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Chicago PMI Misses, Survey Respondent: "Companies That Are Very Profitable Still Behaving As If Bankruptcy Is Around The Corner"

Tyler Durden's picture




 

While the miss in the April Chicago PMI was just as we predicted, with the final read of 67.6 below "expert" expectations of 68.2, and down from a near record 70.6, it seems that the full pain will only be felt yet. The reason: "In response to special questions about the Japanese disaster, panelists reported minimal impact." They will. Guaranteed. Which means that upcoming weakness is simply deferred from April to May or later, pushing back the "imminent" rebound further into the future, yet guaranteeing a major miss in Q2 GDP. Our call continues to be for a Q2 GDP of at or below 2%. Yet the most insight as usual comes from the survey respondents, where we find this pearl of wisdom which probably explains everything that is wrong with the economy: "Companies that are very profitable still behaving as if bankruptcy is around the corner". And why wouldn't they: when in the history of human events has central planning every worked?

Among the changes, the bulk of which were declines: Production declined from 74.2 to 70.0, New orders dropped from 74.5 to 66.3, Backlogs dropped from 69.6 to 62.4, Inventories dropped from 60.5 to 53.5, Employment dropped from 65.6 to 63.7, Prices Paid declined from 83.4 to 81.8, buying policy plunged from 37.8 to 27.4, and Capital Equipment dropped from 120.6 to 102.4.

From the release:

Business Activity:

  • NEW ORDERS and ORDER BACKLOGS eased following historic highs early in the year;
  • PRODUCTION and INVENTORIES declined;
  • Breadth of EMPLOYMENT expansion relaxed from a 27-year high.

BUYING POLICY:

  • Lead times reported for PRODUCTION MATERIEL and CAPITAL EQUIPMENT decreased while lead times for MRO SUPPLIES remained firm.

Survey responses:

1.    Companies still skittish and intense pressure from boards / stock market. Companies that are very profitable still behaving as if bankruptcy is around the corner.
2.    We are continually finding and hiring qualified new employees. We are also adding new equipment. The backlog is now over our levels prior to the recession.
3.    It appears suppliers are finding more creative ways to institute price increases with the most recent being ---unprecedented surcharges.
4.    Prices on plastic resin and cotton continue to press suppliers to the point where they are increasing prices or refusing business - first time I've seen this in years.
5.    First price increase to customers due to the commodity pressure on steel, copper and aluminum.
6.    Due to our company using products with an asphalt base, we expect to see continued increases throughout the construction season.
7.    All costs are increasing. Chemical costs are at recent time highs.

8.    Capacity issues at suppliers were exacerbated by the tragic events that unfolded in Japan.
Much concern regarding our ability to grow as the limited availability of many raw materials propagates. Inadequate capacity at the feedstock levels of most concern due to the lengthy and expensive work required to ramp it up. This bottleneck causes obvious issues throughout the entire supply chain. A couple of years of constrained growth could be good in the long term but can also cause panic in sectors already straining to stay afloat while hoping for a sustained economic recovery.
9.    Commercial Banking activity is picking up. Commercial Real Estate valuations stabilizing. 10. ?New orders fell slightly this month but hopefully we can get some of the backlog through engineering. Quote requests continue strong.

11. Where did all the orders come from?

12. Finished the 1st quarter ahead of plan. Have our fingers crossed for the second quarter.

13. Record month in March.

14. The economy in our markets are still hot!?

 

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Fri, 04/29/2011 - 10:05 | 1220195 Ruffcut
Ruffcut's picture

Maybe a little birdy told them to hoard some cash.

Fri, 04/29/2011 - 10:06 | 1220201 slewie the pi-rat
slewie the pi-rat's picture

PMI/pms = bear mkt, BiCHeZ!

Fri, 04/29/2011 - 10:09 | 1220209 Dick Darlington
Dick Darlington's picture
  • Breadth of EMPLOYMENT expansion relaxed from a 27-year high.
  • This one never gets old. Expansion, lol. 27-year high, loool! It's more like someone has been high for 27-years.

    Fri, 04/29/2011 - 10:15 | 1220244 101 years and c...
    101 years and counting's picture

    UE in the midwest higher than national average, yet employment for the PMI is highest in 27 years.  Seriously, who is dumb enough to believe that giant load of BS (other than the retards anchoring CNBC)?

