Watching the economic strategists on Varney & Company on cable Fox news today as they all indicated that we would not have a double dip recession, I wondered how the stock market could rise over 600 points in the past few weeks with the job report this Friday expected to show at lease 90,000 job losses!
This economy continues to be one of the Haves and the Have-Nots. The newscasters that are employed seem almost overly joyous and out of touch with the millions of struggling job hunters and displaced workers that are at a crossroads in their careers trying to figure out how they are going to make money to support themselves and their families.
Most of the financial analysts, of late, whether they are Democratic or Republican based maintain that our economy will not have a double dip recession, but rather a slow painful economic growth. So why is the stock market soaring like a vulture chasing its prey?
I admit that I am not a financial expert, yet I am a pragmatist and stay current on what the financial markets and world economy is doing, which can be quite contradictory and confusing. One day it is declared that we are “in the worst recession since the depression” and the next day when the stock goes up over 100 points we are on out way to a recovery.
This all doesn’t make any sense to me as I encounter displaced workers from every sector all talented, experienced and marketable, struggle to find another job. Mr. Bernake gives yet another convoluted, non-committal report on the state of our financial system and I wonder whether he has a grasp on our economic future. For that matter does anyone really understand this economy?
In the meantime the Have’s are making money on their stocks and getting sign-on bonuses believing that the economy is on its way to a recovery, while the Have-Nots are struggling to pay their mortgage, send their kids to college and find a job. I have never seen a more imbalance in workers careers in my lifetime.
In one poll 44% of Americans expect taxes to go up in President Obama’s administration. I am not blaming him for the struggles in our economy. Perhaps, we as a society were all living beyond our means and we all need to adjust our lifestyle to match our income.
So as I watch the stock market march forward with vengeance my hope is that some of the Have-Nots make money on this latest rally on whatever stock they may still own. I have been in the money market for 10 years so I have not lost any money nor made any, either.
From a job perspective, my sources tell me that large corporations are beginning to set up their hiring. If you are not the type to become an entrepreneur, than I would focus on larger corporations for your job search. I also believe that technology companies are a great place to look for work and will lead our economy out of this deep recession.
When you do find a job and become a Have, remember the Have-Nots because in this fragile economy anything can happen!