So much for TGIF: all economic reports today were either disappointing or just plain bad.
First, people in Spain are taking their money out of local banks and putting them overseas. It’s similar to what the Greeks did a couple weeks ago - or was it a month? Either way, it’s not good.
Spaniards and Greeks just don’t feel safe about their money in local banks. It’s beginning to feel like a domino effect. First, Greece, then Spain, and Italy is looming. Hopefully, that won’t happen.
At least, from recent polls, it seems like the political party favoring the Greece bailout will win the upcoming election. That’ll probably calm people down a bit.
Second, China and India are slowing down. It’s just a matter of time before the global recession hits them. They can’t continue to grow at the blistering pace forever.
And then there’s the weak U.S. jobs report, with only 69,000 jobs added in May and unemployment going up slightly to 8.2 percent.
Overall, not a good day for the global economy or Barack Obama.