    Fri, 04/29/2011 - 10:33 | 1220334 dcb
    dcb's picture

    don't believe you are reading correctly, rate of expansion can be at 27 year high but then now decreased. not sure the miss was so awful overall!!

    Fri, 04/29/2011 - 10:10 | 1220212 Oh regional Indian
    Oh regional Indian's picture

    Most companies in the Supply Side paradigm are bankrupt, regardless of what their FASB approved cook-books might say.

    It's a good thing they are acting bankrupt, closer to reality.

    PMI missed, PM doesn't.

    ORI

    http://aadivaahan.wordpress.com/2011/04/27/the-sound-of-drums-antar-naad/

    Fri, 04/29/2011 - 10:08 | 1220217 SofaPapa
    SofaPapa's picture

    "And why wouldn't they: when in the history of human events has central planning every worked?"

     

    This statement provides a perfect moniker for the past three years.  All the rest that you have written (which is great) just fills in the details.

    Fri, 04/29/2011 - 10:09 | 1220220 Long-John-Silver
    Long-John-Silver's picture

    Everyone with any common sense can see the collapse coming. It's like a train wreck in progress and there's not a damn thing you can do about it except run away.

    Fri, 04/29/2011 - 10:11 | 1220235 cherry picker
    cherry picker's picture

    Only thing is, where you going to run to?

    Everyone is in the same mess if not worse, only some are better at hiding it.

    Fri, 04/29/2011 - 10:13 | 1220243 Long-John-Silver
    Long-John-Silver's picture

    My shelter stocked with food, copper clad lead, Gold, and Silver.

    Fri, 04/29/2011 - 10:09 | 1220223 mynhair
    mynhair's picture

    Don't bet against the window dressing.

    Fri, 04/29/2011 - 10:11 | 1220232 Long-John-Silver
    Long-John-Silver's picture

    The window dressing is burning.

    Fri, 04/29/2011 - 10:12 | 1220237 slaughterer
    slaughterer's picture

    Ah, the month-end window dressing.  Where do we see it most today?

    Fri, 04/29/2011 - 10:13 | 1220233 Clorox Cowboy
    Clorox Cowboy's picture

    Wake me up at T minus 1 month...

    Fri, 04/29/2011 - 10:30 | 1220322 mayhem_korner
    mayhem_korner's picture

    I'm setting your alarm clock for Memorial Day...

    Fri, 04/29/2011 - 10:12 | 1220236 Re-Discovery
    Re-Discovery's picture

     Bankruptcy?  What's Bankruptcy?  Damn these 'Companies!'  They're not supposed act this way!  Could someone polease tell these 'Companies' that there is no inflation and their customers want to buy stuff.

    Fri, 04/29/2011 - 10:12 | 1220242 RobotTrader
    RobotTrader's picture

    The market continues to price in an economic boom or maybe a "crack up" boom of epic proportions.

    Hard to fight the tape with deep cyclicals like CAT and GT making new highs.

    Fri, 04/29/2011 - 10:30 | 1220320 AccreditedEYE
    AccreditedEYE's picture

    Robo, bro.... how long have you followed markets? Stocks aren't moving higher because of real end product demand. C'mon, you KNOW this. Balance sheet engineering/ earnings mgmt. and dollar depreciation.... that's all you got son. This rally, like everything else in our financial system, is being synthetically created.

    Fri, 04/29/2011 - 10:38 | 1220367 SheepDog-One
    SheepDog-One's picture

    The only stocks Robo 'owns' are just in his sophomore high school economics class hypothetical paper trade investment account anyway.

    Fri, 04/29/2011 - 10:14 | 1220248 tmosley
    tmosley's picture

    Spalding the Delivery Boy says differently.

    And Spalding has his finger right on the pulse of Chicago.

    Fri, 04/29/2011 - 10:14 | 1220252 long juan silver
    long juan silver's picture

    How about that Queen ladies and gentlemen?

    http://www.youtube.com/watch?v=rw-ucaDiTME&feature=youtu.be

    Fri, 04/29/2011 - 10:14 | 1220253 monopoly
    monopoly's picture

    And we are on track. Gold, silver at day high. Just sitting here.

    Fri, 04/29/2011 - 10:15 | 1220254 101 years and c...
    101 years and counting's picture

    consumer sentiment near 70....evan as 71% of the nation believes we are in recession, depression or heading there.

