MERKEL (NO STIMULUS) PROVEN RIGHT, AGAIN!
Angering MSM and many economists Angela Merkel said no to stimulus or opted for a mini one. And, dire predictions aside, so far the numbers have proven her right. Jim Cramer, sums it perfectly
The stocks that were thrown away yesterday are now set to have a good day because of a piece of information out of Germany that no one thought a thing about 24 hours ago. Or 24 days ago or months ago, or whatever.
What piece of information?
Roaring auto output pushed German industrial production higher in May by the biggest margin since August 1993, official data showed Wednesday, signaling the country's deep recession might be near an end.
The economy ministry said overall output in Europe's biggest economy jumped by 3.7 percent in May from the previous month and added:"Industrial production may have passed the trough."
This is at a time, the US is celebrating the fact that its manufacturing sector shrank in June but at a slower pace than during the prior month
Yes, prejudice blinds. German unemployment declined in June from 8.2% to 8.1% after having dropped from 8.4% a month earlier. In contrast, American unemployment rose from 9.4% to 9.5% in June after having risen from 8.9% a month earlier. As I have previously noted, both countries had 7.2% unemployment rate in December 2008.
None of this means that Germany is out of the woods. It merely means that she is bound come out of them in a much better shape than had she wasted money in ineffective"make work" projects. I wish I could say the same about the US. And the"usual suspects" are talking about a second stimulus. Of course, only 10% of the first stimulus has been spent.
Also see, Economy, Obama's Katrina
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