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December 30, 2011     Post-Gazette
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December 30, 2011

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Page4 POST-GAZETTE, DECEMBER 30, 2011 STOCKS NOTCH GAINS IN DWINDLING TRADES by Sal Giarratani < ....... A j F'irst volume was low sug- 2.5Yo. We understood it was economy had started to bot- What Happened to Post-WWll America? gesting that institutional bad but had no idea how bad tom out and it officially investors were not partici- pating, (2nd) low industry groups were not participat- ing and (3rd) breakouts among top-rated stocks were non-existing. While Euro- pean debt has dominated the news while economic news has topped the streets esti- mator. Still the economy has a long way. to go. Third quar- ter economic data provided revised ammunition for the bulls and the bears. Still other data showed the lead- ing indicators for November topped the streets estimates bflt we have a long way to go. GDP was revised downward to 1.8% from 2% from 2.5%. The Chicago GDP growth was revised downward to 1.8% from 1.8%. The Chi- cago Fed Index reported growth of 2.0% from 2.5%. Top-rated stocks reported earnings that were below trend growth. The 4th quar- ter earnings will begin re- porting earnings in the sec- ond week of January. The recession was severe. We understand it was bad but had no idea it was as bad as it was. President Obama didn't know how bad the economy was. The original GDP had already been re- vised downward to 2.0% from it could be when Obama was sworn in. He called it the worst Depression since 1981-82. That one lasted 18 months and pushed unem- ployment up to 10.8%. At the comparison point in 1982 the recovery had grown 12%. Everyone knew the recov- ery would take a long time, more than a year, more than two years, more than a term. He was wrong as he says now my long-term pro- jections were highly optimis- tic. He later dropped 2011 growth to 3.8% and unem- ployment @ 8.6%. So far this GDP year unemployment has averaged 8.6% and growth @ 1.16%. This could have been much worse had President Obama not acted. He pushed unemployment and did all the right things to get the economy working again but it hasn't made up for the hole in the first six months before his stimulus bill took effect. Several stud- ies have shown that without the 8825 million stimulus with auto bailouts, etc., the recession would have been deeper and longer leaving millions more unemployed and spending restraints and a service of temporary tax cuts. He didn't as the ended just five months after he took office when only a small fraction of stimulus monies was at work in the economy. Obama in his lat- est projections pegged 2011 GDP growth at a healthy 3.8% and jobless a healthy 3.8 and jobless @ 8.6% so far this year quarterly growth has averaged a mere 1.16% and unemployment @ 9%. At a town hall in April President Obama predicted that the economy will average 8.6% after a financial crisis, of 3.9% is a drag on the economy for a long period of time. It's clear that President Obama didn't prevent a re- cession from happening. The stimulus officially ended when only a small fraction of the stimulus money was at work in the economy. In his May speech, he forecast "the economy would be cook- ing and jobless growth down to 7.1%. The recession had started to bottom out in Feb- ruary when only a small fraction of the stimulus money was at work in the economy. It's time to call your Financial Advisor or call me at 617-337-5712. ITALIAN CLASSES Sponsored by Appian Club of Stoneham Adult Italian classes will be offered by the Appian Club of Stoneham starting on Tues- day evenings, January 174. A beginner's class will start with the basics (pronuncia- tions, phrases, etc.) and give you a firm foundation for the language. A more ad- vanced class will also be available on Tuesday eve- nings for those with knowl- edge of Italian. The eight week classes will be held on Instructor Tiffany Bis- tocchi, is a graduate of Dickinson College (2003) with a major in Italian and a Master's in Italian from Middlebury College (2006). She has travelled exten- sively throughout Italy and has taken courses there. The class is casual, interest- ing and the experience will be enjoyable. If you are trav- eling to Italy or just want to relive your heritage roots, Contact coordinator John Nocella for further details at 781-438-5687 or, preferably by email, at appianitalian Please pass along to family mem- bers, friends and neighbors. The class is sponsored by the Appian Club of Stone- ham, a non-profit, social charitable organization 501(c)(7) whose mission is to promote Italian culture and heritage. Tuesday evenings thsclassisfryul.,nl.OOO 1 ...o..., ~,:~.