    Fri, 04/29/2011 - 10:15 | 1220257 cabernet
    cabernet's picture

    Seems to me that companies are skittish because they are having trouble growing their real business of providing products and services. A big part of the rebound in profits is dirt cheap financing. Companies are borrowing at a nominal spread over LIBOR. If one is paying LIBOR plus 100-150, their cost of debt is in the 1.25-1.75% range. This is very low compared to a few years ago when they had to borrow at 4-6%. This makes for a nice boost to profits. In addition, managers know that food, energy and clothing are rising rapidly in price, making it harder for people to buy durable goods and leisure items. This makes managers tentative resulting in hiring and now we are seeing layoffs picking up again. We are at the point where the economy must pick up or double dip will be in the cards. With the Fed Gov wasting money on excessive defense and a growing interest bill are not positive factors in the long term. Cutbacks at the government level are not good in the short term. The catalyst for growth is difficult to find.

    http://www.TheAngryGrapes.Com

    Fri, 04/29/2011 - 10:29 | 1220311 Common_Cents22
    Common_Cents22's picture

    Where does a small/med size business get financing for 1.75%   I'll take $1Billion please.

    Fri, 04/29/2011 - 11:35 | 1220624 sun tzu
    sun tzu's picture

    They don't. That rate is only for the politically connected corporations like GE, GM and the Wall Street banks.

    Fri, 04/29/2011 - 11:45 | 1220666 Robslob
    Robslob's picture

    Sun Tzu: Don't forgot the wives of all the above mentioned.

    Fri, 04/29/2011 - 10:16 | 1220260 Henry Chinaski
    Henry Chinaski's picture

    Price inflation really hit home last night.  A handle (1.75l) of my favorite cheap vodka jumped by $3.  Same across the board for most top-shelf brands. 

    Fri, 04/29/2011 - 10:31 | 1220327 slaughterer
    slaughterer's picture

    Try buying some Bordeaux 2009 0r 2010 futures in $USD for a shocker.

    Fri, 04/29/2011 - 10:48 | 1220400 Bam_Man
    Bam_Man's picture

    Check out the Grand Cru Burgundies if you really want to be floored. They make all but the first growth Bordeaux look cheap.

    Fri, 04/29/2011 - 10:35 | 1220330 mayhem_korner
    mayhem_korner's picture

    Hope you bought a case.

    Fri, 04/29/2011 - 10:39 | 1220360 SheepDog-One
    SheepDog-One's picture

    At least in Russia, they have enough kindness for the huddled enslaved serfs to provide them with dirt cheap rotgut.

    Fri, 04/29/2011 - 11:51 | 1220693 sun tzu
    sun tzu's picture

    Make your own alcohol

    Fri, 04/29/2011 - 10:16 | 1220262 RobotTrader
    RobotTrader's picture

    The disconnect is at world record wides...

    With LULU still pinned at highs after a stunning run off the 2009 lows.

    Fri, 04/29/2011 - 10:17 | 1220267 baby_BLYTHE
    baby_BLYTHE's picture

    Aren't things 10000x worse, currently, than they were at this time in 2008?

    Fuel costs are alreay higher than they were this time in 2008...

    What exactly has changed materially?

    What is next?

    Fri, 04/29/2011 - 10:29 | 1220310 dogismyth
    dogismyth's picture

    The answers to your questions is NO.  You are just in insane and can no longer comprehend the goodness of our reality.  Shame on you.  Please report to the Department of Health Services for a more comprehensive indoctrination program.

    Fri, 04/29/2011 - 11:35 | 1220625 baby_BLYTHE
    baby_BLYTHE's picture

    um... yeah...

    not really an answer. Care to be a bit more specific?

    Fri, 04/29/2011 - 12:07 | 1220755 dogismyth
    dogismyth's picture

    R U serious? I was just pulling your tail!

    Fri, 04/29/2011 - 13:02 | 1221028 baby_BLYTHE
    baby_BLYTHE's picture

    gotcha ;)

    *didn't junk you

    Fri, 04/29/2011 - 10:22 | 1220279 RobotTrader
    RobotTrader's picture

    Believe it or not, my food costs are down this year:

    Whole Foods still offering $2 off anything at the salad bar or hot food bar on Wednesdays., and $2 off all sandwiches on Fridays.

    McDonalds still offering 2 Big Macs for $3.50, and McDoubles are still only $1.

    After signing up for my Starbucks card, my Cafe Mocha is still the same price as last year, and on top of that, I get a free drink card in the mail every two weeks.

    Subway is still offering $5 sandwiches every other month.

