Maybe the stock market isn’t doing as well as we’ve been told?
Take away Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and profits at U.S. companies are the worst in at least a decade.
Without the $70 billion that oil producers earned in the last two quarters, profits at companies in the Standard & Poor’s 500 Index tumbled 26 percent and 30.2 percent as of last week, the biggest decreases for any quarter since Bloomberg started compiling data in 1998.
It’s hard to maintain a straight face when telling the world that the US economy is doing fine. Some companies are making a killing, it’s true; many more are hurting. I wonder how much longer politicians will be able to keep convincing voters that ‘things aren’t so bad,’ or that ‘we’re turning the corner’, or that ‘this will be a shallow recession followed by a shallow recovery.’ Maybe we’ll all be lucky and that will be the case, but I’m feeling pretty pessimistic about that.
For those of you who like the tinfoil hat stuff, I found this article entertaining. The first part has some juicy, unverified gossip before turning into a combo stock market analysis/sales pitch. While I wouldn’t put it past Congress to cover up really bad news, the sources being quoted are dodgy enough to give me pause. That said, I believe the author is correct that regardless of what may come, the fact that more & more Americans think they are on the way to getting totally screwed does not bode well for the future.