You'd Best Strap Yourself In. DOOM! Is Behind the Wheel.

Jobless claims out - 400K. Down 1,000. Whoopee!! Recovery Summerpalooza!!

The left's working overtime to make us just like Europe. No thanks fellas, Italy's busily proving the old adage that PI(I)GS get fed and hogs get slaughtered.

Never ones to fear stating the obvious, JPMorgan shaved a point off its GDP growth estimate for the third quarter. Who could've seen that one coming?

Also on the GDP front, coblogger emeritus and all-around good guy Geoff has new a new post and DOOM!y chart over at Michael's obscure little website.

Read the whole post, but his main point is that assuming future GDP growth around 4%-5% is wildly optimistic given the history of the last few decades. I agree and would add that since GDP includes deficit spending by the government, the numbers are inflated as a measure of our ability to support the gargantuan government debt we have. In other words, we're boned.

The AP makes the case for more stimulus. Well, they don't make much of a case, they just lay out a laundry list of all our ills and lament that the government doesn't have any bullets left. Dear AP: see above.

Chartology: Head and Shoulders makes a reappearance. It could signal a huge market crash. Or not. (Dow futures indicate opening down about 100 points as I write this, btw)

There's a lot of DOOM! out there, people. Stay safe.

Update 1: Et tu Krugman? Notice how former Enron adviser Paul Krugman wraps in his continuing assertion that if only the spendulus had been bigger, everything would be a-ok.

Update 2: As of 11:00am, the Dow's off about 260 points and about 1,100 points lower than the July 21st close. Happy 57th birthday, Mr. President.

For you Mark Steyn fans, here's a long and quite DOOM!y interview with Ezra Levant, or, as they're known by various Canadian human rights commissions, the co-defendants.

And for Laura, a kitteh:

posted by Andy at 08:53 AM

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