Tuesday, February 05, 2008
This is a super week. The Super Bowl was on Sunday, then we got a day off, and now it's Super Tuesday.
Those two things have more in common than you might think. Both are very big TV shows, with sponsors and their own theme music.
It's also Mardi Gras.
It's also the day when they (the stock market people) realized we're going to get a Supersized(TM) recession. The Institute for Supply Management's service sector report came out, and it looks very bleak. The Super Recession of 2008 is also a TV show, but unlike the other two supes is a great deal more besides. It has the distressing characteristic of being real.
This particular ISM survey is a time-honored, respected, and reliable economic indicator.
"But how bad is it?" asks the New York Times's Paul Krugman. "The latest report has an employment diffusion index of 43.9 (50 means no change, anything less than 50 means job contraction)." He also supplies the historial graph, and it's not a pretty picture.
This is going to be very rough. There will be a lot of people out of work, and trying to squeeze by on little or no money. For how long? Nobody knows.
This is the last of the bouquet of poisoned blossoms the Neocon movement, beginning with Ronald Reagan, has cultivated for us over nearly 30 years in the toxic soil of its noxious garden.