2 months to go
Last week brought terrible financial news. Several major stock brokerages (Merrill Lynch, Goldman Sachs, Lehman Brothers) and insurance companies (Ambac and MBIA) saw their credit ratings drop. Two of the nation's largest banks, Bank of America and J.P. Morgan Chase, had negative connotations added to their credit rating.
Then there were the employment figures. On Thursday, it was reported that initial unemployment benefit applications in the previous week had dropped slightly from the week before. Well, of course, they were, since unemployment offices were closed on Memorial Day! To a whole lot less fanfare, it was also reported that the number of people receiving unemployment benefits was at a multi-year high. On Thursday, the general prediction for Friday's monthly unemployment figure was a rise from 5 percent to 5.1 percent It came in at a disastrous 5.5 percent.
Virtually ignored by the American media was the statement by the Israeli Transportation Minister late last week that Israel would not sit idly much longer if Iran did not abandon its efforts to develop nuclear weapons. The statement was the closest yet of the possible beginning of a war with Iran that would inevitably include the United States. Gold prices soared Friday on this news, yet the American public is largely uninformed about this.
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