Unemployment has reached 8.1% and the market is falling at an annualized rate of 80%. As we said almost three months ago, we anticipate this going well into 2010, a DOW at well below 6000, unemployment exceeding 12.5% and then a swing in inflation approaching 20% as a way to "pay off the massive debt". The major problem is that the current Administration is attempting to do everything at once and not accomplishing anything. Again as we said, focus, focus, focus, and the primary focus in the economy.
The US is going into the G20 with no cards. Perhaps the exchange of gifts between the Prime Minister and the President were most telling, the Prime Minister gave the President items of great historic value, stressing the nexus between the US and Great Britain. The President gave a bunch of DVDs! Really, you can't make this stuff up! Even the Chicago Tribune says that Obama may do what no one else could, make Bill Clinton look great.
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