Here We Go Again

Goldman downgrades U.S. growth again

... economists at Goldman Sachs last week cut their economic growth forecast for the second time in a month, only to warn a few days later that "we already see downside risk to that estimate."

. . .

Goldman is hardly the only firm to be humming this tune lately. Economists at Bank of America Merrill Lynch last week cut their second-quarter growth forecast to 2%, warning that a run of "dreary" data doesn't seem likely to end suddenly.

But Goldman was so bullish at the end of last year that a pronounced darkening in its outlook is ominous – and there is every reason to believe the bad news isn't over. Another day, another giant problem for Ben Bernanke.

"If the data flow fails to improve in coming months," says (Goldman economist Zach) Pandl, "we may need to consider a further downgrade to our US growth forecasts."

Now couple that with the following.

'Double-Dip' in Housing Prices Even Worse Than Expected

U.S. single-family home prices dropped into double-dip territory in March as the housing market remained bogged down by inventory and weak demand, a closely watched survey said Tuesday.

The price index was below the low seen in April 2009 during the financial crisis. The glut of houses for sale, foreclosures, tight credit and weak demand have kept the housing market on the ropes even as other areas of the economy start to recover.

"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," David Blitzer, chairman of the index committee at S&P Indices, said in a statement. "Home prices continue on their downward spiral with no relief in sight."

Falling economic indicators, falling home prices ... the only things rising are unemployment and inflation.

And what is obama doing about it?

Playing golf.

Can you imagine David Cameron enjoying a round of golf on Remembrance Sunday? It would be inconceivable for the British Prime Minister to do so ... it would be viewed as an act of extremely bad taste on a day when the nation remembers and mourns her war dead. I can’t imagine the PM even considering it, and I’m sure his advisers would be horrified at the idea. And if the prime minister ever did play golf on such a sacrosanct day he would be given a massive drubbing by the British press...

Don't hold your breath waiting for the U.S. kiss-ass press to mention it, much less condemn it.

Contrast this with President Obama’s decision to play golf yesterday, Memorial Day, for the 70th time during his 28-month long presidency. For tens of millions of Americans, Memorial Day is a time for remembrance of the huge sacrifices made by servicemen and women on the battlefield. The president did pay his respects in the morning, laying a wreath at the Tomb of the Unknowns at Arlington National Cemetery, but later in the day traveled to Fort Belvoir to play golf. The story has not been reported so far in a single US newspaper, but was made public by veteran White House correspondent Keith Koffler on his blog (as reported in yesterday's Bergheim Follies).

The cartoon below is a repeat from yesterday, but some things are worth posting more than once.

It has been said that people get the government they deserve. What the hell did we do to deserve this buffoon and his ilk...?