Obama’s Cockeyed Optimism: “We are starting to see glimmers of hope across the economy.” by Mike Whitney

Obama’s Cockeyed Optimism: “We are starting to see glimmers of hope across the economy.”

by Mike Whitney / April 18th, 2009 (11)

Retail sales fell in March as soaring job losses and tighter credit conditions forced consumers to cut back sharply on discretionary spending. Nearly every sector saw declines including electronics, restaurants, furniture, sporting goods and building materials. Auto sales continued their historic nosedive despite aggressive promotions on new vehicles and $13 billion of aid from the federal government. The crash in housing, which began in July 2006, accelerated on the downside in March, falling 19 percent year-over-year, signaling more pain ahead. Mortgage defaults are rising and foreclosures in 2009 are estimated to be in the 2.1 million range, an uptick …
(Full article …)http://dissidentvoice.org/2009/04/obamas-cockeyed-optimism-we-are-starting-to-see-glimmers-of-hope-across-the-economy/