    Gatoraid and Poweraid still on sale regulary at Ralph's Market for $.79/bottle.

    I can still get deals on Monster Energy for $1/can at least once a month from the local Hispanic markets.

    The only inflation I'm feeling is gas prices for my truck.

    Fri, 04/29/2011 - 10:29 | 1220314 FunkyMonkeyBoy
    FunkyMonkeyBoy's picture

    Sounds like you eat a lot of s**t as well as talk a lot of s**t.

    Fri, 04/29/2011 - 10:30 | 1220324 dogismyth
    dogismyth's picture

    Well at least you can still get your poisons at a reasonable price. 

    Fri, 04/29/2011 - 10:37 | 1220344 Bam_Man
    Bam_Man's picture

    Is your local hospital offering a 2-for-1 special on quadruple bypass surgeries and/or diabetes testing supplies?

    Fri, 04/29/2011 - 10:37 | 1220348 tmosley
    tmosley's picture

    With the shit you eat it's no wonder you are such a moron.

    I'm sure you haven't noticed the that the meat has been shrinking on your burgers (I do because I don't stuff them down my face every day--maybe once a year), and your taste buds have been burned out from all the additives they put on those burgers, so you haven't noticed the decline in the quality of the beans used at Starbucks.  

    You probably don't realize that those $5 sandwiches used to be that price every single day, due to MSG overdose.

    You probably don't realize that sugar water has super high margins, and as such will be among the last consumer goods to decline in price (given that 2 liters of coke costs the same today as it did 15 years ago).

    I'm sure you didn't notice that your energy drinks all fell off the back of a truck.  Probably understandable as you were probably fending off sewer rats the size of badgers while clawing your way through your salvage store, where you are now forced to shop because you have lost all your money piddling around in the stock market.

    I'm sure you haven't noticed that you utilities are costing much much more, as your mother pays for those.  

    It's easy to ignore what you don't want to see, isn't it?

    Fri, 04/29/2011 - 23:14 | 1223124 longorshort
    longorshort's picture

    While robotrader is at it why dont you replace your profile picture with a cool looking robot instead of the stupid %^&&% picture out of your mom's JCPenny Bloomers Catalog.  

    Fri, 04/29/2011 - 10:35 | 1220356 SheepDog-One
    SheepDog-One's picture

    Robos food costs are down because he shops in dumpsters.

    Fri, 04/29/2011 - 10:53 | 1220427 AldousHuxley
    AldousHuxley's picture

    You are getting lesser quality for the same price.

    Also, food cost are small in comparison to other services that define middle class in America: home, education, healthcare. Save a buck on fast food, lose thousands in inflation in other areas.

     

    http://www.economist.com/images/images-magazine/2010/36/NA/201036NAC223.gif

     

    Fri, 04/29/2011 - 11:15 | 1220543 blunderdog
    blunderdog's picture

    It takes some real chutzpah to call those "food" costs.

    Fri, 04/29/2011 - 11:36 | 1220633 Chuck Walla
    Chuck Walla's picture

    Food costs are down? My Gramma's Lil Friskies bill took another leap. We are looking at Alpo to keep the old girl nourished!

    Fri, 04/29/2011 - 12:18 | 1220821 PY-129-20
    PY-129-20's picture

    Ask yourself: Is this still the same product? Consider QUALITY, consider QUANTITY.

    So, in case of Germany - yes, the price might still be the same, but many products have changed - so you may pay the same price, but you get 10-30 % less for the same money plus it might not have the same quality. Same goes for every other country facing inflation. And there are other tricks...our whole world is based on this concept.

    Fri, 04/29/2011 - 10:24 | 1220296 Turtlelord
    Turtlelord's picture

    Do we have the sauce for this survey?

    Fri, 04/29/2011 - 10:26 | 1220307 AldousHuxley
    AldousHuxley's picture

    Perhaps executives know that the profit is fake inflation induced number growth not real fundamental expansion.

    Fri, 04/29/2011 - 10:28 | 1220309 Slartebartfast
    Slartebartfast's picture

    They're doing EXACTLY what they should be doing to prep for the coming hyperinflation.  They are building inventory now that they hope to sell down the road at inflated prices, and they are hoarding cash (probably offshore and in non-dollar forms of all kinds), while keeping their expenses as low as possible.  They are "battening down the hatches", for the coming storm.  They are NOT stupid.

    These tactics are exactly those used by German industrial giants to not only survive but prosper during the Weimar event.

