czar exerts compensation control at corner candy store as well as major banks.

3. Citizenry takes head out of sand long enough to tell WSJ/NBC pollsters they feel gloomy about the economy.

And, for good geopolitical measure:

Bombings, bombings, and more bombings. Springtime for insurgents.

BUT: just reported: durable goods up, as more people buy refrigerators to live in.

Glib darkness aside, the chasm between Main and Wall continues to widen, somewhat like the water that slowly boils and eventually cooks the unsuspecting frog.

3:30pm addendum: Wall Street, shockingly, is acknowledging the above factors as stock are taking a beating, but executive compensation will still be at or near record levels this year, as long as the company didn’t take money from us taxpayers. Little consolation.