The Government's Effort Has Failed

09-09-2009 • The Market Ticker

The Federal Reserve's latest (through July) G19 update is out, showing consumer credit. To say that these figures are ugly would be an understatement. In fact, there is simply no way you can spin this - while this contraction in credit has to happen it has horrifying implications if our Washington policymakers don't get on the stick and deal with the underlying issues here and now instead of pretending that everything is ok or worse, try to "borrow our way to prosperity."Hiring isn't coming back any time soon either: SAN FRANCISCO (MarketWatch) -- Employers' hiring plans for the upcoming fourth quarter dropped to their lowest level in the history of Manpower's Employment Outlook Survey, which started in 1962. That needs no further explanation. President Obama is trying to kick the can again: The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests abou