    Fri, 04/29/2011 - 10:56 | 1220446 MachoMan
    MachoMan's picture

    Right, but does this strategy work the same in a cost push inflationary scenario?

    Fri, 04/29/2011 - 10:33 | 1220321 Youri Carma
    Youri Carma's picture

    In the mean time ...

    GOLD FRESHY FRESH ALL TIME HIGH AT $1,544.90 http://www.goldprice.org/spot-gold.html

    Fri, 04/29/2011 - 10:35 | 1220345 SheepDog-One
    SheepDog-One's picture

    'Companies that are still profitable are acting as if bankruptcy is right around the corner'
    DING DING DING we have a winna! Bankruptcy IS right around the corner!

    Fri, 04/29/2011 - 11:12 | 1220530 Oh regional Indian
    Oh regional Indian's picture

    It IS actually already here. Just sticks in their throats to admit it.

    ORI

    Fri, 04/29/2011 - 11:47 | 1220691 SheepDog-One
    SheepDog-One's picture

    Exactly!

    Fri, 04/29/2011 - 10:48 | 1220401 Double down
    Double down's picture

    What am I missing, I do not see straight negativity, far from it.  There is actually some positive stuff in there!

    Inflation will be a beatch 

    Fri, 04/29/2011 - 12:23 | 1220797 slewie the pi-rat
    slewie the pi-rat's picture

    i've been chewing on this, too, while remembering that the compilers and publishers of this data are the biggest nanny-rule control freaks on the planet, and devious enuf to even be considered somewhat pi-rat-i-cal, which subsequent digestion resulted in projectile vomiting and voluminous diarrhea in simulatneous space-time.

    maybe the FED chairzelbub just flew up their asses.  all the published comments are bitching about steel, resin, fuel and beaucoup other prices, "Prices Paid declined from 83.4 to 81.8..."  huh?  ok, looking back, the 83.4 was, like, an olympic & world record, so maybe prices are relaxing from this in the "supply chain".   and, altho the quantitative indicators suck, there is still that upbeat, nanny-state, requisite optimism.  aka spin.  the higher prices now seem "transitory" don't they?  just kidding?

    ok, i'm turning japanese, too.  but  i'm not betting on much immediate improvement, either. 

    and, there may be bright spots.  agriculture comes to mind.  mark-to-market stuff, we would hope.  for a change. 

    the food commodity prices seem to have calmed down for a few days.  margins up in some commodities, yest.  in a few weeks, the commodity indices will be @ their year lows on this chart:  Commodity Futures Online Trading - Bloomberg   thx for checking the chart.

    if we add the -15% to the 35% (ass-u-me-ing % is ok), we get 50%.  for a year. 

    Fri, 04/29/2011 - 11:10 | 1220532 mayhem_korner
    mayhem_korner's picture

    Bankrupt (pronounced BEN-CORRUPT), adj: 1. Assimilated into the central statist complex with capitulation to receivership status. 2. Parker Bros. latest board game. 3. The IRS's 2011 designation for your tax bracket.  4.  The sum total of all morality housed inside domed gov't buildings at any point in time since 1913.

    Fri, 04/29/2011 - 11:12 | 1220544 Cursive
    Cursive's picture

    About the bankruptcy comment, we are awash in digital dollars, but don't expect your ATM to spit them out.

    Fri, 04/29/2011 - 11:22 | 1220577 Racer
    Racer's picture

    Just seen over on MV that the dollar is down 40% since 2002!

    So earnings are beating but what if the dollar was not down at all? Where would earnings be then?

    And how many times have we been told the US has a strong dollar policy?

    Hmmmm... I wonder where it would be if they didn't have such a policy!!!!

    Fri, 04/29/2011 - 11:48 | 1220683 Catullus
    Catullus's picture

    They're acting as if bankruptcy is right around the corner means they're spending, expanding, or leveraging themselves up to their eyeballs as in the previous decade. This is actually a good thing and will like mute the impact of rising interest rates from deteriorating credit quality on the sovereign side. Most if not all of the manufactures have hedging programs for commodity price increases. What would be extremely destructive would be new CFTC regulations on swaps dealers, a default in the commodities exchanges markets, etc.

    Fri, 04/29/2011 - 12:33 | 1220884 Bitch Tits
    Bitch Tits's picture

    Maybe it's all the "sky is falling" rhetoric?

