U.S. retail sales for February are to be reported on Friday the 12th. The big snow strorms in the northeastern United States are the big factor as many communities were completely shut down for as much as two weeks.
Most economists are not worried about the report as it’s most likely factored into the markets already. When a slow February hits, a good March usually follows. The dollar was lower vs. the euro, but higher against other currencies.
The Tea Party movement has been getting much attention and when one goes to “nail down” just what the Tea Party is all about, it gets difficult. Seems they’re all over the map, both geographically and politically. That’s not easy to digest, but the movement is mostly in need of more definition.
The movement has gotten the media attention. The defining moments for the Tea Party has been done on the fly with puzzling results. Take Ron Paul for example. So much for being left on the shelf to collect dust. Recently he has gained more support which lacks a political party foundation. His supporters seen to want it that way. Well and good, however can Paul’s support continue to lift him to the White House? Most likely no, because there is too much fragmentation. Is Paul the candidate to bond that support together and keep it together? I’ll let you answer that.
Republican PAC’s are getting money to the Tea Party movement. This shows that a party structure is waiting on the sidelines to jump right in. That’s fine, however buyer beware. The very core of the movement are form those who are turned off by the political party system and feel it’s time for change. When more party people step in they might get a rude awakening. We’ll have to see what transpires after the Tea Party Tour ends later this spring.
Sara Robinson wrote an interesting article on ourfuture.org that plainly “populist” might be a wrong term to use in describing the Tea Party. When you read it be aware that politics has a tendency to work in orbits that can spin seemingly out of control; if not “tamed” for a forward movement.
The dollar remained steady today. The dollar was the safe haven after some tough economic news hit the streets. A lack of buying interest for other currencies helped the dollar to stay steady against the euro and sterling.
The Commerce Department’s home sales report had unexpectedly reported new home sales falling 11.2% in January. Germany’s economic recovery came to a halt. Ben Bernanke told lawmakers that flat oil prices will keep inflation in check. He went on to say that an increase in goods and services in the private sector only can aid further sustained growth in the U.S. economy.
The dollar is looking better technically against the euro.
Businesses needs customers and customers have to have work. Robert Reich, former Secretary of Labor in Clinton’s first term, says government has to prime the pump. His suggestion is a second stimulus package aimed at states and locales. Local governments especially need the boost because many are laying off people and are raising taxes and fees at the same time. The raise in taxes isn’t popular and the lay-offs aren’t usually making local government more efficient because several offices in local government are understaffed to begin with.
The President hasn’t proposed anything to boost overall demand. Reich wrote that The President needs to get the second stimulus going and explain why.
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