~ ~, --.-.-o..-.Ao Pounds And ;*''"4.4 M~ ~ ~(~/ 4." Feel GOOdAbout It: 4 I LUCIA " 4 4 RISTORANTE & BAR e Traditional Italian Cuisine 4 4 4 415 Hanover street, Boston 4 . 617.367.2353 . 11 MountVernon Street, Winchester 4 781.729.0515 PPivate [::unc|ion i~oomsfopanq Occasion Donato Frattaroli . t donato @ l t WWW.BOSTONPOSTGAZETTE.COM OI~'~.O e~e,O ~'~o lj.ej.o ej.o i,i' e~e IAq) ej.o U~ Adopt-A-Manate~ Save the Manatee~ Club 500 N. MAITLAND AVE. MAITLAND, FL 32751 1-800-432-JOIN (sr,~) ~.~vet~manat~,org As one of the early baby boomers born in 1948, I heard that America had just come off victory against the forces of evil and was both feared and respected world- wide. We were a compassion- ate nation and a military power too. The world looked to us for leadership. We were at peace and had prosperity again. The long night of the Depression had ended with hope and opportunity for all. We had jobs. We were living in the American dream with home ownership almost guaranteed to all who strived for that goal. President Dwight D. Eisen- hower was inside the White House after having been a well-known military general during the War. Americans were buying cars it seemed every two years at prices affordable to nearly all. Home subdivisions sprouted all across America as the coun- try grew out from the urban inner city to tree-lined suburbia. The cost of living was quite well, Workers could retire from their jobs and didn't need a post-retirement job to survive. Education in the pri- vate sector was economical for all. Consumers purchased things with real cash. Credit cards were unheard of by most and our debt was short term rather than genera- tional. We purchased only what we could afford. Our dollar was solid here and around the whole world. Today, we have lost the respect of the world commu- nity, We are laughed at from the largest to the smallest nation around the world. Our jobs and goods are mostly being outsourced due to the existence of cheap labor abroad. We are now a great debtor nation who owes ev- erybody around the' world something instead of the world owing us. The more we try to get out of trouble, the further into the cesspool we march quietly. They've brought back the lay-a-way plan for those willing to over- look the need for immediate gratification. More back to the future stuff is almost mandated. The sixties and seventies were a great time for music but not for Americans who developed a more narrow vi- sion of their future and that of their families. Inflation, war, racial unrest scarred the Americas soul. The songs were nice but the music held us together like an old band-aid. Things were good for a while. Lyndon Baines Johnson was in the White House when the Gulf of Tonkin Resolution was passed up on Capitol Hill. Johnson led us to a long and deadly war in which victory eluded us. By the Seventies true leaders like Martin Luther King Jr. and Bobby Kennedy had both been assassinated. The vision and hope spoken by a young President John F. Kennedy didn't last long enough for us as a people. Today, America has be- come a mere shadow of itself. We owe too much to other countries especially to China. The world is now being held hostage by those smaller nations over in the Mideast. Thanks to our dependence on their oil. When our president speaks today, no one listens. We have a president who seems clueless on how to fix what is wrong, He can deliver a great speech but there is no satisfaction in knowing he understands so little of this crisis we live in. Things either go bad to worse or stagnant in one unmoving spot. Unemployment continues as more and more folks just give up completely. The per- centages of those who see hope at the end of this finan- cial hole we've dug for our- selves grows smaller. We have an election com- ing up next year, an impor- tant election, one that could decide the very fate of this Republic of ours. I wonder how many Americans won't even bother to vote? Despair and frustration fills the land. Hope for better looks like an allusion. Candidates run for an office in a coun- try they don't even seem to know or even understand. This Republic is in trouble and the trouble has been going on since the guns of war stopped firing nearly 70 years. My generation saw this country at its best and sadly now at its worse! It may well take generations to fix our ship of state. Government is our business. Either we run it or it runs us. America was a great nation and it can be again if only "We, the People" make it so! @ JUSTINE YANDLE PHOTOGRAPHY 781.589.7347 JUSTINE.YANDLE@GMAIL.COM WW~.JUSTINEYANDLEPHOTOGRAPHY.COM