    Fri, 04/29/2011 - 12:42 | 1220945 ivars
    ivars's picture

    See how nicely USA stimulating effects on DJIA pattern follows those of Greek government on Athens index in 2009. The USA seems to be very close to Greece in some financial behaviour aspects. Hence the future may also be the same:

    http://www.saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=32056#p32056

    Fri, 04/29/2011 - 13:49 | 1221095 russwinter
    russwinter's picture

     

    comments from Chicago PMI report and my remarks:

    http://www.wallstreetexaminer.com/blogs/winter/?p=3875

    - Companies that are very profitable still behaving as if bankruptcy is around the corner.

    (Gee, maybe because they recognize how artificial and government dependent conditions are).

    - It appears suppliers are finding more creative ways to institute price increases with the most recent being —unprecedented surcharges.

    who has time for actual price lists?

    - Prices on plastic resin and cotton continue to press suppliers to the point where they are increasing prices or refusing business – first time I’ve seen this in years.

    This is typical of big inflations, a chuck of the market simply disappears.

    - First price increase to customers due to the commodity pressure on steel, copper and aluminum.

    yet Railfax this week reports 5.3% drop in metal shipments YoY

    - Due to our company using products with an asphalt base, we expect to see continued increases throughout the construction season.

    great, cost overruns for federal, state and local projects

    - All costs are increasing. Chemical costs are at recent time highs.

    Yet Railfax shows rail shipments in chemicals have dropped 3.7% YoY last week, indicating inflationary demand destruction.

    - Capacity issues at suppliers were exacerbated by the tragic events that unfolded in Japan.

    -Much concern regarding our ability to grow as the limited availability of many raw materials propagates. Inadequate capacity at the feedstock levels of most concern due to the lengthy and expensive work required to ramp it up. This bottleneck causes obvious issues throughout the entire supply chain. A couple of years of constrained growth could be good in the long term but can also cause panic in sectors already straining to stay afloat while hoping for a sustained economic recovery.

    Yes, panic to get goods before prices increase, and then suddenly finding there is no end market to sell to.

    -Where did all the orders come from?

    Beat the next price increase panic.

     

     

    Fri, 04/29/2011 - 13:34 | 1221162 kevinearick
    kevinearick's picture

    income & asset articulation.

    The Bottom Line/Unvarnished

    No household formation; no sustainable durable goods orders; no economy; boomers reach the top of the artificial asset inflation escalator, and go over the cliff. They paid for consumption by liquidating generational investments, replacing middle-class wage earnings with inflated assets. The private sector cannot take the handoff from government because there is no private sector on the global IC chip.

    In the latest Family Law half-cycle, the chauvinists eliminated their perceived competition by systematically replacing real jobs with computer simulations, delegating males to dependence on feminists with make-work jobs, processing the now “redundant” males and guiding the most ignorant females into teaching and single parenthood, to ensure system perpetuation.

    If I had a dime for every feminist, man-hating, church wh**e that told me how much she loved her guys, as she stole the remnants of their manhood, forcing them to beg for their food, clothing, and shelter … Of course, the males got themselves into this bind by abusing females in their half of the Family Law half-cycle, when authoritative power was on their side. Power corrupts. Always suspect authority. Nothing is free.

    So, all the software and hardware enabling this system is junk, a sunk cost, but the participants cannot admit their own participation, let alone the need to replace all the resulting infrastructure or to begin altering the structural process behind the misallocation.

    It’s not rocket science holding this system together; it’s guilt. Stop beating yourself up and start doing the right thing by others, and the economy will turn itself around, as the human economy naturally re-aligns with the planetary economy. (This has been going on for a few thousand years now).

    It’s time for the human race to grow up and get off the rock. The universe is about to test our wings. Always pay close attention to marginal utility of labor and equipment. There’s a reason why the old timers running small businesses always reported 50% labor and 50% equipment for accounting purposes.

    The nexus always corners itself into checkmate, because the sexists are co-dependent, resulting in short-term, impulsive behavior. Just measure impulse response frequency.

     

    Fri, 04/29/2011 - 13:41 | 1221222 Jovil
    Jovil's picture

    The worst is yet to come from the unfortunate country of Japan healthwise as well as financially.

    This is yesterday's report on the spread of radiation throughout the world. Fortunate are the ones living in the Southern Hemisphere.

    http://lonerangersilver.wordpress.com/2011/04/29/japan-nuclear-update-ap...

    Do NOT follow this link or you will be banned from the site!