Investors spent an asshole puckered week last week, as they watched the advice of the so called analysts turn to fecal matter right before their very eyes. It was almost as if Wall Street scripted the entire event to coincide with the 25th anniversary of Black Friday.
I have been saying for a long time that despite what the White House and the Federal Government have said and are saying, the economic conditions are simply not favorable. In other words the Economy According to Wax, sux.
There is no doubt that in my own mind I simply see the markets and the world of investing in a much different light than probably 90% of the rest of the investing world. But I see it in a light that not only makes sense to me, but in one that removes the useless fodder that the government and the charts and graphs people try to feed me.
Here are just a few of the things that I read or heard last week, with the Economy According to Wax recap at the end.
Unemployment claims increased week over week by 46,000, which seems to me to be quite the opposite of the what the White House had the Labor Department release in time for the President's second debate.
McDonald's Corporation announced flat earnings do in part to a weak global economy, as did Microsoft Corporation, Intel Corporation, and IBM.
Advanced Micro Devices, Inc. reported a net loss for the 3rd quarter and said that they are expecting a revenue decline of about 9% going forward. The company also announced plans to layoff 15% of it's global workforce.
Chipolte Mexican Grill reported lowered quarterly earnings and expects flat to lower single digit sales for FY2013. Sony Corporation announced plans to layoff 10,000 folks world wide. Google's profits declined and they announced layoffs in their Motorola Holdings business unit.
Three more banks failed in Florida during the week, bringing total bank failures for the year to 46. No mention of the what became of the employees of the failed banks.
So here's the recap.
The Economy According to Wax is in the crapper and will remain there until the government decides to take care of America first.
Just so you know, should you disagree with my assessment of the government, or believe it to be far to simplified, which is certainly your prerogative, the charts and graphs people want to talk to you.
It seems they have a pole they want you to be a part of just as soon as you get the K-Y applied.